Attention Small Business Owners: Additional Tax Estimates Due June 15

Quarterly Estimates Are Now Required for NYS Pass-Through Entity Tax Credit Filers

For owners of NYS S-Corporations and Partnerships that opted into New York State’s Pass-Through Entity Tax regime (PTET), an estimated tax deposit will be due 6/15/22 for the second installment on their 2022 PTET.
 
When New York State first adopted the regime in 2021, only a single estimate was allowed, which was due in December. For 2022 and future years, quarterly estimates are required for PTET filers.

The first estimate for 2022 was due 3/15/22. However, many people filed it in conjunction with the income tax returns for their pass-through entities. The second quarter estimate is due 6/15/22. It falls on a date where many business owners are accustomed only to paying their personal tax estimates.
 
Electing entities must log into their NYS Business Online Services account to make their estimates with an ACH payment. Entities need to deposit at least 25% of the required annual payment for the taxable year. The required annual payment is the lesser of:
  • 90% of the PTET shown on the return of the electing entity for the taxable year; or
  • 100% of the PTET shown on the return of the electing entity for the preceding taxable year.
In addition to the change in estimated filing dates (2021 versus 2022), the State of New York is allowing eligible entities that missed the 3/15/22 election date for the 2022 PTET to file that election as late as 9/15/22. If you are interested in making a PTET election for 2022, but missed the original filing date, please contact your tax advisor for more information.
 
Find additional information about the NYS PTET tax here.

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Disclaimer: To ensure compliance with requirements imposed by the Department of Treasury, we inform you any U.S. federal tax advice contained in this document or video is not intended for the purpose of (i) avoiding penalties under the Internal Revenue Code, or (ii) promoting, marketing, or recommending to another party any transaction or matter that is contained in this document.

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