As hard as it is to believe, another round of tax changes appear to be coming. And as Congress debates possible tax changes, taxpayers are left wondering what should I be expecting and what should I be doing? Without a crystal ball, it is difficult to know for sure. However, to help, we have put together this piece to highlight strategies that are worth considering.
Often planning is implemented on the advice of good advisors and with the best intentions. However, many times this planning falls short because of the failure to “manage” it. Here is a list of mistakes we see so regularly that we feel compelled to point them out.
The passthrough entity tax (PTET) is an optional tax that partnerships and NY S corporations may annually elect to pay on certain income for the tax years begining on or after January 1, 2021.
The link provides Pellegrino Saccomani & Wells, CPA's, LLP presentation and additional materials.