NYS PTET Inquiry
Hi everyone, I hope this isn’t too silly of a question, but I’m seeking some clarification. I shared a draft of the partnership return with a client for review prior to filing, and he unexpectedly went ahead and submitted the annual PTET return on the NYS website. However, I’ve identified a few minor changes that need to be made, which will adjust the income figures. Will this discrepancy between the income reported on the PTET return and the income on the partnership return cause any issues when I file? I’ve never had a client amend a PTET return before—how does that process work? Thanks in advance for your help!
One response
Hi! This isn’t a silly question at all—it’s quite common to have these concerns when navigating tax filings, especially with the NYS PTET. Since your client has already filed the annual PTET return with a certain income, you’ll likely need to address the discrepancies when you file the partnership return.
Here are a few points to consider:
Amending the PTET Return: Yes, your client can amend the PTET return to reflect the changes in income that you’re making in the partnership return. It’s important to ensure that the PTET return aligns with the final figures reported in the partnership return.
Consistency in Reporting: The income reported on the PTET return and the partnership return should match. If there are significant differences, it may raise questions during an Audit. It’s best to keep open communication with your client about these changes.
Filing Process: Make sure to follow the guidelines for amending the PTET return. Your client will typically need to file a specific form to correct the previously filed return.
Communication with NYS: If you’re unsure about the specifics, consider reaching out to NYS or checking their guidelines on amending PTET returns to ensure compliance.
In summary, while it can be a bit of extra work, it is definitely manageable. Just ensure that everything is updated and consistent across both filings. Good luck!