New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter IX - Procedural Regulations › Part 2396 - Electronic Filing And Funds Transfer Program For Certain Taxpayers Remitting Withholding Tax › Section 2396.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
The definitions provided by section 9 (a)  of the Tax Law for
				  commissioner, educational organization, electronic funds transfer (hereinafter
				  referred as "EFT"), health care provider, payment of tax and reconciliation of
				  withholding apply to this Part. In addition, the following terms are defined
				  for the purposes of this Part:
(a) The
				term automated clearing house (hereinafter referred to as ACH) means any
				Federal reserve bank, or an organization established by agreement with the
				National Automated Clearing House Association, which operates as a clearing
				house for transmitting or receiving entries between banks and/or bank accounts
				and which authorizes an electronic transfer of funds between such banks or bank
				accounts.
(b) The term ACH debit
				means a transaction which the taxpayer initiates by accessing the electronic
				payment reporting system and which results in the department, through its
				designated depository bank, originating an entry debiting the taxpayer's bank
				account and crediting the department's bank account for the amount of a payment
				of tax.
(c) The term ACH credit
				means an ACH transaction in which the taxpayer, through its own bank,
				originates an entry crediting the department's bank account and debiting its
				own bank account for the amount of a payment of tax.
(d) The term business day means a day other
				than Saturday, Sunday or the following holidays: New Year's Day, Martin Luther
				King Jr. Day, Presidents' Day, Memorial Day, Independence Day, Labor Day,
				Columbus Day, Veterans' Day, Thanksgiving Day and Christmas Day, except that
				such term shall only including the hours up to 6:00 p.m. (Eastern time) on the
				last business day before the otherwise applicable due date.
(e) The term department means the Department
				of Taxation and Finance.
(f) The
				term electronic payment reporting system means the telephone assistance center
				and program website accessed by taxpayers in order to initiate certain EFT
				transactions.
(g) The term Federal
				reserve wire transfer (hereinafter referred to as fedwire) means any
				transaction utilizing the national electronic payment system to transfer funds
				through Federal Reserve banks. For purposes of the program, it is similar to an
				ACH credit in that the taxpayer originates a transaction utilizing the Federal
				Reserve banking system, debiting its own bank account and crediting the
				department's bank account for the amount of a payment of tax.
(h) The term otherwise applicable due date
				means the due date for remittance of a payment of tax prescribed by paragraph
				(1), (2) or (3) of subsection (a) of section 674  of the Tax Law, as applicable.
(i) The term program means the Electronic
				Filing and Funds Transfer Program described by this Part.
(j) The term taxpayer means any person
				qualifying as an employer for Federal income tax withholding purposes and
				maintaining an office or transacting business within New York State, whether or
				not a paying agency is maintained within New York State.
(k) The terms withholding tax or withholding
				taxes mean the taxes required to be deducted and withheld from wages pursuant
				to part V of article 22 of the Tax Law (New York State personal income tax), or
				pursuant to an equivalent provision enacted under the authority of Tax Law
				article 30 (New York City personal income tax on residents), 30-A (City of
				Yonkers income tax surcharge on residents), or 30-B (City of Yonkers earnings
				tax on nonresidents).