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Pennsylvania CPA Journal, October, 2009 by Cosmo, Vito A; Baccellieri, Brian J
Pennsylvania Eyes Combined Reporting
Pennsylvania is facing a substantial budget shortfall in the fiscal years ending June 30, 2009 and 2010, and needs to raise revenue. Combined reporting is seen by some as a way to do so. Under combined reporting, a parent and its subsidiaries are treated as one income tax entity. The income, loss, and apportionment factors of all unitary businesses are combined and reported on one income tax return. Pennsylvania is one of twenty-three states that currently require separate company reporting. Under separate company reporting, a parent corporation and its subsidiaries are required to file independent tax returns. Each company filing a return only includes its own items of income and loss, and calculates its apportionment percentage based upon...
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