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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.

Practitioners must have their clients authorize these debits by signing Form TR-579.1-1T,Taxpayer Authorization for Electronic Funds Withdrawal for Tax Year 2016 Form IT-370 and Tax Year 2017 Form IT-2105.  This form now acts as the authorization form for debits related to both extensions and estimated taxes.

Clients are permitted to continue to pay by mailing a paper version of the form with a check, if they prefer.

The information provided herein is provided with the understanding that the author and publisher are not engaged in rendering legal, accounting or other professional service. As such, M + O = CPE, Inc. and the author disclaim any responsibility or liability for the information supplied herein or the application of said information.