Subject: Question about NYS PTET Filing
Hello everyone,
I have a question that might seem a bit basic, but I could really use your insights. I provided a client with a draft of their partnership return for review, and they ended up filing the annual PTET return directly on the New York State website. After reviewing it, I realized I need to make a few minor adjustments, which has resulted in a change to the income reported.
Now, I’m concerned that this discrepancy could cause issues when I submit the partnership return, as the New York State income figures will differ from what my client reported on the PTET return. I’ve never had a situation where a client needed to amend a PTET return. Is that something that can happen?
Thanks in advance for your help!
One response
Hey! That’s a great question, and it’s definitely not silly—these situations can be tricky. When your client files the PTET return based on the draft you provided, the income reported there will need to be consistent with what you ultimately file for the partnership return.
If the changes in income on the final partnership return affect the PTET calculation, it’s advisable to amend the PTET return to reflect the correct figures. New York State does allow for amendments to PTET returns. Your client may need to complete the amended PTET form and potentially pay any additional tax due if the income increase results in a higher PTET liability.
Make sure to clearly communicate with your client about any implications of these changes, including any potential penalties or interest that could arise from not amending the PTET return. It’s also a good idea to keep a record of any correspondence or documentation related to these changes.
If you’re unsure about the specific steps for amending the PTET return, it might be helpful to consult with a tax professional or reach out to the New York State tax authority for guidance. Good luck!