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Upcoming Deadlines for New York State PTET
As the New York State Pass-Through Entity Tax (PTET) deadlines approach, it is essential for businesses to stay informed and proactive. Understanding key filing dates and compliance requirements can help avoid penalties and maximize available tax benefits.
Key PTET Deadlines
2024 PTET Annual Return & Extension
Entities that elected PTET for the 2024 tax year must take action by March 17, 2025:
File the PTET annual return using the online PTET Annual Return application, or
Request an automatic six-month extension through the PTET Extension application.
Each return must include accurate partner, member, or shareholder information, including PTET credit allocations. Failure to file will result in the denial of PTET credit claims for partners, members, or shareholders.
2025 PTET Election & Estimated Payments
March 17, 2025: Deadline for eligible entities to opt into PTET for the 2025 tax year.
Quarterly estimated payments for 2025 are due on March 17, June 16, September 15, and December 15, 2025. Payments can be submitted or scheduled in advance through the PTET Estimated Payment application.
Additional Considerations
A PTET filing extension does not extend the deadline for payments or other required tax forms, including Form IT-204 (Partnership Return) or Form CT-3-S (New York S Corporation Franchise Tax Return).
Entities with foreign partners, members, or shareholders must ensure that all identifying details are submitted by March 17, 2025, or request an extension.
Strategic PTET Compliance & Advisory Services
Navigating PTET compliance requires careful planning and precision. Our firm provides expert guidance and tailored solutions, including:
PTET liability calculations for the 2024 tax year and estimated obligations for 2025
Filing of the PTET annual return to ensure compliance with New York State regulations
Quarterly estimated payment management to streamline cash flow and tax planning
Strategic advisory consultations with experienced CPAs to optimize tax strategies
Ensuring compliance with PTET requirements is crucial to maximizing tax benefits while avoiding unnecessary penalties. Our dedicated team is here to support your business every step of the way.
For personalized PTET guidance, contact our PTET advisors:
This overview highlights key aspects of PTET compliance, but additional details may apply. For comprehensive information, visit the New York State PTET FAQ page: https://www.tax.ny.gov/bus/ptet/faq.htm.
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