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  • 1.  Opting into PTET for new entities

    Posted 06-12-2023 11:19 AM

    Hey All,

    Hi All,

    Does anyone know the process or if it is possible to opt brand new entities that become S Corporations into PTET after the March 15th deadline? I have a client that was formed in January but did not receive the official S designation until well after the deadline to opt into the PTET elections. This is applicable for both NYS & NYC. I have heard in the past you can fax a copy of the election to the state and include a note in the top right corner alluding to PTET but in the past that has not been successful/unprocessed when previously attempted so before I call NYS wanted to see if any of you have done this already or had any pointers.

    Thanks in advance



    ------------------------------
    Matthew R. Savello, CPA
    Prestige Tax & Accounting, LLC
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  • 2.  RE: Opting into PTET for new entities

    Bronze Most Valuable Member
    Posted 06-13-2023 02:16 AM
    Hey Matt

    Let me know how you make out with this. I have a similar issue, PLLC electing S Corp status as of 1/1/23. We did not have the option to elect on the NYS site and missed the deadline but we'd like to if there is a way for relief. 
     
     James E Hall, CPA, CEPA 
      277 Indian Head Road
      Kings Park, NY 11754
      p: (631) 269-7500
      f: (631) 355-7293

      
     
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