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Noonan’s Notes Blog is written by a team of Hodgson Russ tax attorneys led by the blog’s namesake, Tim Noonan. Noonan’s Notes Blog regularly provides analysis of and commentary on developments in the world of New York and multistate tax law. Noonan's Notes Blog is a winner of CreditDonkey's Best Tax Blogs Award 2017.
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It’s Official: Pass-Through Entities Now Have Until September 15 to Make the 2022 New York Pass-Through Entity Tax Election
Last week we reported on the fast-paced legislative efforts to extend New York’s 2022 pass-through entity tax (PTET) election deadline. To read that article, click here. In record time, the bill we reported on was signed into law by Governor Hochul on May 6, 2022.
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Second Chance for Pass-Through Entities that Missed New York’s March 15 Election Deadline!
Last month we reported on recent legislative amendments to New York’s pass-through entity tax (“PTET”). To read that article, click here. It turns out the New York legislature is not done making amendments to the PTET.
BREAKING!!! 2023 Budget Bill Expands New York’s Pass-Through Entity Tax for Some (But Not All) Resident S Corporation Shareholders
In 2021, many New York residents did not receive the full benefit of New York’s SALT cap workaround, because New York took a unique approach to the computation of its new pass-through entity tax (“PTET”). We are happy to report that on April 8, 2022, the New York Assembly and Senate passed Fiscal Year 2023 budget legislation (the Budget Bill), and part of the new legislation addresses (and fixes) this issue.
NY PTET Update: Treatment of Guaranteed Payments
As promised, we have an update on one of the unanswered questions relating to New York’s Pass-Through Entity Tax (PTET) that went into effect last year. While we are still waiting for an official pronouncement, we have heard from other practitioners that the Department is taking a favorable position on the treatment of guaranteed payments in the context of the PTET.
Important Information for PTE Taxpayers: Requirements for 2021 Extension Payments
Just when you thought you could relax because you met the October 15 deadline for the New York Pass-Through Entity tax (PTET) election, new questions about some of the practical aspects of making tax payments and return filing deadlines have come to light. In a recent post we highlighted the Tax Department’s August guidance in TSB-M-21(1)C, (1), but this guidance left some questions unanswered.
New York Issues Guidance on Pass-Through Entity Tax
For months we’ve all been waiting for the Tax Department to issue guidance on New York’s new Pass-Through Entity Tax (PTET), since the legislation passed in April 2021. And with the deadline to elect into the tax on October 15, 2021, little details—like how to actually make the election—remained up in the air! We did our part, with a recent article in Tax Notes State asking and answering some FAQs, but finally yesterday the Tax Department issued its own guidance, in the form of a technical services memo, entitled TSB-M-21(1)C, (1).
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