Blank New York It 2659 PDF Form

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

The New York IT-2659 form is used to calculate estimated tax penalties for partnerships and New York S corporations. It specifically addresses underpayment or nonpayment of estimated tax required to be paid on behalf of partners and shareholders who are either corporations or nonresident individuals.

Who needs to file the IT-2659 form?

Partnerships and New York S corporations that have nonresident individual partners or shareholders must file the IT-2659 form if they are required to pay estimated taxes on behalf of those individuals. This includes any entity that has partners or shareholders subject to estimated tax obligations.

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 due date for the IT-2659 form is also extended accordingly.

What information is required on the IT-2659 form?

The form requires the legal name and trade name of the business, address, employer identification number, and type of entity. Additionally, it includes schedules for computing the estimated tax underpayment and any penalties that may apply.

How is the penalty for underpayment calculated?

The penalty is calculated based on the amount of underpayment of estimated tax. The form includes specific lines for entering the total estimated tax required, payments made, and the resulting underpayment. The penalty is then computed using a set percentage based on the underpayment amount.

What are the payment options for the IT-2659 form?

Payments can be made via check or money order, which should be stapled to the form. The payment must be made payable to the "Commissioner of Taxation and Finance." It is crucial to include only the amount shown on line 52 of the form in the payment.

Can the IT-2659 form be filed electronically?

The IT-2659 form must be mailed to the New York State Tax Department. As of the latest guidelines, electronic filing is not available for this specific form, so physical submission is required.

What should be done if there are more than six partners or shareholders?

If the partnership or S corporation has more than six partners or shareholders, additional sheets must be attached using the same format as provided in the form. All totals from these additional sheets should be included in the appropriate lines on the IT-2659 form.

What happens if the form is filed late?

Filing the IT-2659 form late may result in additional penalties. The penalties for late filing are calculated based on the amount of underpayment and the duration of the delay. It is advisable to file the form as soon as possible to minimize penalties.

Where should the IT-2659 form be mailed?

The completed IT-2659 form and payment should be mailed to the following address: NYS TAX DEPARTMENT - IT-2659, PO BOX 397, ALBANY NY 12201-0397. It is important to ensure that the form is sent to the correct address to avoid processing delays.

1. Incorrect Entity Type Selection: One common mistake is failing to accurately mark the correct entity type. Ensure that you select either "Partnership" or "S Corporation" by marking an X in the appropriate box. This choice affects your tax obligations.

2. Omitting Required Schedules: Many filers neglect to complete the necessary Schedules A through D. Each schedule is crucial for calculating penalties and must be filled out as applicable.

3. Missing Signature: Another frequent error is forgetting to sign the form. The signature of a general partner, member, or authorized person is required. Without it, the form may be deemed incomplete.

4. Incorrect Payment Amount: Some individuals mistakenly include an incorrect payment amount. Only the amount shown on page 4, line 52 should be included in your check or money order.

5. Filing Deadline Ignorance: Ignoring the filing deadline can lead to penalties. Remember, Form IT-2659 must be filed by the later of April 15 or the due date of your tax return.

6. Failure to Attach Payment: Lastly, failing to staple your payment to the form can result in delays. Always ensure your check or money order is securely attached to the front of the form.

The New York IT-2659 form is essential for partnerships and S corporations to report estimated tax penalties. Various other documents often accompany this form to ensure compliance with tax regulations and to facilitate accurate reporting. Below is a list of related forms and documents that may be required.

• Form IT-204: This is the New York State Partnership Return. Partnerships use this form to report income, deductions, and credits. It serves as the main tax return for partnerships in New York.
• Form IT-201: This is the New York State Resident Income Tax Return. Individuals use this form to report their income and calculate their personal tax liability. It is relevant for partners or shareholders receiving distributions from partnerships or S corporations.
• Form IT-203: This is the New York State Nonresident and Part-Year Resident Income Tax Return. Nonresidents and part-year residents use this form to report income earned in New York, including income from partnerships.
• Form IT-6: This form is used for the New York State Partnership Election. It allows partnerships to elect to be treated as S corporations for tax purposes, which can affect estimated tax calculations.
• Form IT-225: This is the New York State Claim for Credit for Taxes Paid to Another State. Partners may use this form to claim a credit for taxes paid to other states, which can impact their overall tax liability.
• Form CT-3: This is the New York State Corporation Franchise Tax Return. S corporations must file this form to report their income and calculate franchise taxes, which may relate to estimated tax payments.
• Form CT-4: This is the New York State Application for a New York S Corporation Election. This form is necessary for corporations that want to elect S corporation status, impacting their tax obligations.
• Form NYS-1: This is the New York State Withholding Tax Remittance Form. It is used to report and remit withholding taxes on behalf of employees, which may be relevant for partnerships with employees.
• Form IT-2659-I: This is the instruction form for IT-2659. It provides guidance on completing the IT-2659 form, detailing how to calculate penalties and what information is required.

