Tax Professional Newsletter 12/24/19
With the end of the year—and the holidays—just around the corner, we'd like to take this opportunity to thank you for all the great work you do on behalf of the taxpayers of New York State.
Reminder: Protect your information during the holiday bustle.
The Tax Department encourages you and your clients to protect personal information during the busy holiday season. Our Report fraud, scams, and identity theft page provides resources to safeguard sensitive data while shopping online or donating to charities.
New 2019 forms now available
The Tax Department has been actively posting 2019 forms to our website. New forms recently posted to our website include:
- Form IT-226, Employer Compensation Expense Program Wage Credit (instructions are on the form)
- Form CT-227, New York State Voluntary Contributions
- Form IT-227, New York State Voluntary Contributions
- Form IT-228, Contributions to Certain Funds Credit
- Form IT-228-I, Instructions for Form IT-228, Contributions to Certain Funds Credit
We'll be posting additional forms as they're competed.
Report property tax credits on 2019 income tax returns
Your clients who itemize their 2019 income taxes, or who are residents of Yonkers, may be required to report property tax relief credits and STAR credits received in 2019.
Withholding tax filing reminder
Do not report cumulative wage reporting totals for the year in Part C on your, or your client's, fourth-quarter return for 2019, which is due January 31, 2020.
The fourth-quarter amounts you report are only applicable to the amounts you paid and withheld in the fourth quarter.
- If you or your clients Web File, report these amounts in the Gross wages or distribution and Total tax withheld fields.
- If you or your clients use Wage Reporting Upload, report these amounts in the Gross federal wages or distribution subject to withholding and Total NYS, NYC & Yonkers tax withheld fields.
New processing rules for partnership returns
If you or your client files a partnership return (Form IT-204), you should note that we have updated several processing rules for electronically filed returns. Failure to answer certain questions or accurately complete certain fields may cause the Tax Department to reject the partnership return. Examples of these rules are as follows:
- Certain questions on page 1 of the return that have a yes or no response must be populated.
- The number of partners listed in Item F must agree with the number of IT-204-IPs and the number of IT-204-CPs included with the return.
- If the partnership is a partner in another partnership, it must check yes on Line 117c, and enter the names and EINs of the entities in which it holds an ownership interest.
For more information on the new processing rules, visit Processing Rules for Partnership Returns.
Keep up with tax changes
The Tax Professional Newsletter is a monthly summary of recent changes and new information. To receive updates as we announce them, subscribe to new tax topics as we add them to our Subscription Service. We’ll share links to new resources and tax tips as they become available.
Upcoming due dates
- Personal income tax (and MCTMT if applicable) estimated tax payment for 4th quarter of 2019
- Partnership and LLC estimated tax payments for 4th quarter of 2019 (NYS and MCTMT if applicable) (For payments required to be made on behalf of nonresident partners and members and C corporations)
- S corporation estimated tax payments for 4th quarter of 2019 (For payments required to be made on behalf of nonresident shareholders)
- Personal income tax estimated tax payment correction for shareholders of corporations subject to mandatory S corporation filing (see TSB-M-07(8)I)
- Sales tax return for monthly filers
- Opioid excise tax return
Stay on top of due dates; bookmark our Tax Calendar.
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