Estimated Tax for NY Pass-Through Entity Tax
New York State has announced that the estimated tax payment system is now open and available for entities to make optional estimated tax payments for the 2021 tax year.
Estimated taxes are not required for the 2021 tax year. However, cash basis and accrual basis taxpayers may wish to make optional estimated tax payments of the pass-through entity tax during December of 2021 to get a federal deduction for those payments for the 2021 tax year. (Accrual basis taxpayers are discussed in our post on December 14, 2021.)
To make estimated tax payments, an entity must use its Business Online Services account.
Our upcoming seminars in December and January provide in-depth information, strategies and considerations related to this pass-through entity tax and illustrate the new Form IT-653 Pass-Through Entity Tax Credit. If you are not already registered for our seminars, register here.