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In 1969, the Utah Legislature passed the Utah Farmland Assessment Act, which provided for qualified agricultural property to be assessed and taxed on its productive value instead of its market value.

Utah makes changes to net operating loss (NOL) carryforward On March 23, 2023, Utah enacted Senate Bill 203, allowing unlimited carryforward of NOLs from taxable years beginning on or after Jan. 1, 2008. NOLs carried forward to a taxable year beginning on or after Jan. 1, 2023 are limited to 80% of Utah taxable income.

Who needs to fill out a K-1? Certain entities and partnerships file Schedule K-1 forms with the IRS and issue them forms to partners and shareholders. While individual taxpayers typically don't file K-1 forms, you can use the information you receive from a K-1 on your personal income tax return.

The partnership must provide a Utah Schedule K-1 to each partner showing the amount of Utah withholding paid on be- half of the partner. This withholding tax is then claimed as a credit by the partner on the partner's Utah income tax return.

Schedule K-2 is an extension of Form 1120-S, Schedule K, and is used to report items of international tax relevance from the operation of an S corporation. Schedule K-3 is an extension of Schedule K-1 (Form 1120-S) and is generally used to report to shareholders their share of the items reported on Schedule K-2.

If you can't file on time because you did not receive your K-1 timely, you will need to file an extension. This is done on Form 4868, Application for Automatic Extension of Time to File U.S. Income Tax Return. A properly filed extension request will extend the due date to file until October 15, 2023.