Sign up for our tax news emails for the latest tax changes:

    We will not share your email with anyone else

    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.  

    Enhanced Driver License & E-File

    New York State requires that the driver license number, issue date, expiration date and document number be included in e-file transmissions.  It can be difficult to locate the document number for clients who have an enhanced driver license.  The New York State Department of Motor Vehicles website indicates that, for clients with enhanced driver licenses, the document number is the 10-digit numb...

    W-2 Verification Codes

    The IRS recently issued a reminder that W-2 verification codes are optional.  While the IRS estimates that the 16 character code (in this format: XXXX-XXXX-XXXX-XXXX) will appear on approximately 50 million Forms W2 for the 2016 tax year, the IRS has indicated that practitioners are not required to enter the verification codes when e-filing returns.

    Federal Extension for Form 1041

    The instructions for the 2016 version of Form 7004 have been released, and they provide an automatic 5½ month extension for both trusts and estates of decedents filing Form 1041.  In prior years, the available extension period was only 5 months. This represents an administrative grace extended by the IRS, since the Surface Transportation and Veterans Health Care Choice Improvement Act of 201...

    Earlier Due Date for NYC-204

    The due date for the 2016 Form NYC-204, Unincorporated Business Tax Return for Partnerships (Including Limited Liability Companies), is the 15th day of the third month, which is March 15, 2017 for calendar year entities.  This is one month earlier than it was in prior years, and it matches the due date for federal and New York State partnership tax returns. However, estimated tax payments fo...

    Changes For Business e-File

    Practitioners need to be ready to answer questions designed to authenticate the e-file for entity tax returns (such as Forms 1120S and 1065). Beginning with returns for the 2016 tax year, practitioners must now enter the Social Security number of the officer who signs the e-file authorization form.  Practitioners must also enter information about the entity’s total income from the entity’...

    Forms W3/W2 Due January 31!

    Reminder: Forms W3/W2 are due to Social Security Administration by Jan 31.  Forms 1096/1099 are due to the IRS by this Jan 31 if they have nonemployee compensation reported in box 7.

    FBAR Extension

    Treasury giving an automatic 6-month extension for FBAR. No form required. Read more here: https://www.fincen.gov/news/news-releases/new-due-date-fbars-0 Immediate Release  December 16, 2016  The new annual due date for filing Reports of Foreign Bank and Financial Accounts (FBAR) for foreign financial accounts is April 15.  This date change was mandated by the Surface Transportation and...