PTET - Act Now Updates to NY State's Pass-Through Entity Tax
The closing of the first full NYS Pass-Through Entity Tax (PTET) filing season is approaching and while we've been getting familiar with how to make the elections, estimates, and filing the returns - New York has been busy making some important changes to know about for the 2022 tax year.
President Biden signed into law the CHIPS and Science Act of 2022 (CHIPS Act) in early August 2022 to further manufacturing capacity, R&D, and develop workforce programs.
Senate Approves Inflation Reduction Act with Changes to Tax Provisions
The Senate’s final version of the bill – H.R. 5376 – includes a 15% corporate minimum tax on certain large corporations, a substantial increase in IRS funding, a 1% excise tax on corporate stock buybacks, and a two-year extension of the section 461(l) loss limitation rules for noncorporate taxpayers.
Like Kind Exchanges also known as Section 1031 Exchanges occur when there is a series of transactions that allow for the disposal of one property by exchanging it for another asset property. In the exchange the tax liability is shifted from the first property to the second. Sound complicated? We explain the details here.
