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Browsing all posts: Page 16 of 32
Individual members or partners of pass-through entities (PTEs) report their New York State Pass-Through Entity Tax (NYS PTET) credit on their personal income tax return. The PTET credit is designed to offset the state tax liability of individuals who are owners of partnerships, LLCs, or S corporations that elected to pay the PTET.
Yes, pass-through entities (PTEs) such as partnerships, LLCs, and S corporations can amend a New York State Pass-Through Entity Tax (NYS PTET) return. The amendment process is handled through New York’s online tax portal, where entities can submit changes to their original filing. Amending a return allows businesses to correct errors or update information that affects their PTET liability or the allocation of tax credits to owners.
The deadline for filing an amended New York State Pass-Through Entity Tax (NYS PTET) return is generally tied to the statute of limitations for tax filings. Entities must typically submit an amended return within three years from the later of the original filing date or the date the tax was paid. Understanding this timeline is essential to ensure compliance and avoid potential penalties or loss of tax benefits.
An amended New York State Pass-Through Entity Tax (NYS PTET) return is required when there are changes to an entity’s tax-related information that impact the original filing. The PTET is an elective tax imposed on partnerships, LLCs, and S corporations to allow owners to receive a corresponding credit on their individual state income tax returns.
The Pass-Through Entity Tax (PTET) is a state-level tax designed to help pass-through entities in New York, such as partnerships, S corporations, and limited liability companies (LLCs), mitigate the impact of the federal $10,000 cap on state and local tax (SALT) deductions.
When it comes to wealth transfer, both gifting and inheritance play significant roles in how assets are passed down from one generation to another. However, many individuals are unaware of the complex tax implications that can accompany these processes.
The “step-up in basis” is a key tax provision that can significantly reduce the tax burden on beneficiaries inheriting assets. It allows beneficiaries to adjust the cost basis of inherited property to its fair market value (FMV) at the date of the deceased person’s death. Here’s a closer look at how this works and its impact on the taxation of inherited assets.
Turning 50 is a milestone that comes with some valuable financial perks, especially when it comes to retirement savings. If you turn 50 at any point during 2025, you will be eligible to make catch-up contributions to your 401(k), regardless of the month you celebrate your birthday.
If you work multiple jobs with different employers, you may wonder how that affects your 401(k) contributions. The good news is that you can contribute to multiple 401(k) plans. However, the IRS sets a limit on the total amount you can contribute across all plans combined, so careful tracking is essential.
When contributing to a 401(k) plan, it’s essential to understand the rules surrounding contribution limits—especially the distinction between employee and employer contributions. A common question is whether employer matching contributions count toward the annual contribution limit. The answer is no, employer contributions are not included in the $23,500 limit for employee contributions in 2025.
As federal pay raise discussions heat up for 2025, many are wondering how different groups, especially federal contractors and employees in varying pay systems, will be impacted. While the federal government traditionally issues a standardized pay increase for employees in certain systems, the situation is quite different for contractors and those in specialized pay structures.
The 2025 federal pay raise is a notable step for government workers, but when compared to historical increases over the past decade, it reflects both the continuity and challenges of federal compensation adjustments. While the raise aligns with recent trends, it is slightly lower than some previous years, reflecting fiscal constraints and shifting government priorities.