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Month: March 2017

Late IRA rollovers

If you have a client that misses the 60-day time limit for rolling funds from one IRA to another IRA, there are new relief procedures available from Revenue Procedure 2016-47.  If the client meets one of the exceptions listed in that Revenue Procedure, the client can self-certify to the IRA trustee that they are entitled to relief from the 60-day limit.  As a result, many clients can obtain rel...

NYS Estimated Tax for Individuals

There is a new option for clients paying New York State quarterly estimated tax payments for individuals (Form IT-2105). For the 2017 tax year, clients now have the option of having such payments scheduled as debits from their bank accounts.  Practitioners can submit the future debit amounts for each quarter using their tax preparation software, as long as the software supports this option. ...

NYS C Corporation Estimated Taxes

Even though the due date for C corporation tax returns is now April 18 for calendar-year entities, New York State still requires such C corporations to make their first quarter estimated tax payments on or before March 15.  New York State announced a new Form CT-300 for this purpose.  The payment must be made by bank debit.  Similarly, calendar-year C corporations that file New York City gener...

Form 1065 due date

2016 partnership tax returns are now due on March 15 for calendar-year entities.  Make sure that you prepare partnership/LLC returns or extension forms now.  In addition New York Form IT-204-LL is also due on March 15.