Blank New York It 2659 Form

1. What is the purpose of the New York IT-2659 form?

   The IT-2659 form is used by partnerships and New York S corporations to report and calculate estimated tax penalties for underpayment or nonpayment of estimated taxes on behalf of partners and shareholders. This includes nonresident individuals and corporations. It ensures compliance with New York State tax laws by assessing any penalties that may apply due to insufficient estimated tax payments.

2. Who needs to file the IT-2659 form?

   Any partnership or New York S corporation that has nonresident partners or shareholders who are required to pay estimated taxes must file this form. If the entity fails to pay the required estimated taxes on behalf of these individuals, they may face penalties, which the IT-2659 helps to calculate.

3. When is the IT-2659 form due?

   The IT-2659 form must be filed by the later of April 15 of the following year or the due date of the partnership or S corporation tax return. If an extension has been granted for filing the tax return, the IT-2659 is still due by the same deadline. It is important to note that this form should not be attached to any other tax forms when submitted.

4. How is the penalty calculated on the IT-2659 form?

   The penalty is computed by completing Schedules A through D on the form. Schedule A assesses the estimated tax underpayment for both the current and prior years, while Schedules B and C determine the penalty based on the amount of underpayment and the timing of payments. The form includes specific lines where calculations should be made, and the total penalty is summarized at the end.

5. What should be included with the IT-2659 form when filing?

   When filing the IT-2659 form, you should include a check or money order for the penalty amount calculated on line 52. This payment should be made out to the "Commissioner of Taxation and Finance." Ensure that only the penalty amount is included in the payment, and do not attach the form to any other tax forms.

6. Where do I mail the completed IT-2659 form?

   The completed IT-2659 form, along with the payment, should be mailed to the New York State Tax Department at the following address: NYS TAX DEPARTMENT - IT-2659, PO BOX 397, ALBANY NY 12201-0397. Make sure to double-check the address to avoid any delays in processing.

Completing the New York IT-2659 form can be a straightforward process, but several common mistakes can lead to complications. Awareness of these errors is crucial for ensuring accurate submissions and avoiding penalties.

One frequent mistake is failing to provide complete and accurate information in the legal name and trade name sections. This information must match official records. Any discrepancies can result in delays or rejections. Individuals should double-check the spelling and ensure that the names are consistent with the business registration documents.

Another common error involves incorrect calculation of the estimated tax required. Filers often overlook the need to include all relevant income and deductions. This can lead to an underpayment, resulting in penalties. It is essential to carefully review the figures on Schedules A through D to ensure all applicable amounts are included in the calculations.

In addition, many filers neglect to sign the form. A signature is a critical requirement, as it verifies the authenticity of the submission. Without a signature from a general partner, member, or authorized person, the form may be considered incomplete and could be returned.

Moreover, some individuals mistakenly submit the IT-2659 form with other tax forms. This is a violation of the submission guidelines. The IT-2659 must be mailed separately to avoid processing issues. Ensure that only the required form and payment are included in the envelope.

Another significant mistake is miscalculating the payment amount due. Filers sometimes fail to include only the amount shown on line 52 of the form when submitting payment. It is crucial to follow the instructions precisely to avoid overpayment or underpayment issues.

Additionally, individuals may forget to review the deadlines for filing the form. The IT-2659 must be filed by the later of April 15 or the due date of the partnership or S corporation tax return. Missing the deadline can result in penalties that could have been avoided with timely submission.

Finally, some filers do not keep copies of their submitted forms and payments. Retaining copies is essential for record-keeping and may be necessary for future reference or in case of an audit. Maintaining organized records can help address any discrepancies that may arise later.

The New York IT-2659 form is used by partnerships and S corporations to report estimated tax penalties for underpayment or nonpayment of estimated tax. Several other forms and documents may accompany the IT-2659 to ensure compliance with tax obligations. The following is a list of these documents.

• Form IT-204: This is the New York State Partnership Return. Partnerships must file this form annually to report income, deductions, and credits. It serves as the primary tax return for partnerships in New York.
• Form IT-201: This is the New York State Resident Income Tax Return. Individual partners who are residents of New York use this form to report their income and calculate their personal income tax liability.
• Form IT-203: This is the New York State Nonresident and Part-Year Resident Income Tax Return. Nonresident partners must file this form to report income earned from New York sources and determine their tax obligations.
• Form IT-370: This is the Application for Automatic Six-Month Extension of Time to File for Individuals. Partnerships or S corporations may file this form to request an extension for filing their tax returns.
• Form IT-2659-I: This is the Instructions for Form IT-2659. It provides detailed guidance on how to complete the IT-2659 form, including definitions and examples that clarify the reporting requirements.

