Important: The authorized person must electronically sign and attest to having the electing entity's authorization.Ĭreate Business account Revoking the election On the Form Selection page, choose Pass-through entity tax (PTET) annual election.Select Corporation tax or Partnership tax, then choose PTET web file from the expanded menu.Select the ≡ Services menu in the upper-left corner of the Account Summary homepage.Log in to (or create) the eligible entity’s Business Online Services account.If the entity does not have a Business Online Services account, the authorized person will need to create one. How to make the electionĪn authorized person can opt in to the PTET on behalf of an eligible entity through the entity's Business Online Services account. If an electing entity has more than one tax year within a calendar year, it can make only one election during each calendar year. The partnership can make the election on January 1, 2023, for the 2023 PTET taxable year because the partnership's fiscal year ended during the 2023 calendar year. An electing entity that is a fiscal-year taxpayer must elect, file, and pay the PTET for the calendar year in which its fiscal year ends.Įxample: A partnership’s fiscal year is March 1, 2022, through February 28, 2023. What is the election periodĪn electing entity that is a calendar-year taxpayer for federal purposes must use a calendar-year basis to elect, file, and pay the PTET. The election to opt in to the PTET must be made online on an annual basis and is irrevocable after the due date of the entity's first PTET estimated payment. corporations that are not New York S corporationsĪn S corporation intending to file as a resident S corporation must certify, when it elects to opt in to PTET, that all its shareholders are residents of New York for purposes of Article 22.Īn eligible entity may opt in on or after January 1, but no later than March 15.single-member LLCs (unless they elect to be treated as an S corporation for New York purposes).The following types of businesses are not eligible to opt in: Tax professionals may not make this election on behalf of their clients. Only an authorized person may make this election on behalf of an eligible partnership or eligible S corporation.
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