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R
ricklang99
Level 3
February 18, 2022
Question

Can an ACCRUAL S-Corp deduct the PTE elective tax paid in 2022 on their 2021 tax return?

  • February 18, 2022
  • 2 replies
  • 13 views

Can an ACCRUAL S-Corp deduct the PTE elective tax paid in 2022 (prior to March 15 2022) on their 2021 tax return?

 

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2 replies

sjrcpa
sjrcpa
Level 15
February 18, 2022

Maybe they can deduct the actual PTE tax liability, which may not be the payment amount.

There is not a consensus on this.

The more I know the more I don’t know.
    abctax55
    abctax55
    Level 15
    February 18, 2022

    The 2 hour webinar I took yesterday (side bar... I CAN NOT believe I am again doing CPE during filing season...) was relatively emphatic that it isn't deductible until the year PAID.  So if not paid by 12.31.21, no deduction in 2021.

    But stay tuned, as this whole issue is still in flux.  Extend, extend, extend.

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