Arizona - S Corp - PTE question

Forum|Forum|3 years ago
December 23, 2022
3 replies
16 views

Is an S Corp allowed to make the PTE payment prior to 12/31/2022?

It is due 3/15/2023 but making it prior to 12/31/22 would lower Federal taxes.

I have scanned the 2022 instructions and forms and don't see a voucher or answer. Although Form 120-ES could be the form to use?

Lacerte Tax

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abctax55

Level 15

The consensus of opinion this time last year was that *yes* , paying the PEET by 12/31/xx gives rise to a deduction on the Federal return. There were some opinions that said *nope* as the liability isn't actually set in stone until the actual filing of the state return in the following year and the PEET election is perfected.

As to AZ forms to use.... don't know (I'm in CA).

Paging @BobKamman

HumanKind... Be Both

S

strongsilenceAuthor

Level 10

Thank abc,

Most of my clients pay the PTE prior to 12/31 should cash flow allow. And we have discussions about the PEET in CA (where I am.)

I was hoping an AZ preparer would guide me on the proper method and form. But this is new (begins with the 2022 tax year) so maybe nobody has the answer yet.

BobKamman

Level 15

Arizona Corporations are required to pay their tax liability by electronic funds transfer (EFT) if the corporation owes:

$500 or more for any taxable year beginning from and after December 31, 2020.

If you're fussing around about how to pay less than $500, you have less to worry about than I do.

T

TaxMom12

Level 4

I know I'm late to respond and hopefully you found where to make this payment but I'm an AZ tax preparer and had a client want to file the PTE election and process payment by 12/31. Below is the link to aztaxes.gov.

https://payments.aztaxes.gov/MakePayment/Corporate

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