On August 17, 2023, the New York Department of Taxation and Finance published updated guidance affecting the Pass-Through Entity Tax (PTET).
In response to the federal T.C.J.A. $10,000 SALT deduction cap, the PTET is an optional tax, imposed under Article 24, where partnerships and NY S Corporations can make an annual election to pay the PTET on certain income for tax years on or after 2021.
The recent updates may affect PTET returns and payments due on September 15, 2023.
See New York’s hot off the press Guidance for the specifics.
Look for the user-friendly labels “New” or “Updated” highlighted in yellow.
