Entities that elected to be subject to the New York pass-through entity tax (PTET) for the 2021 tax year may have voluntarily made estimated tax payments in December of 2021. If such estimated tax payments exceeded the balance of PTET due for the 2021 year, the result would be an overpayment on the PTET annual return. As discussed in our post on February 15, 2022, New York’s webfile utility ...
Calendar-year exempt organizations must file Forms 990 or 990EZ or a request for extension for the 2021 tax year on or before May 16, 2022. Beginning with the 2021 tax year, the IRS is requiring entities eligible to file Form 990EZ, Short Form Return of Organization Exempt from Income Tax, to electronically file their returns. This e-file requirement applied to exempt organizations that file...
As practitioners prepare extensions for clients as we approach the upcoming filing due date, it is important to warn clients that such extensions require the use of estimates for amounts that are not yet known. Practitioners should warn clients in writing, indicating that differences between actual amounts and estimates could cause the client to owe additional taxes, including penalties and in...
As discussed on pages 81 to 85 of the Tax Year 2021 M+O=CPE Individual Tax Year-End Workshop Reference Book, New York State has a new refundable credit for real property taxes that is claimed as part of the New York personal income tax return. The credit is reported on Form IT-229, Real Property Tax Relief Credit. Practitioners should make sure that their software is properly computing and inc...
Since the due date for filing 2021 federal (and New York) personal income tax returns is Monday, April 18, 2022, the due date for making IRA contributions for the 2021 tax year is also April 18, 2022. The dollar limit for 2021 IRA contributions remains $6,000 ($7,000 for those age 50 and older), and taxpayers must have earned income in order to make such contributions. ...
Entities that wish to elect to be subject to the New York pass-through entity tax (PTET) for the 2022 tax year must do so on or before March 15, 2022. To make the election, an entity must use its Business Online Services account, available at: https://www.tax.ny.gov/. In addition, any entity that makes the election must also schedule the first quarter estimated tax payment on or before Marc...
November 29, 2022 Update: New York State has changed its position regarding the addback of PTET payments when computing taxable income for PTET purposes. See our post on November 29, 2022. As discussed on pages 61 through 80 of the Tax Year 2021 M+O=CPE Individual Tax Year-End Workshop Reference Book, entities may elect to be subject to the New York pass-through entity tax (PTET). For entitie...
As discussed on pages 29 through 35 of the Tax Year 2021 M+O=CPE Individual Tax Year-End Workshop Reference Book, taxpayers who received coronavirus-related distributions from retirement accounts during 2020 must report the second year of the three-year spread as part of their 2021 income tax returns, along with any optional repayments of such amounts that were paid back to a retirement account....
As discussed on pages 61 through 80 of the Tax Year 2021 M+O=CPE Individual Tax Year-End Workshop Reference Book, entities may elect to be subject to the New York pass-through entity tax (PTET). When filing the annual PTET return using the webfile utility in an entity’s Business Online Services account, if the entity voluntarily made an estimated tax payment for the PTET, the estimated tax pay...
As discussed on pages 61 through 80 of the Tax Year 2021 M+O=CPE Individual Tax Year-End Workshop Reference Book, entities may elect to be subject to the New York pass-through entity tax (PTET). New York State has opened the webfile utility for PTET returns, so an entity can now file the 2021 PTET return, or request an extension using its Business Online Services account, available at: https://...
