Avoid common errors to avoid delays in processing (02/21/2018)
Review estimated tax payments
If your client made a New York State estimated tax payment in 2017, but designated it for tax year 2018, you cannot deduct that 2018 estimated tax payment on the 2017 federal return. Visit the IRS for more information.
Note: Some taxpayers chose to cancel 2018 prepayments based on the IRS ruling. Use your Tax Professional Online Services account to review your client’s estimated tax account balances before filing. Discrepancies between the amount claimed and our records will delay refunds or result in a bill.
Note: Please remind your clients that the first 2018 estimated tax payment is due April 17, 2018.
Follow best practices
To avoid processing delays, verify client information each year, including addresses, Social Security numbers, dependents, and direct deposit information.
Sign all prepared tax returns. For more information on signatures and other requirements for tax preparers, see Publication 58, Information for Income Tax Return Preparers.
Be mindful of upcoming due dates
Wireless communications surcharge
Effective December 1, 2017, New York State began imposing a surcharge on the retail sale of prepaid wireless communications services.
If your client is responsible for collecting the wireless communications surcharge, they must Web File their quarterly return with the Tax Department on or before March 20, 2018. (Web File is available now in your client's Online Services account. From the Services menu, select Other taxes, then choose Wireless communications surcharge web file.)
Calendar year filers
- 03/15 due date for S corporations, partnerships (including LLCs and LLPs), and Mandatory First Installment (MFI) for corporations
- 04 /15 due date for individuals, estate, and trusts (fiduciary) and all other corporations
Property tax exemption
Remind your clients to confirm the local deadlines to apply or re-apply for property tax exemptions (such as the senior citizens and veterans' exemptions) with their local assessor. In many communities, the deadline is March 1, 2018, while in New York City, it’s March 15, 2018. Visit Property tax exemptions to learn more.
If you have clients receiving the Basic STAR exemption who are turning 65 this year, they may be eligible for Enhanced STAR.