Web28 Sep 2024 · September 28, 2024 Dear Clients, Colleagues and Friends, For tax years beginning on or after January 1, 2024, New York has implemented a new Pass-Through … Web10 Feb 2024 · The election period for pass-through entities to opt-in to the New York State Pass-through Entity Tax (NY PTET) for the 2024 tax year is now available. The annual election window for 2024 closes on March 15. Quarterly estimated payments are required beginning this year. NY Pass-Through Entity Tax (NY PTET)
NYS Pass Through Entity Tax - Explained - YouTube
Webpass through entities may opt into the New York City Pass Through Entity Tax (“NYC PTET”) imposed under New York Tax Law Articl e 24-B. Taxpayers are required to add back to federal taxable income any NYC PTET, NYS PTET, and similar pass through entity taxes f rom other jurisdictions that were previously deducted when calculating federal ... WebIn April 2024, New York governor signed Senate Bill 8009C/Assemble Bill 9009C amending the original New York pass-through entity tax (PTET) program. Effective retroactively for calendar year 2024, new Subsection 612 (b) (3) (C) clarified that New York PTET, or any other state pass-through entity tax, should not be added back to income at the ... dra skrot
TSB-M-22(1)C, (1)I: New York City Pass-Through Enity Tax
Web26 Aug 2024 · Guidance on NYS Pass-Through Entity Tax. On August 25, 2024, New York State issued TSB-M-21 (1)C, (1)I, which provides guidance for the optional pass-through entity tax (PTET). As discussed in our post on June 3, 2024, New York State has created an optional pass-through entity tax which can be used as a workaround for owners of pass … Web3 May 2024 · The New York Pass-Through Entity Tax (PTET) provides certain individual taxpayers a viable workaround of the 2024 Tax Cuts and Jobs Act’s $10,000 State and Local Tax (“SALT”) deduction limitation. With this new legislation, New York becomes the tenth state to enact such an elective tax, joining Alabama, Arkansas, Idaho, Louisiana ... Web29 Nov 2024 · Therefore, the PTET tax due on the annual PTET return will be $68,500 ($1,000,000 x 6.85%). When computing taxable income for PTET purposes, the addback, which is now permitted by New York State, causes the PTET tax due on the annual PTET return to be higher (i.e., it is computed using the $1,000,000 and not the $931,500). raghu rao zoom