ricklang99
Level 3
02-18-2022
11:48 AM
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Can an ACCRUAL S-Corp deduct the PTE elective tax paid in 2022 (prior to March 15 2022) on their 2021 tax return?
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sjrcpa
Level 15
02-18-2022
12:01 PM
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Maybe they can deduct the actual PTE tax liability, which may not be the payment amount.
There is not a consensus on this.
The more I know the more I don’t know.
abctax55
Level 15
02-18-2022
12:07 PM
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The 2 hour webinar I took yesterday (side bar... I CAN NOT believe I am again doing CPE during filing season...) was relatively emphatic that it isn't deductible until the year PAID. So if not paid by 12.31.21, no deduction in 2021.
But stay tuned, as this whole issue is still in flux. Extend, extend, extend.
HumanKind... Be Both
