NYS Sending PTET Refunds

Entities that elected to be subject to the New York pass-through entity tax (PTET) for the 2021 tax year may have voluntarily made estimated tax payments in December of 2021.  If such estimated tax payments exceeded the balance of PTET due for the 2021 year, the result would be an overpayment on the PTET annual return.

As discussed in our post on February 15, 2022, New York’s webfile utility did not offer the option to apply such an overpayment to PTET estimated taxes for the 2022 tax year.  Rather, New York indicated that it would send a refund to the entity, by check.

Entities that had such overpayments and filed their 2021 PTET annual returns in mid-February 2022 have begun to receive refund checks for overpayments.  Entities that are due refunds and that filed their 2021 PTET annual returns closer to the March 15, 2022 due date may not receive their refunds for another few weeks, but they should be on the lookout for such refund checks, which are expected to arrive soon.

Our earlier posts that discuss the passthrough-entity tax are: February 10, 2022, 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.