Ptet 2023.org

03.31.2023 Virginia Dept of Tax Issues Clarifying Guidance for Recent Changes to Pass-Through Entity Tax By: The General Assembly enacted legislation ( Replacement of the Qualifying PTE Requirement with an Eligible Owner Requirement The legislation repeals the “qualifying pass-through entity” requirement and replaces it with a new “eligible owner” requirement. Prior to the legislation, the qualifying pass-through entity had to be owned 100% by natural persons or, in the case of an S corporation, persons eligible to be shareholders of an S corporation. As a result, pass-through entities (PTEs) owned in part or in full by corporations, other PTEs, estates, trusts, and other PTEs were prohibited from making the election. Under the new eligible owner requirement, only a direct owner of a PTE who is a natural person subject to Virginia individual income tax or an estate or trust subject to Virginia’s fiduciary income tax may claim a refundable PTET credit. As a result of these changes, all PTEs can make the PTET election if it has one or more eligible owners. However, only the PTE’s eligible owners may claim the refundable PTET credits. Under the new rules, corporations still will not receive a direct benefit from the PTET election. Also, an upper-tier PTE still will not be an eligible owner of any lower-tier PTE. However, the upper-tier PTE may benefit from making an election if it has members who are eligible owners. Changes to the PTET Computation The legislation also provid...

For tax years beginning on or after January 1, 2022, a pass-through entity that has at least one NYC resident individual partner or member may make an annual election to pay the NYC PTET if it also elects to pay the NYS PTET for the same tax year. Similarly, the election is available to S corporations that elected the NYS PTET if all shareholders are NYC resident individuals. As defined in For a tax year that begins on or after January 1, 2022, and ends before January 1, 2023, the annual NYC PTET election must be made by March 15, 2023, and is revocable prior to that date. For tax years beginning on or after January 1, 2023, the annual NYC PTET election may be made at any time on or after January 1 but prior to March 15 and is irrevocable after the March 15 deadline. To make the NYC PTET election, an entity must align its election periods for both the NYS PTET and NYC PTET. Entities considered as federal calendar-year taxpayers must use this same basis to elect, file, and pay the NYC PTET. Likewise, fiscal-year taxpayers must elect, file, and pay the NYC PTET for the calendar year in which the fiscal year ends. In the event of an entity with more than one tax year within a single calendar year, the NYC PTET election may be made only once per each calendar year. For tax year 2022, electing entities are not required to make any estimated tax payments for the NYC PTET. If an entity so chooses, estimated NYC PTET tax payments may be made using the PTET estimated payment applic...

In brief On April 9, New York Governor Kathy Hochul (D) signed tax legislation ( The legislation also accelerates certain reduced individual income tax rates and provides for an alternative tax table benefit recapture for certain taxpayers. The legislation expands the definition of “financial institution” for purposes of Tax Law Section 1701 (relating to the financial institution data match system for state tax collection purposes) to include certain “virtual currency businesses.” The legislation also amends or creates new tax credits and makes other changes. Action item: With the enactment of a new PTET in New York City and the amendments to the state’s PTET, affected businesses may want to model the impact of electing into these taxes to determine the benefit across all partners and shareholders. In detail New “electing resident S corporation” Effective for tax years beginning on or after January 1, 2021, New York enacted the PTET allowing partnerships (as defined under IRC Section 7701(a)(2)) and S corporations to make an annual election to pay an entity-level tax at rates ranging from 6.85% to 10.9% on the entity’s taxable income. An offsetting personal income tax credit is allowed for the electing partnership’s direct partners or members or the S corporation’s direct shareholders. Under the new legislation, effective for tax years beginning on or after January 1, 2022, the definition of an “electing S corporation” is amended to include either an electing resident S co...

Rajasthan PTET Result 2023 Name Wise or Roll Number Wise Link ptetggtu.com Cut Off Marks Check Here: The expected release date for the PTET GGTU Result 2023 on 15th June 2023. You may go to the official website at https://www.ptetggtu.com/ to see your PTET B.Ed and BA.B.Ed/B.Sc.B.Ed course result 2023 राजस्थान पीटीईटी रिजल्ट लिंक. Candidates will need their application number and date of birth in order to get their PTET Result 2023. Applicants can also check the Rajasthan PTET/Pre B.Ed Result by name or roll number wise direct link mentioned below. Rajasthan PTET Result 2023 PTET examinations may be over for students, and now they are anxiously waiting for PTET 2023 results. Waiting for exam result is no doubt one of the most nerve wracking chapters in a student’s life. This year huge numbers of candidates have appeared in the Pre Teacher Entrance Test to get admission for session 2023-24 in B.Ed in the Rajasthan State. So those candidates who are curious to check their Rajasthan PTET Result 2023 they can check it from the official website. PTET 2023 is conducted to give admission under several 4 years integrated programs and 2 years B.Ed courses. This year, Rajasthan Pre-Teacher Education Test 2023 was conducted on 21 May 2023 by the Govind Guru Tribal University, Banswara. Sometimes waiting for Rajasthan PTET Results Date feels more stressful than taking exams, but no matter, all you can do is sit tight. I try to keep calm, but for the first few weeks that’s virtually im...

