NYS’ PTET was enacted and effective for taxable years beginning January 1, 2021. Other states previously made similar PTET arrangements in response to the $10,000 cap on state and local tax deductions (SALT) that was added as part of the Tax Cuts and Jobs Act in 2017.
NYS’ PTET provided valuable tax benefits to taxpayers, however like other newly enacted tax legislation guidance was lacking. This combination of the newly enacted legislation and lack of guidance resulted in PTET returns that were filed requiring amendment. Until recently, there was no way to amend these returns. However, NYS has now issued guidance on how to amend PTET returns, as follows:
Requests to amend a PTET return must be made in writing before an amended return can be filed.
The request for permission must be sent in advance to:
Office of Processing and Taxpayer Services – Pass-Through Entity Tax
W A Harriman Campus
Albany, NY 12227-0850
Or the request can be sent via fax to 518-435-8679 Attn: PTET
The letter must include:
- the entity name
- the entity’s taxpayer ID number
- the PTET tax year
- a detailed description of the reason for the request, including the reason for the amendment, the specific incorrect information and the new information
- a signature of an owner, officer, previously authorized POA or another responsible person
- identification of signors relationship to the entity
- the best daytime phone number
- a valid e-mail address
For more information or assistance, please contact 1RDG at 585-673-2600.