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Updated New York Form IT-2658-E

Note that as of February 1, Form IT-2658-E, Certificate of Exemption from Partnership or New York S Corporation Estimated Tax Paid on Behalf of Nonresident Individual Partners and Shareholders (“Certificate”), has been updated. The revised Form will apply for tax years 2012 and 2013.

New York State requires S corporations, partnerships, limited liability companies, and limited liability partnerships to make estimated personal income tax payments on behalf of nonresident partners and shareholders. Such partnerships, LLCs and S corporations that are required to pay estimated tax must file a Form IT-2658. Nonresident partners or shareholders are automatically exempt from these estimate tax filing requirements if the annual estimated tax required to be paid by on behalf of the partner or shareholder is $300 or less; or the partner or shareholder has elected to be included in the Entities’ group/composite tax return.

Alternatively, the nonresident partner or shareholder can execute Form IT-2658-E. By completing Form IT-2658-E, the nonresident partner or shareholder is certifying that he/she will be compliant with their New York State personal income tax filing requirements, to the extent that they apply, for the years covered by the certificate.

On a final note, the completed Forms IT-2658-E are not required to be filed with the Department of Taxation and Finance, but are to be kept by the partnership, LLC, or S Corporation in the event of an audit. Thus, the deadline is a “soft deadline.” Nonetheless, clients should be soliciting pass-through entity partners and shareholders who do not exempt out automatically to provide the form.

The updated Form IT-2658-E can be found here: 
 http://www.tax.ny.gov/pdf/2011/fillin/inc/it2658e_1011_fill_in.pdf

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