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REMINDER!

Third Quarter Estimated Tax Payments are due 9/17 

For any of our clients that pay estimated taxes, a reminder that voucher 3 is due September 17, 2012.  These vouchers were sent to you along with your 2011 income tax returns.  If you need a replacement copy, please contact us and we would be happy to provide you with one.

 

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suzanne
Suzanne LoBiondo, CPA
516-791-1303

 
Chris
Christopher Cheeseman, CPA
516-791-1303

Dear Clients and Friends,

 

Well, summer is over and the cooler air is starting to arrive. Let's hope this beautiful early fall weather continues for several months!

 

The September 17 business return due date is upon us, and anyone waiting for a K-1 from a partnership or other entity should have received it by now.  The October 15 due date for individuals on extension is rapidly approaching, so please send us the information we need to complete your return. 

 

The article below applies to any individual or business who has paid the NYS Commuter Tax over the last few years.  Please contact us at 516.791.1303 with any questions you may have.

 

Very truly  yours,

 

Suzanne LoBiondo and Christopher Cheeseman

Metropolitan Commuter Transportation Mobility Tax Found Unconstitutional 

The metropolitan commuter transportation mobility tax (MCTMT) is a tax imposed on certain employers and self-employed individuals engaging in business within the metropolitan commuter transportation district (MCTD). The MCTD includes the counties of New York (Manhattan), Bronx, Kings (Brooklyn), Queens, Richmond (Staten Island), Rockland, Nassau, Suffolk, Orange, Putnam, Dutchess, and Westchester.

 

On August 22, 2012, a New York State Supreme Court decision found the MCTMT to be unconstitutional.  Since the Supreme Court is the lowest court in the state this litigation is not yet concluded and will likely go to appeals.  Therefore, New York State is advising taxpayers who have been paying this tax to continue to pay and file returns.  If this requirement changes, the state will notify taxpayers.

In the meantime, since this matter will most likely not be resolved in the near future, taxpayers who have paid significant amounts of MCTMT tax in 2009 and later periods may opt to file protective refund claims for the tax paid.   Generally, a protective claim is a formal claim or amended return for credit or refund normally based on current litigation or expected changes in tax law or other legislation. You file a protective claim when your right to a refund is contingent on future events and may not be determinable until after the statute of limitations expires.

 

The state imposes a three year statute of limitations for filing refund claims. For business entities who file quarterly MTA tax returns, the initial return was due November 2, 2009. Therefore, protective claims must be filed on or before the three year expiration date, or November 1, 2012. Self-employed individuals and partners filing Form MTA-6 have a little more time.  The initial annual return was due April 30, 2010, with an extended due date of November 1, 2010, so refund claims for self-employed and partners must be filed timely during 2013. Additional protective claims may need to be filed as time passes to avoid potential refunds from falling outside the statutory three year period.

 

Please contact your C&L tax professional for more information, or if you feel this applies to you.

About C&L Tax and Accounting Services LLP
 
clC&L Tax and Accounting Services LLP is a boutique CPA firm that specializes in meeting the tax and accounting needs of individuals and small businesses. Our experienced tax and accounting professionals offer clients insightful and strategic tax planning and compliance services that maximize savings year after year.

C&L Tax and Accounting Services LLP's offers a wide range of tax and accounting planning, compliance and consulting services for both individuals and small businesses. We invite you to peruse our capabilities and contact us for a consultation.