Estimated Tax Payments for the NYS and NYC PTET Due Soon

Client Alerts

Berdon State and Local Tax Team

12.6.22 | Client Alert

This is an important reminder for the 2022 New York State and New York City Pass-Through Entity Taxes (“PTET”) estimated tax payments. The deadlines are as follows:

• New York State PTET: The fourth quarter NYS PTET estimated payment must be made by December 15, 2022 through the New York State Department of Taxation & Finance (the “Department”) online portal: https://my.ny.gov/LoginV4/login.xhtml?APP=nyappdtf
• New York City PTET:  A NYC PTET electing entity is not required to make any estimated tax payments for the 2022 NYC PTET.  The 2022 NYC PTET payment is due March 15, 2023 (the due date for the annual return or extension).

However, cash-basis taxpayers who plan to take the federal deduction in 2022 for the NYC PTET must make a payment prior to December 31, 2022 through the Department’s online portal (which should be available soon).  Accrual basis taxpayers may be able to pay the 2022 NYC PTET as late as March 15, 2023 (pursuant to the recurring item exemption).

We strongly recommend that taxpayers remit both their NYS and NYC PTET payments as soon as possible as the Department’s online portal may not be capable of processing the rush of payments that occur close to the deadline.

For more on the NYS and NYC PTET click below:

NYS Enacts Amendments to the NYC Pass-Through Entity Tax and NYC Business Taxes

If you have questions, contact Wayne K. Berkowitz at 212.331.7465 | wberkowitz@berdon.com or reach out to your Berdon advisor.