NYS Tax Department: Deadline approaching to opt in to pass-through entity tax (PTET)

New York State Department of Taxation and Finance sent this bulletin at 10/06/2021 12:59 PM EDT

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Deadline approaching to opt in to pass-through entity tax (PTET)

Reminder: If you wish to participate in the optional PTET for 2021, the deadline to opt in is October 15, 2021.

To opt in:

Log in to your S corporation's or partnership’s Business Online Services account. (If the business doesn’t have an account, we recommend creating one by October 8 to avoid missing the election deadline.)
Select the ≡ Services menu in the upper left corner of your Account Summary homepage.
Choose PTET web file from the Corporation tax or Partnership tax expanded menu, then select Pass-through entity tax (PTET) annual election.

Reminder: Tax professionals cannot make the election on behalf of their clients.

For more information on this optional tax, see Pass-through entity tax (PTET). For email updates, subscribe to our Pass-through entity tax email topic.

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