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New York's new Pass-Through Entity Tax (P.T.E.T.)

Fifties01
Level 1

Hello.

Has anyone seen anything about whether ProSeries will accommodate New York's new, optional workaround the federal "SALT" (state and local tax) itemized limitation of $10,000, the Pass-Through Entity Tax?

While all filings and payments will be done electronically, online at their portal only, no paper (like F.B.A.R. Form 114), hypothetically ProSeries could accommodate the e-filing of it (like F.B.A.R. Form 114). The Research feature turns up nothing relevant.

Thank you!

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Taxes-by-Rocky
Level 5

From NYS DTF's website:

"Only an authorized person may make this election on behalf of an eligible partnership or eligible S corporationTax professionals may not make this election on behalf of their clients.

Authorized person: An individual who is eligible to make the election into the PTET on behalf of an eligible partnership or eligible S corporation. For partnerships, authorized person includes any member, partner, owner, or other individual with authority to bind the entity and sign returns under Tax Law § 653. For New York S corporations, authorized person includes any officer, manager, or shareholder of the New York S corporation who is authorized under the law of the state where the corporation is incorporated or under the S corporation’s organizational documents to make the election, and who represents to having that authorization under penalty of perjury.

An authorized person can opt in to the 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."

Suspect the state and the tax software companies could not do the programing and authorizations fast enough.  Agree, makes it a lot more complicated.

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Fifties01
Level 1
  • Agreed with respect to the election, thank you. I was wondering about the eventual electronic filing of the tax return and extension. It is my understanding that a qualified preparer properly authorized can do that at the portal. Why not through software? If we can e-file F.B.A.R. 114's with FinCEN, normally filable online at a FinCEN portal only, through ProSeries, why not New York's P.T.E.T.? I guess we'll see.
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