The New York State pass-through entity tax (PTET) and New York City pass-through entity tax (NYC PTET) have many upcoming due dates and deadlines. We’ve put the most important PTET information in one place below to help you meet any PTET responsibilities.
Defeat the $10,000 SALT Cap with the PTE Tax – Part 2
We explained in Part 1, a majority of states now allow pass-through entity (PTE) owners to get around the federal $10,000 state and local tax (SALT) deduction cap on individual taxpayers by having their PTE pay state income tax on its income at the entity level.
Defeat the $10,000 SALT Cap with the PTE Tax – Part 1
Maybe the least popular change brought about by the Tax Cuts and Jobs Act (TCJA) was a first-ever cap on the federal personal income tax deduction for state and local taxes (SALT).
NYS Tax: Election Period for Pass-Through Entity Tax (PTET) is Open
New York State Department of Taxation and Finance sent this bulletin on 01/11/2022 09:01 AM EST If you wish to participate in the optional PTET for 2022, the deadline to opt in is March 15, 2022. To opt in:Log in …