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://...
As discussed in our post on November 22, 2021, the IRS has provided guidance on when entities who receive forgiveness of Payroll Protection Program (PPP) loans should report the tax-exempt income from those loans. The instructions for the 2021 versions of Form 1120S and Form 1065 indicate that entities that report tax-exempt income from the forgiveness of PPP loans must attach a statement to the...
As discussed on page 86 of the Tax Year 2021 M+O=CPE Individual Tax Year-End Workshop Reference Book, New York has created a COVID-19 Pandemic Small Business Recovery Grant Program. While proceeds from grants from this program are generally included in the federal income of entities that receive them, the grants are excluded from income for purposes of the New York State income tax. S corpor...
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) beginning with the 2021 tax year. New York has issued some new information about filing the annual PTET return, which is expected to be available in early February 2022. Using the webfile system, entities...
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) beginning with the 2021 tax year. As discussed on page 70, New York State was expected to update its instructions related to the reporting of the credit by partnerships/LLCs. New York State recently mad...
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 that elect to be subject to the New York pass-through entity tax (PTET) must comput...
Over the past two years, there have been many cases of fraudulent claims for unemployment benefits where identity thieves used stolen names and Social Security numbers to submit claims for unemployment benefits. If a taxpayer had his or her identity stolen and used to claim fraudulent unemployment benefits, the New York State Department of Labor may issue a Form 1099-G, Certain Government Paymen...
