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Insights & Alerts

December 6, 2011

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New York State Estimated Tax Payments Required Online

 

Effective December 1, 2011, NYS will require corporations to make their estimated tax payments on line. Form CT-400 will no longer be used. Many NYS tax filers have already received notification from the state regarding this mandate.

Online payments will be needed if the corporation uses a paid tax preparer or if the following requirements are met:

  • Corporation prepares its own tax returns,
  • Corporation uses a computer to prepare,
  • Corporation has Internet access.

These requirements apply to corporations even if the corporation cannot electronically file the return type. The estimated payments can be made either through the NYS Department of Taxation website or an approved software provider. Estimates can be electronically filed and paid on or before the due date via the following website: http://www.tax.ny.gov/online/bus.htm

In order to make payments on this site, taxpayers must first create an Online Service account and follow the steps indicated on the website.

Also, effective as of January 1, 2012, tax return preparers will be required to efile returns for clients. New penalties will be imposed on both the preparer and the taxpayer for those returns not efiled. Further, those tax preparers subject to the efile mandate, must file and make corporation tax estimated tax payments electronically as of December 1, 2011.

Electronic filed returns will also be required for sales tax filings beginning with the return due on March 20, 2012.

For more information contact your Marcum State and Local Tax Professional or see http://www.tax.ny.gov/tp/efile/tp_busn_mandate.htm.

 

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