NYS & NYC PTET and NYC S-Corp Tax

[shomes74]

Hi, ITO needs to integrate the option for PTET for NYS, NYC, and other states that have it.

Also, NYC for example has a flat 8.85% tax on the income of the S-Corp but a Schedule C has a lower tax in NYC. This should also be integrated into the S-Corp analysis for NYC businesses.

[Strongsilence-CPA]

shomes74

What do you think of ITA?

I haven't had time to use my free trials yet but I'd like to hear your thoughts.

CA has a PTE tax and ITA isn't appealing to me if it doesn't have the ability to analyze a passthrough entity PTE credit.

[shomes74]

Open to it and watching how they accommodate us

[IntuitJim]

The PTET can be created as a custom strategy and you can estimate the tax savings and update the projection using the strategy. Additionally, the team is evaluating adding a common PTET strategy. Vote here if you believe it is helpful. 

[Mvlcpa]

Has there been any update on this since August of last year?  It would be very useful for NY & NYC.