For tax years ending on or after December 31, 2024, a standard excise tax deduction is available, which is the lesser of net earnings or $50,000.
Taxpayers are often requested to provide pertinent pages from the federal RAR, along with schedules detailing changes affecting the specific taxpayer. 167.part1.rar
"RAR" stands for Revenue Agent Report, which details changes resulting from a federal tax examination. For tax years ending on or after December
If a taxpayer files a consolidated federal return, a reconciliation reflecting all adjustments for each entity is generally required. 167.part1.rar