As discussed in our posts on September 9, 2021, August 26, 2021 and June 3, 2021, New York State has created an optional pass-through entity tax (PTET) which can be used as a workaround for owners of pass-through entities that are affected by the $10,000 federal limitation on the itemized deduction for state and local taxes (often referred to as the SALT cap). The optional tax is effective for...
See our October 12, 2021 post for additional relief provided by New York State. As discussed in our post on September 16, 2021, the federal due dates for some taxpayers affected by the remnants of Hurricane Ida have been delayed, and New York also offered limited relief for affected taxpayers. While the federal relief offers affected taxpayers an extension of deadlines until January 3, 2022 for ...
See our October 12, 2021 post for additional relief provided by New York State. The remnants of Hurricane Ida caused significant flooding damage in many places in the Northeast. As a result, the IRS has deferred certain due dates for some taxpayers affected by the storm. This post focuses only on New York; some residents of other states are also eligible for relief. For federal purposes, ind...
As discussed in our posts on August 26, 2021 and June 3, 2021, New York State has created an optional pass-through entity tax (PTET) which can be used as a workaround for owners of pass-through entities that are affected by the $10,000 federal limitation on the itemized deduction for state and local taxes (often referred to as the SALT cap). The optional tax is effective for tax years beginnin...
