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  • 1.  PTET

    Posted 10-05-2021 02:13 PM
    The entity is a NYS accrual basis 1120 S Corp. with a 12/31 year end. all shareholders are NYS residents.
    The entity has made a PTET election for the year ended 12/31/2021. Since it is an accrual basis taxpayer,
    it makes the accrual on its books for the year ended 12/31/21 and the actual payment of the PTET on March 15, 2022.
    Will the shareholders have a credit of PTET to apply to their NYS income tax return
    for the year 2021?
    A Weinstein,CPA


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    Allen Weinstein CPA
    KWM CPAS, LLP
    Jericho NY
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