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More and more States adding a Pass Through Entity Level tax
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More and more States adding a Pass Through Entity Level tax

Business, Individuals

More and more States adding a Pass Through Entity Level tax

Since Connecticut enacted the first Pass Through Entity (PTE) tax in April 2018, more States have enacted or proposed this tax tool. It was around 14 in June 2021, around 30 in January 2023 and at the date of this article is 36 States and one localty (NYC) according to the AICPA listing (link below).

By Victor Garrido, CPA, EA|2023-08-07T17:26:49+00:00August 10th, 2023|Categories: Business, Individuals|Tags: $10k, business, deduction, Entity, irs, owner, Pass, PTE, SALT, State, tax, through|

New York State has approved their Pass through Entity Tax (PTET)
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New York State has approved their Pass through Entity Tax (PTET)

Business, Individuals

New York State has approved their Pass through Entity Tax (PTET)

The New York PTE tax follows several other states in availing itself of the IRS’ guidance in Notice 2020-75, which permits the use of PTE tax regimes like New Jersey and Connecticut previously. With the new PTE tax in place, eligible entities that elect to be taxed at the entity level will now be able

By Victor Garrido, CPA, EA|2021-05-05T22:18:10+00:00May 5th, 2021|Categories: Business, Individuals|Tags: New, NYS, Pass, PTET, State, through, York|

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