Earlier this year New York State created a new optional Pass-Through Entity Tax which can allow owners of pass-through entities (such as LLCs or S Corporations) to pay an entity level tax to cover the state tax liability of its owners. The tax paid by the entity is fully deductible for Federal Tax purposes thereby allowing owner’s of these companies a “work around” in relation to the State and Local Tax (SALT) deduction cap. New York State released their anticipated guidance on this program on August 25, 2021 providing much needed details.
In this webinar we will cover
- What taxes this will cover
- How this tax will be calculated for pass-through entities
- Why business owners would want to consider this tax
- Important information regarding required annual elections
- Other key updates from the most recent New York State guidance
Opting into this tax may potentially save you thousands in tax – please join us for more information!