On May 16, 2022, Governor Jared Polis signed SB 22-124 (the SALT Parity Act) into law, making changes to Colorado's pass-through entity (PTE) tax. Our Colorado state tax experts summarize the changes and discuss the unique complications this bill and PTE taxes present. Colorado and PTET: A summary Colorado waived underpayment of estimated tax penalties for the PTE tax until tax year Jan. 1, 2023. • Prior to this bill, all income and credits were accounted for at the entity level and weren’t reported on the PTE owner’s return. Now, the income and credits will flow to the PTE owner’s income tax return, including taxes paid to other states. • The bill provides that partners of a partnership will be allowed a credit on their return for PTE taxes paid in other states. Prior to this bill, it appeared only shareholders of a S corporation were allowed a credit for PTE taxes paid to other states. • PTE owners can retroactively elect the PTE tax for tax years beginning Jan. 1, 2018. Retroactivity for Colorado’s PTET Colorado is the first state to allow a PTE election retroactively starting in 2018. Colorado state permits taxpayers to file retroactive PTE tax returns for tax years 2018 through 2021 between Sept. 1, 2023 and July 1, 2024. Colorado is planning on releasing a “composite” form that will allow the entity and PTE owners to amend 2018, 2019, 2020, and 2021 at one time on a single form. The form will not permit changes to previous years other than those directly related to t...

For tax years beginning on or after January 1, 2022, a pass-through entity that has at least one NYC resident individual partner or member may make an annual election to pay the NYC PTET if it also elects to pay the NYS PTET for the same tax year. Similarly, the election is available to S corporations that elected the NYS PTET if all shareholders are NYC resident individuals. As defined in For a tax year that begins on or after January 1, 2022, and ends before January 1, 2023, the annual NYC PTET election must be made by March 15, 2023, and is revocable prior to that date. For tax years beginning on or after January 1, 2023, the annual NYC PTET election may be made at any time on or after January 1 but prior to March 15 and is irrevocable after the March 15 deadline. To make the NYC PTET election, an entity must align its election periods for both the NYS PTET and NYC PTET. Entities considered as federal calendar-year taxpayers must use this same basis to elect, file, and pay the NYC PTET. Likewise, fiscal-year taxpayers must elect, file, and pay the NYC PTET for the calendar year in which the fiscal year ends. In the event of an entity with more than one tax year within a single calendar year, the NYC PTET election may be made only once per each calendar year. For tax year 2022, electing entities are not required to make any estimated tax payments for the NYC PTET. If an entity so chooses, estimated NYC PTET tax payments may be made using the PTET estimated payment applic...

In brief On April 9, New York Governor Kathy Hochul (D) signed tax legislation ( The legislation also accelerates certain reduced individual income tax rates and provides for an alternative tax table benefit recapture for certain taxpayers. The legislation expands the definition of “financial institution” for purposes of Tax Law Section 1701 (relating to the financial institution data match system for state tax collection purposes) to include certain “virtual currency businesses.” The legislation also amends or creates new tax credits and makes other changes. Action item: With the enactment of a new PTET in New York City and the amendments to the state’s PTET, affected businesses may want to model the impact of electing into these taxes to determine the benefit across all partners and shareholders. In detail New “electing resident S corporation” Effective for tax years beginning on or after January 1, 2021, New York enacted the PTET allowing partnerships (as defined under IRC Section 7701(a)(2)) and S corporations to make an annual election to pay an entity-level tax at rates ranging from 6.85% to 10.9% on the entity’s taxable income. An offsetting personal income tax credit is allowed for the electing partnership’s direct partners or members or the S corporation’s direct shareholders. Under the new legislation, effective for tax years beginning on or after January 1, 2022, the definition of an “electing S corporation” is amended to include either an electing resident S co...

On May 16, 2022, Governor Jared Polis signed SB 22-124 (the SALT Parity Act) into law, making changes to Colorado's pass-through entity (PTE) tax. Our Colorado state tax experts summarize the changes and discuss the unique complications this bill and PTE taxes present. Colorado and PTET: A summary Colorado waived underpayment of estimated tax penalties for the PTE tax until tax year Jan. 1, 2023. • Prior to this bill, all income and credits were accounted for at the entity level and weren’t reported on the PTE owner’s return. Now, the income and credits will flow to the PTE owner’s income tax return, including taxes paid to other states. • The bill provides that partners of a partnership will be allowed a credit on their return for PTE taxes paid in other states. Prior to this bill, it appeared only shareholders of a S corporation were allowed a credit for PTE taxes paid to other states. • PTE owners can retroactively elect the PTE tax for tax years beginning Jan. 1, 2018. Retroactivity for Colorado’s PTET Colorado is the first state to allow a PTE election retroactively starting in 2018. Colorado state permits taxpayers to file retroactive PTE tax returns for tax years 2018 through 2021 between Sept. 1, 2023 and July 1, 2024. Colorado is planning on releasing a “composite” form that will allow the entity and PTE owners to amend 2018, 2019, 2020, and 2021 at one time on a single form. The form will not permit changes to previous years other than those directly related to t...

03.31.2023 Virginia Dept of Tax Issues Clarifying Guidance for Recent Changes to Pass-Through Entity Tax By: The General Assembly enacted legislation ( Replacement of the Qualifying PTE Requirement with an Eligible Owner Requirement The legislation repeals the “qualifying pass-through entity” requirement and replaces it with a new “eligible owner” requirement. Prior to the legislation, the qualifying pass-through entity had to be owned 100% by natural persons or, in the case of an S corporation, persons eligible to be shareholders of an S corporation. As a result, pass-through entities (PTEs) owned in part or in full by corporations, other PTEs, estates, trusts, and other PTEs were prohibited from making the election. Under the new eligible owner requirement, only a direct owner of a PTE who is a natural person subject to Virginia individual income tax or an estate or trust subject to Virginia’s fiduciary income tax may claim a refundable PTET credit. As a result of these changes, all PTEs can make the PTET election if it has one or more eligible owners. However, only the PTE’s eligible owners may claim the refundable PTET credits. Under the new rules, corporations still will not receive a direct benefit from the PTET election. Also, an upper-tier PTE still will not be an eligible owner of any lower-tier PTE. However, the upper-tier PTE may benefit from making an election if it has members who are eligible owners. Changes to the PTET Computation The legislation also provid...