NYS PTET – Considerations for Business and Personal Taxes 1 Credit
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The PTET is an optional tax that New York State partnerships and S corporations may elect to pay on certain income for tax years. Eligible entities will be able to deduct the PTET paid in their federal income tax returns, which reduces the net income that flows through to the individual partners, members, and shareholders' taxable income. This allows shareholders or partners of the partnerships or S Corps to circumvent the $10,000 cap on individual SALT deductions.
A deduction for state or local taxes paid at the PTE level reduces the amount of federal net income flowing through to individual partners, members, and shareholders, effectively giving them the benefit of a deduction of state and local taxes that is not limited by the SALT cap. A credit for the PTET paid is claimed in the New York State personal income tax return, which avoids duplication of taxes paid at the state level as a result of the PTET.
The PTET applies to tax years beginning on or after January 1, 2021. PTEs must make the irrevocable election to be subject to the PTET annually by March 15 of the tax year for which the election is made. The election can be made on a year-by-year basis. Estimated PTET payments must be made every quarter. Annual returns for calendar year filers are due by March 15 following the close of the taxable year, and annual returns for fiscal year filers are due by March 15 following the close of the calendar year that contains the final day of the entity's taxable year.
This CE Tax webinar will cover the following:
Join this online course to identify qualified pass-through entities and understand the benefits eligible to partner/shareholder/member on their return.
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01483-23-S) | 1 CE | Approved |
| Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-01483-23-S) | 1 CE | Approved |
| Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1199) | 1 CE | Approved |
| Taxes for Delaware Licensed Public Accountant (DE-LPA) | 1 CPE | Eligible |
| Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01483-23-S) | 1 CE | Approved |
| Federal tax-related matters for LTC (Approval No. GEHNZ-T-01483-23-S) | 1 CE | Eligible |
| Taxes for Iowa Licensed Public Accountant (IA-LPA) | 1 CPE | Eligible |
| Taxes for Maine Licensed Public Accountant (ME-LPA) | 1 CPE | Eligible |
| Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01483-23-S) | 1 CE | Approved |
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01483-23-S) | 1 CE | Approved |
| Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-01483-23-S) | 1 CE | Approved |
| Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1199) | 1 CE | Approved |
| Taxes for Delaware Licensed Public Accountant (DE-LPA) | 1 CPE | Eligible |
| Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01483-23-S) | 1 CE | Approved |
| Federal tax-related matters for LTC (Approval No. GEHNZ-T-01483-23-S) | 1 CE | Eligible |
| Taxes for Iowa Licensed Public Accountant (IA-LPA) | 1 CPE | Eligible |
| Taxes for Maine Licensed Public Accountant (ME-LPA) | 1 CPE | Eligible |
| Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01483-23-S) | 1 CE | Approved |
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01483-23-S) | 1 CE | Approved |
| Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-01483-23-S) | 1 CE | Approved |
| Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1199) | 1 CE | Approved |
| Taxes for Delaware Licensed Public Accountant (DE-LPA) | 1 CPE | Eligible |
| Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01483-23-S) | 1 CE | Approved |
| Federal tax-related matters for LTC (Approval No. GEHNZ-T-01483-23-S) | 1 CE | Eligible |
| Taxes for Iowa Licensed Public Accountant (IA-LPA) | 1 CPE | Eligible |
| Taxes for Maine Licensed Public Accountant (ME-LPA) | 1 CPE | Eligible |
| Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01483-23-S) | 1 CE | Approved |
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01483-23-O) | 1 CE | Approved |
| Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-01483-23-O) | 1 CE | Approved |
| Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1199) | 1 CE | Approved |
| Taxes for Delaware Licensed Public Accountant (DE-LPA) | 1 CPE | Eligible |
| Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01483-23-O) | 1 CE | Approved |
| Federal tax-related matters for LTC (Approval No. GEHNZ-T-01483-23-O) | 1 CE | Eligible |
| Taxes for Iowa Licensed Public Accountant (IA-LPA) | 1 CPE | Eligible |
| Taxes for Maine Licensed Public Accountant (ME-LPA) | 1 CPE | Eligible |
| Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01483-23-O) | 1 CE | Approved |
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Ramona is a proud mentor of the Women Entrepreneurs of NYC (WENYC), a board member of the New York State Society of CPAs, and an advisory board member for New York State’s Small Business Development Center (SBDC). Ramona was named a Notable Woman in Accounting and Consulting by Crain’s and a recipient of the 2022 Empire Whole Health Heroes Award. She has been featured on Bloomberg and PIX 11 News and has spoken at several esteemed conferences including the AICPA ENGAGE and NABA’s Entrepreneurship Summit. Ramona earned a Bachelor’s in Accounting from Baruch College, a Master’s in Finance from Fairleigh Dickinson University, and a Certificate in Financial Planning from Boston University.
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Everything was excellent, except the Excel spreadsheet being available online only. I do not have my Microsoft account under the email I use for myCPE, so I had no access to the file. Could that be, instead, included in the handouts?
WB
Kind of a different subject not seen to often. I saw it twice on two NY clients I worked on.
Jan 13, 03:30 PM ET
Jan 13, 04:00 PM ET
Jan 13, 04:00 PM ET
.webp "Best Tax Return Workshop On S Corporation (1120S)")
Jan 16, 09:00 AM ET
Jan 16, 09:30 AM ET
Jan 16, 10:00 AM ET
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