Articles & Alerts
Last Chance to Make Your New York State PTET Election
We’ve previously recommended that you consider the benefits of electing into New York’s Pass-Through Entity Tax (PTET) for the 2022 tax year. If making this election will save you taxes, this is your reminder that the time to make the election is now. With the March 15, 2022 election deadline quickly approaching, businesses wishing to opt into the PTET need to log into their Business Services Online Account via the New York State Department of Taxation and Finance’s website to formally make the election. Note: Only an “authorized person” of an entity can make the election. In other words, unfortunately, we cannot do it for you.
In addition to the 2022 election, a first quarter estimate is also due by March 15th and should be made through the online portal.
If you have questions about navigating through the online PTET election process or would like to understand the potential tax benefits of the PTET regime, please contact Alan Goldenberg, Practice Leader of Anchin’s State and Local Tax and Tax Controversy groups, or your Anchin Relationship Partner.