These forms and documents play a crucial role in the tax reporting process for partnerships and S corporations in New York. Ensuring that all necessary paperwork is completed accurately helps to avoid penalties and maintain compliance with state tax regulations.

• Form IT-203: This form is used by nonresident individuals to report income earned in New York State. Similar to IT-2659, it addresses tax obligations, but focuses on individual income rather than partnership or corporate estimated tax penalties.
• Form IT-150: This is the New York State Resident Income Tax Return. Like IT-2659, it involves tax calculations and payments, but it is specifically for residents and covers a broader range of income types and deductions.
• Form IT-370: This is the Application for Automatic Six-Month Extension of Time to File for Individuals. Both forms require timely submission to avoid penalties, although IT-370 is focused on extending the filing deadline rather than calculating penalties for underpayment.
• Form CT-3: This form is the General Business Corporation Franchise Tax Return. Similar to IT-2659, it pertains to business entities and includes tax calculations, but it is specifically for corporations rather than partnerships or S corporations.

When completing the New York IT-2659 form, it is essential to approach the task with care and attention to detail. Here are four key actions to consider, along with some pitfalls to avoid:

• Do ensure accuracy: Double-check all figures and information entered on the form. Mistakes can lead to penalties or delays in processing.
• Do include all necessary documentation: Attach any required schedules and calculations as specified in the instructions. This helps in providing a complete picture of your estimated tax situation.
• Do submit by the deadline: Make sure to file the form by April 15, or the due date of your partnership or S corporation tax return. Timely submission is crucial to avoid penalties.
• Do keep copies: Retain a copy of the completed form and any correspondence with the tax department for your records. This can be invaluable if questions arise later.

• Don't overlook the instructions: Each section of the form has specific guidelines. Ignoring these could lead to errors or omissions.
• Don't file with other forms: The IT-2659 should be submitted independently. Do not attach it to any other tax forms, as this may cause confusion and processing delays.
• Don't leave out signatures: Ensure that the form is signed by the appropriate person, such as a general partner or authorized member. An unsigned form may be deemed incomplete.
• Don't forget to include payment: If applicable, include the payment for any penalties calculated. Failure to do so can result in additional charges.

Many people have misunderstandings about the New York IT-2659 form. Here are five common misconceptions and the truth behind them:

• Misconception 1: The IT-2659 form is only for large corporations.

This form is actually for partnerships and S corporations, regardless of size. Even small businesses with few partners need to file if they have nonresident partners or shareholders.

• Misconception 2: You can file the IT-2659 form with other tax forms.

In reality, the IT-2659 must be filed separately. It should not be attached to any other forms. This ensures that the tax department processes it correctly.

• Misconception 3: Filing the IT-2659 is optional if you have no estimated tax to pay.

Filing is not optional. If your partnership or S corporation has nonresident partners or shareholders, you must file the form, even if there is no estimated tax due.

• Misconception 4: The penalties are the same for all partnerships and S corporations.

Penalties can vary based on the specific circumstances of each entity. Factors such as the amount of underpayment and the timing of payments can influence the penalty amount.

• Misconception 5: You can ignore the IT-2659 if you filed for an extension on your tax return.

An extension for your tax return does not extend the deadline for filing the IT-2659. You still need to submit it by the specified date to avoid penalties.

Filling out the New York IT-2659 form can be straightforward if you keep a few key points in mind. Here are some essential takeaways to help guide you through the process:

• Purpose of the Form: The IT-2659 form is used to report estimated tax penalties for partnerships and S corporations in New York State.
• Who Needs to File: Partnerships and S corporations must file this form if they are responsible for underpayment or nonpayment of estimated tax on behalf of their partners or shareholders.
• Important Deadlines: The form must be filed by the later of April 15 or the due date of the partnership or S corporation tax return. Extensions do not change this deadline.
• Payment Instructions: Include the amount shown on page 4, line 52, in your check or money order, made payable to the Commissioner of Taxation and Finance.
• Completing the Form: Be sure to fill out all required sections accurately, including the legal name, address, and employer identification number of your entity.
• Calculating Penalties: Use Schedules A through D to compute any penalties due for underpayment of estimated taxes. Each schedule serves a specific purpose in the calculation process.
• Do Not Attach Other Forms: When submitting the IT-2659, do not attach or file it with any other forms. It should be sent separately.
• Signature Requirement: Ensure that the form is signed by a general partner, member, or authorized person. This signature confirms the accuracy of the information provided.

By keeping these points in mind, you can navigate the IT-2659 form with greater confidence and ensure compliance with New York State tax requirements.