NYC PTET Guidance
As discussed in our post on September 6, 2022, otherwise eligible S corporations, partnerships and LLCs that have New York City resident owners now have the option to elect to be subject to a brand-new voluntary New York City pass-through entity tax (PTET) system for the 2022 tax year. New York recently issued guidance on the New York City PTET website. (https://www.tax.ny.gov/pdf/memos/ptet/m22...