Should we make the New York PTET election?

It depends on your entity type and owner tax situation. We model the benefit before filing, since it isn't automatically the right move for every pass-through entity.

I'm considering moving out of New York but keeping ties here, what should I know?

New York is active in auditing residency claims for people who claim to have left but maintain significant ties to the state. Getting the documentation right before the move, not after, matters considerably here.

CPA advisory for business owners, investors, and families across New York State.

OICPA is based in Brooklyn and works with clients throughout New York State, from New York City through the surrounding counties, on tax strategy, accounting, and advisory services.

OICPA's office is located in Brooklyn, NY, serving clients throughout New York State in person and virtually.

New York State's tax rules add real complexity on top of the federal picture, a state-level pass-through entity tax election, New York City's own separate tax regime for city residents and businesses, and a state tax authority that is notably active in residency and nexus enforcement compared to many other states.

What to check for this area.

New York State Pass-Through Entity Tax (PTET)

An election that can allow owners of eligible pass-through entities to deduct state tax at the entity level, working around the federal SALT deduction cap, subject to current law, entity eligibility, and an annual election deadline that does not extend for late filers.

New York City resident vs. non-resident tax treatment

NYC imposes its own personal income tax on residents, separate from state tax, which changes the calculus for anyone considering a move in or out of the five boroughs.

New York's residency audit posture

New York State is known for actively auditing residency claims, particularly for high earners who split time between New York and a lower-tax state, documentation matters more here than in many states.

Multi-state exposure for New York-based businesses

Businesses based in New York frequently have employees, customers, or property in New Jersey, Connecticut, or beyond, creating nexus questions that need active management.

This is general information to help you know what to ask about, not legal or tax advice for your specific situation - confirm how any of this applies to you with your CPA before acting on it.

Where to start.

Personal Tax Advisory Business Tax Advisory Multi-State Business Tax Compliance Entity & Compliance

Frequently asked questions

Yes. We work with clients throughout New York State, as well as nationwide, both in person where practical and virtually.

Send us the facts for New York State?

Every engagement starts with a conversation about your specific facts, not a generic checklist.

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