We are in our third year of the NYS PTET (Pass-Through Entity Tax). Even in the past year, there have been numerous changes, additions, clarifications, as well as continued confusion on some issues. This session will provide a refresher and feature updates on the NY PTET, focusing on common questions and concerns facing practitioners.

Topics & Learning Objectives Include:

• General update on changes to NY PTET in 2022-23
• All about addbacks
• NYC PTET
• Calculating and making estimated payments
• Filing issues
• Revoking elections and amending returns
• PTET for investment partnerships and holding companies

This session will feature a detailed update the new NY PTET (Pass-Through Entity Tax), as well as the similar PTET regimes in CT and NJ by Elizabeth Pascal of Hodgson Russ LLP. There will be detailed illustrations on filling out the NYS PTET worksheet - and many of your questions will be answered. There will be a special Q&A session after the completion of the seminar.

Topics & Learning Objectives Include:

NY PTET

• Calculation of the PTET base for partnerships vs. S corporations.
• Calculation of the NY individual credit.
• Factors in deciding when to elect into the NY PTET.
• Frequently asked questions as well as still unanswered questions.

NJ BAIT

• Calculation of the BAIT tax base and tax credit.
• Unique apportionment issues for S corporations.
• Similarities and differences with NY PTET.

CT PE TAX

• The mandatory base vs. the alternative base.
• Calculating the CT tax credit.
• Similarities and differences with NY PTET and NJ BAIT.