Magazine article The CPA Journal

A 'New Look' in Estimated Tax

Magazine article The CPA Journal

A 'New Look' in Estimated Tax

Article excerpt

New York State Tax Commissioner James W. Wetzler recently announced a new experimental program designed to simplify the processing of tax returns for the approximately 600,000 New York taxpayers who make estimated tax payments.

In February 1992, estimated tax filers received their four quarterly payment vouchers for 1992. But this year, for the first time, they also received a statement of their estimated income tax account for 1991. This way, before they have to file their 1991 tax return by April 15, taxpayers will be able to review and compare their records for 1991 with what the Tax Department has on file. If there is a discrepancy between the taxpayer's records and the Statement of Estimated Tax Account, taxpayers can fill out Form IT-2105.1 and attach it to their final April tax return to reconcile the discrepancy. The Tax Department can then resolve the problem without the need for further contact with the taxpayer as part of the routine processing of the tax return. The reconciliation form will be included in the mailing to taxpayers. The new program should reduce the mailing of erroneous bills to thousands of taxpayers.

"Common sense tells you," said Commissioner Wetzler, "that it's a lot more efficient to head off errors or problems up-front before they become time-consuming or acrimonious disputes. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.