NY PTET Returns Can Now Be Filed
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).
New York State has opened the webfile utility for PTET returns, so an entity can now file the 2021 PTET return, or request an extension using its Business Online Services account, available at: https://www.tax.ny.gov/. Entities have until March 15, 2022 to file the 2021 return or request an extension.
Separately, entities can also make the PTET election for the 2022 tax year, if they wish to do so. The election for the 2022 tax year must be made by March 15, 2022.
Our earlier posts that discuss the passthrough-entity tax are: January 27, 2022, January 25, 2022, January 18, 2022, December 16, 2021, December 14, 2021, December 6, 2021, November 11, 2021, September 30, 2021, September 9, 2021, August 26, 2021 and June 3, 2021.