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S
shomes74
Level 2
June 29, 2023
Question

NYS & NYC PTET and NYC S-Corp Tax

  • June 29, 2023
  • 4 replies
  • 84 views

Hi, ITO needs to integrate the option for PTET for NYS, NYC, and other states that have it.

Also, NYC for example has a flat 8.85% tax on the income of the S-Corp but a Schedule C has a lower tax in NYC. This should also be integrated into the S-Corp analysis for NYC businesses.

    This topic has been closed for replies.

    4 replies

    S
    strongsilence
    Level 10
    July 5, 2023

    shomes74

    What do you think of ITA?

    I haven't had time to use my free trials yet but I'd like to hear your thoughts.

    CA has a PTE tax and ITA isn't appealing to me if it doesn't have the ability to analyze a passthrough entity PTE credit.

      S
      shomes74Author
      Level 2
      July 5, 2023

      Open to it and watching how they accommodate us

        IntuitJim
        IntuitJim
        Level 5
        August 20, 2023

        The PTET can be created as a custom strategy and you can estimate the tax savings and update the projection using the strategy. Additionally, the team is evaluating adding a common PTET strategy. Vote here if you believe it is helpful. 

        M
        Mvlcpa
        Level 2
        December 11, 2024

        Has there been any update on this since August of last year?  It would be very useful for NY & NYC.

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