PTET Refunds Come Earlier

Some entities that filed their annual New York pass-through entity tax (PTET) returns in early February have begun to receive their PTET refunds by check.

New York State still does not allow the 2022 PTET refund to be applied toward 2023 estimated taxes for PTET, and it still sends refunds by paper check instead of offering direct deposit. However, entities receiving refunds in about four weeks is significantly quicker than the time it took to receive refunds from the 2021 tax year.

Click here to see our PTET tax news video on Instagram.

Make sure that your clients file their annual PTET returns for the 2022 tax year, or request an extension by March 15, 2023.

See pages 57 through 72 of the Tax Year 2022 M+O=CPE Individual Tax Year-End Workshop Reference Book for an update of 2022 and 2023 issues for the PTET. For those who did not attend the seminars in December 2022 or January 2023, the e-book is available for purchase at: https://www.mocpe.com/e-book/

Our tax news has numerous other posts related to the pass-through entity tax. Search our tax news archive for PTET to see these earlier posts.