Reminder of Annual Election of New York State and New York City Pass-through Entity Tax (PTET)

Reminder of Annual Election of New York State and
New York City Pass-through Entity Tax (PTET)

The election to opt in to the New York State and New York City Pass-through Entity Tax (PTET) must be made online on an annual basis.

An eligible entity may opt in on or after January 1, but no later than March 15 of the current PTET taxable year.

How to Make the New York State and New York City PTET Election

An authorized person can opt in to the New York State and New York City PTET on behalf of an eligible entity through the 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.

To opt in to the New York State and New York City PTET:

• Log in to (or create) the eligible entity’s Business Online Services account.
• Select the ≡ Services menu in the upper-left corner of the business’ Account Summary homepage.
• Select Corporation tax or Partnership tax, then choose PTET web file from the expanded menu.
• On the Form Selection page, choose Pass-through entity tax (PTET) annual election.

Important: The authorized person must electronically sign and attest to having the electing entity’s authorization.

Taxpayers that are located in states that have PTET in place should check to see if those state require an annual election.

If you’re not yet familiar with the PTET, please click on the links below to articles that we have written on it:

https://gallerosrobinson.com/insight-inside/new-york-pass-through-entity-tax-ptet-estimated-tax-payment-reminder/
https://gallerosrobinson.com/insight-inside/time-sensitive-deadline-october-15-2021/
https://gallerosrobinson.com/insight-inside/new-york-state-pass-through-entity-tax-election/
https://gallerosrobinson.com/insight-inside/new-york-state-pass-through-entity-tax-ptet-election-for-2022-due-march-15th/

To see past publications please visit our Knowledge Center.

The information presented here should not be construed as legal, tax, accounting, or valuation advice. No one should act on such information without appropriate professional advice and after a thorough examination of the particular situation.