Tag Archive: "PTE"
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New York Updates Their Passthrough Entity Tax FAQ’s Ahead of Key Payment Deadline
The New York State Department of Taxation and Finance recently updated their passthrough entity tax (PTET) FAQ’s, which could have an impact on upcoming tax payments due September 15, 2023. For those up-to-speed on the New York State and New York City PTET regime, please skip down two paragraphs to get to the “new stuff.” […]
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North Carolina Revises Passthrough Entity Tax
Earlier this month, North Carolina Governor Roy Cooper signed Session Law 2023-12 (Senate Bill 174), which revised several key aspects of the state’s elective passthrough entity tax (“PET”). Here are some key takeaways: Tiered partnerships are now allowed to make the PET election. Prior to Senate Bill 174, only partnerships owned by individuals, estates, trusts, […]
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California SB 113 Expands Pass-Through Entity Elective Tax Benefits
Since the passing of the Tax Cuts and Jobs Act (TCJA) in late 2017, numerous states have enacted a workaround to the state and local tax (SALT) deduction cap of $10,000 by allowing pass-through entities to elect to be taxed at the entity level. On July 16, 2021 California Governor Newsom signed Assembly Bill (AB) […]
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Could Your Organization Benefit by Electing Pass-Through Entity Taxation?
Several states responded to the federal state and local tax deduction limit by allowing pass-through entities the option of calculating and paying tax at the entity level. The IRS approved these elections as a legitimate workaround, which led to a multitude of states to enact pass-through entity tax elections. Laws governing these entity-level tax elections […]