As discussed on pages 81 to 85 of the Tax Year 2021 M+O=CPE Individual Tax Year-End Workshop Reference Book, New York State has a new refundable credit for real property taxes that is claimed as part of the New York personal income tax return. The credit is reported on Form IT-229, Real Property Tax Relief Credit.
Practitioners should make sure that their software is properly computing and inc...
IRA Contribution Due Date
Since the due date for filing 2021 federal (and New York) personal income tax returns is Monday, April 18, 2022, the due date for making IRA contributions for the 2021 tax year is also April 18, 2022.
The dollar limit for 2021 IRA contributions remains $6,000 ($7,000 for those age 50 and older), and taxpayers must have earned income in order to make such contributions.
PTET Election for 2022
Entities that wish to elect to be subject to the New York pass-through entity tax (PTET) for the 2022 tax year must do so on or before March 15, 2022. To make the election, an entity must use its Business Online Services account, available at: https://www.tax.ny.gov/.
In addition, any entity that makes the election must also schedule the first quarter estimated tax payment on or before Marc...
NY PTET Reminders
November 29, 2022 Update: New York State has changed its position regarding the addback of PTET payments when computing taxable income for PTET purposes. See our post on November 29, 2022.
As discussed on pages 61 through 80 of the Tax Year 2021 M+O=CPE Individual Tax Year-End Workshop Reference Book, entities may elect to be subject to the New York pass-through entity tax (PTET).