NY Pass Through Entity Tax Estimated Taxes
New York State has indicated that optional estimated tax payments made through the new estimated tax application for the New York Pass-Through Entity Tax (PTET) during the period of December 15, 2021 and December 31, 2021 cannot be scheduled in advance. Instead, taxpayers must enter a payment date that is the same day on which they log into their online services account to initiate the optional estimated tax payment.
New York State has also indicated that, for 2022 and later tax years, taxpayers will be able to schedule one or more estimated tax payment in advance.
If you have not already taken our seminar, our upcoming seminars in January provide in-depth information, strategies and considerations related to the New York pass-through entity tax and illustrate the new Form IT-653 Pass-Through Entity Tax Credit. If you are not already registered, register here.