Form IT-653 Pass-Through Entity Tax Credit - New York

What Is Form IT-653?

This is a legal form that was released by the New York State Department of Taxation and Finance - a government authority operating within New York. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form IT-653?
A: Form IT-653 is the Pass-Through Entity Tax Credit form in New York.

Q: What is the purpose of Form IT-653?
A: Form IT-653 is used to claim a tax credit for pass-through entities in New York.

Q: Who should file Form IT-653?
A: Pass-through entities operating in New York should file Form IT-653.

Q: What is a pass-through entity?
A: A pass-through entity is a business entity that does not pay income tax itself, but passes its income, deductions, and credits through to its owners.

Q: What is the pass-through entity tax credit?
A: The pass-through entity tax credit is a tax incentive offered by New York to encourage investment and economic growth.

Q: Are there any deadlines for filing Form IT-653?
A: Yes, the deadline for filing Form IT-653 is the same as the deadline for filing your New York state tax return.

Q: Can I e-file Form IT-653?
A: Yes, you can e-file Form IT-653 using approved tax software or through a tax professional.

Q: What information do I need to complete Form IT-653?
A: You will need information about your pass-through entity's income, deductions, and credits, as well as the names and Social Security numbers of the entity's owners.

Q: Can I amend my Form IT-653 if I made a mistake?
A: Yes, you can file an amended Form IT-653 to correct any errors or omissions.