Dear Clients and Friends:
The New York State Department of Taxation and Finance has announced that, effective June 25, 2015, it will be changing its bank accounts for receiving various types of tax payments.
This ONLY impacts electronic payments that have been set up to automatically be withdrawn by New York State. Naturally, if you pay by check or credit card this has no effect.
What you should do:
If your bank account from which tax payments are made has no “debit blocks” (to prohibit unauthorized vendors from taking funds), you are NOT AFFECTED by this notice and no action is needed. Your banker can usually confirm if there are debit blocks on your account, and a phone call to them is typically all that is needed to determine if they exist.
If you have a debit block on your account, and have set an exception for New York State taxes, you will need to coordinate with your bank so that the new NYS bank account information corresponding to the information shown at the website linked below can become the new exception by June 25, 2015.
This affects electronic payments of individual, corporation, LLC, sales taxes and other types as well. Please see the following link for a full list of taxes affected.
If you have any further questions, please feel free to call us.