Each of these forms plays a critical role in ensuring compliance with New York tax laws. It is essential for partnerships and S corporations to be aware of these documents to avoid penalties and ensure accurate reporting of their tax obligations.

The New York IT-2659 form is designed for partnerships and S corporations to report estimated tax penalties. Several other documents serve similar purposes in various contexts. Below is a list of five documents that share similarities with the IT-2659 form:

• IRS Form 2210: This form is used to calculate penalties for underpayment of estimated tax for individuals. Like the IT-2659, it requires taxpayers to compute their estimated tax liability and determine any penalties for underpayment.
• New York IT-2105: This is the estimated tax payment form for individuals in New York. It parallels the IT-2659 in that it addresses estimated tax obligations and includes provisions for penalties related to underpayment.
• IRS Form 1065: This form is used by partnerships to report income, deductions, gains, and losses. While it does not specifically address penalties, it serves a similar function in reporting the financial status of partnerships, which is relevant for calculating estimated tax obligations.
• IRS Form 1120-S: This form is for S corporations to report income, deductions, and credits. Like the IT-2659, it is essential for determining tax liabilities, including potential penalties for underpayment of estimated taxes.
• New York CT-3: This is the general business corporation franchise tax return. It is similar to the IT-2659 in that it deals with tax obligations for corporations and can include penalties for late or insufficient payments.

When filling out the New York IT-2659 form, it is essential to follow specific guidelines to ensure accuracy and compliance. Here are seven things you should and shouldn't do:

• Do print or type your legal name and business information clearly to avoid confusion.
• Don't forget to staple your check or money order to the form, as this is required for processing.
• Do complete all relevant Schedules A through D to accurately compute your penalty.
• Don't attach or file Form IT-2659 with any other forms, as this can lead to processing delays.
• Do ensure that the payment amount corresponds only to the line 52 amount shown on page 4.
• Don't neglect to sign the form; an unsigned form may be rejected or delayed.
• Do mail the completed form and payment to the specified address to ensure it reaches the tax department promptly.

Understanding the New York IT-2659 form is crucial for partnerships and S corporations to avoid penalties. However, several misconceptions can lead to confusion and potential financial repercussions. Here are four common misconceptions:

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

This form applies to both partnerships and S corporations. Both types of entities must report estimated tax penalties for their partners and shareholders who are subject to estimated tax. Ignoring this can result in unnecessary penalties.

• Misconception 2: Filing the IT-2659 form is optional if there are no penalties.

Even if there are no penalties, filing the IT-2659 form is still required. This form serves to report the estimated tax payments made on behalf of partners and shareholders, ensuring compliance with state tax laws.

• Misconception 3: The due date for filing the IT-2659 form is the same for all entities.

The due date for the IT-2659 form is the later of April 15 or the due date of the partnership or S corporation tax return. This can vary based on the entity's tax situation and any extensions filed.

• Misconception 4: All partners and shareholders are automatically exempt from estimated tax payments.

Not all partners and shareholders are exempt. Only those who do not meet certain income thresholds or specific criteria are exempt from estimated tax payments. It is essential to review each partner's or shareholder's situation to determine their tax obligations accurately.

When dealing with the New York IT-2659 form, understanding its purpose and how to fill it out correctly is crucial for partnerships and S corporations. Here are some key takeaways to keep in mind:

• Purpose of the Form: The IT-2659 form is used to report estimated tax penalties for partnerships and New York S corporations that underpay or fail to pay estimated taxes on behalf of their partners and shareholders.
• Filing Deadline: Ensure you file the form by the later of April 15 or the due date of your tax return. This deadline may be affected by any extensions you have received.
• Payment Instructions: When submitting your payment, include only the amount indicated on line 52 of the form. Make your check or money order payable to the Commissioner of Taxation and Finance.
• Completing Schedules: It is essential to complete Schedules A through D as applicable. These schedules help calculate any penalties based on underpayments or failures to pay estimated taxes.
• Required Information: Fill in your legal name, trade name (if different), address, and Employer Identification Number (EIN). This information is vital for processing your form accurately.
• Signature Requirement: Don’t forget to sign the form. The signature of a general partner, member, or authorized person is required to validate the submission.

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