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 2396.7 - EFT and filing

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Choice of
				payment option. Taxpayers who are mandatory participants can elect one of the
				four options available to make payments to the program. Taxpayers may elect to
				make payments by ACH debit, ACH credit, fedwire, or certified check. Where any
				of the methods require or allow electronic filing, that filing will serve as a
				substitute for the filing on a paper New York State employer's return of tax
				withheld (NYS-1).
(b) Taxpayers
				electing ACH debit
(1) Taxpayers who are
				participating in the program who elect the ACH debit payment option must, on or
				before 6:00 p.m. (Eastern time) on the last business day before the applicable
				due date, report their tax payment for the applicable period by telephone or
				through the program's website to the electronic payment reporting system. (This
				is the case because there is a one-day lag between the date on which payment is
				authorized and the date on which the transfer is executed, i.e., funds are
				deducted from the taxpayer's bank account and transferred to the department's
				depository bank.) The electronic payment reporting system can be accessed using
				the toll-free number or through the program's website. Information on both
				methods of accessing the system will be provided to taxpayers as part of the
				notification and enrollment process.
(2)
(i)
				Prior to making its first payment of tax by ACH debit, a taxpayer must have
				furnished the department with the banking information necessary to generate ACH
				debits against its designated account. If a taxpayer's banking information
				changes after the first payment, the taxpayer must immediately inform the
				department of the changes to ensure timely payments. The method of changing
				bank information will be described in the program materials.
(ii) Upon reaching the electronic payment
				reporting system, the taxpayer will be asked for the unique password and access
				code provided to the taxpayer as part of the notification and enrollment
				process. The password, access code, identity of the taxpayer and choice of
				payment option will be verified, and after approval, the taxpayer will be
				granted access to the electronic payment reporting system. Upon accessing such
				system, the taxpayer will be asked to report the following information:
(a) the reporting period;
(b) New York State liability;
(c) City of New York liability;
(d) City of Yonkers liability;
(e) payment amount;
(f) final payment indicator; and
(g) any other information the department
				deems necessary for filing and payment reporting purposes.
If the above-enumerated information is reported by telephone,
				  the information will be verified over the telephone. If the information is
				  reported using the program's website, it will be verified by the taxpayer
				  online. Once the taxpayer agrees that all information reported is correct, the
				  taxpayer will be given a confirmation number for the transaction. This number
				  will serve as proof that the taxpayer has filed its withholding return for the
				  applicable payroll or payrolls and has complied with the signature requirements
				  of Part 153 of this Title.