The New York State Department of Taxation and Finance has recently updated their Sales Tax Web File requirements. Improvements allow vendors to file amended returns, file refund/ credit request applications, and will save a taxpayer's bank account information for future payments.
Under the new e-file procedures vendors must now provide additional information that was not required in the past such as:
- Total non-taxable and exempt sales
- Amount of debit and credit card deposits
- Receipts, purchases, and credits claimed by jurisdiction in which sales are reported
- The nature of the credits claimed
- The identification number of the legal entity reporting income from the sales reported on the return
Motor fuel and diesel fuel vendors will be required to enter additional information.
Other new features include the ability to close out a sales tax account when a company ceases business and online reporting of bulk sales of business assets.
This new system will be required for returns due AFTER September 20, 2012. All returns due on or before this date will be filed under the old system. Returns that do not report all the newly required information due to recordkeeping changes that may be necessary will still be accepted (deemed to be sufficient) from September 2012 through May 2013. After this time, the new reporting requirements will be MANDATORY beginning with returns for filing periods beginning on or after June 1, 2013.
For a more detailed explanation of these new e-file requirements visit www.tax.ny.gov\bus\st\stmp.htm or contact your Marcum SALT professional.
A special thanks to article contributor Camille Mulè .