New York State Is Updating the Sales Tax Web File - Valiant Software

October 18th, 2012 by Stephani ORourk

The New York State Department of Taxation and Finance (?the Department?) recently announced that it is enhancing its Sales Tax Web File system to assist taxpayers in complying with its sales tax laws and in paying the appropriate tax.

The changes to the online service will allow the following:

? Electronic filing of all schedules;
? Electronic filing of late and amended tax returns;
? Electronic filing of credit or refund request applications; and
? Saving banking information for future payments.

The changes will also require taxpayers to report additional information in three areas:
1. Sales information:?
? Total non-taxable and exempt sales; and
? Total debit and credit card deposits.

2. Credit information:?
? Separately report receipts, purchases, and credits claimed for each jurisdiction; and
? Inform about the credits claimed.
3. Income Information:?

? The ID number of the taxpayer that will report (for income tax purposes) the income from the sales reported on the sales tax return, which will be a FEIN (for a business) or a social security number (for an individual).

The Department?s new system will be phased in for sales tax returns due after September 20, 2012. The state recognizes that the new system may require taxpayers to change recordkeeping or reporting systems. For that reason, the phase-in period will continue through May 2013. The Department requests that once a taxpayer?s recordkeeping/reporting systems have been updated, that the taxpayer begin to include the new information when web filing. The new reporting requirements will become mandatory with returns having filing periods beginning on or after June 1, 2013. For annual filers, the requirements become mandatory for returns due March 20, 2014.

In addition, the new system will include some additional features such as the ability to prepay sales tax on motor fuel and diesel motor fuel, the ability to file zero returns, attach supporting documents for credits/refunds, and provide information about the sale of business assets. ??For more information on these or other state and local tax matters, please contact Scott Smith, senior manager in the Firm?s State and Local Tax Practice, at Scott Smith or call 973-364-7720, or Patrick J. Duffany, CPA, JD, partner and director of the Firm?s State and Local Tax Practice, at Patrick J. Duffany or call 860-368-3607.

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Source: http://www.valiant.com/authors/legal/new-york-state-is-updating-the-sales-tax-web-file/

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