Instructions for Form IT-2659 Estimated Tax Penalties for Partnerships and New York S Corporations - New York

Form IT-2659 Estimated Tax Penalties for Partnerships and New York S Corporations - New York

This document contains official instructions for Form IT-2659 , Estimated Tax Penalties for Partnerships and New York S Corporations - a form released and collected by the New York State Department of Taxation and Finance. An up-to-date fillable Form IT-2659 is available for download through this link.

FAQ

Q: What is Form IT-2659?
A: Form IT-2659 is a tax form for partnerships and New York S Corporations in New York to calculate and pay estimated tax penalties.

Q: Who needs to file Form IT-2659?
A: Partnerships and New York S Corporations in New York need to file Form IT-2659 if they owe estimated tax penalties.

Q: What are estimated tax penalties?
A: Estimated tax penalties are additional taxes owed by partnerships and New York S Corporations when they don't make timely estimated tax payments.

Q: When is the deadline for filing Form IT-2659?
A: The deadline for filing Form IT-2659 is generally on or before the due date for filing the annual New York partnership or S Corporation return.

Q: How do I calculate the estimated tax penalty?
A: The estimated tax penalty is calculated based on the amount of underpayment of estimated tax and the applicable interest rate.

Q: Are there penalties for not filing Form IT-2659?
A: Yes, if you do not file Form IT-2659 or pay the estimated tax penalty by the due date, you may be subject to additional penalties and interest.