New York State Pass Through Entity Tax
/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
Presenter
Edward McWilliams, CPA | Partner, Cerini & Associates, LLP
Moderator
Susan J. Bieber, Esq. GNYADA Vice President – Dealer Services
About Edward McWilliams:
Ed is a Partner in the firm’s tax and business advisory practice focusing on providing services to middle market private companies across different industries as well as to early stage startups. Ed has over a decade of experience providing tax and business consulting services to these companies of different sizes and across different industries, bringing a broad and diverse knowledge base and strategic solutions to the many complex issues that businesses face. Ed has assisted with a variety of entities, including mid-sized and large corporations and partnerships with both domestic and international matters.
