Notification of changes regarding NYS Department of Tax and Finance ACH Debit Payments

See our Web site for details: www.tax.ny.gov/pay/all/debit.htm

We are changing our bank accounts.

If you (or your client) authorize the NYS Tax Department to deduct payments from a bank account and there is a debit block on that account:

  • Contact your bank to add our new company IDs and names to the bank account.  Do not remove the old company ID.
  • Add the new information for each type of payment you make.  Each payment type, including unemployment insurance, has its own company ID and name.

You must do this by June 25, 2015 for future payments to be successful.

The New York State Tax Department will never contact you by email to ask you to validate personal information such as your username, password, or account numbers.

Tax Commissioner Announced Oil Extraction Tax Reduction For New Wells

BISMARCK, N.D. – Tax Commissioner Ryan Rauschenberger announced an oil extraction tax rate reduction for new wells today at a news conference. This incentive, also known as the “small trigger,” took effect on February 1, 2015. It lowers the oil extraction tax rate from 6.5% to 2% on the first 75,000 barrels produced or the first $4.5 million of gross value during the first 18 months after completion of a well.

“This tax reduction was passed by the 2009 North Dakota Legislature to incentivize drilling and to encourage continued production through low oil prices,” stated Rauschenberger. “It only applies to wells completed after the incentive is triggered on and is effective through June 30, 2015 or until it is triggered off.”

Rauschenberger continued, “Through this incentive, the state is acknowledging the importance of the oil and gas industry to the state’s economy by easing a portion of the tax burden during times of low oil prices.”

This is the first time in North Dakota history that the Office of the Tax Commissioner has triggered on a tax incentive. In the past the Legislature usually enacts them in the on position. Once the incentive is in effect, it will only be triggered off when the average price of a barrel of oil is $72.50 (as reported for West Texas Intermediate crude) or more for a single month.

Taxpayers can stay up-to-date on North Dakota tax-related matters by visiting the Tax Department’s website at http://www.nd.gov/tax or connecting with the Tax Department on Facebook, Twitter, LinkedIn and YouTube.

Kentucky Remote Sales Notice

According to CCH, Kentucky has issued a reminder that out-of-state tax payers (remote sellers) that have sales of more than $100,000 and are not required to collect and remit sales tax, are required to provide notice to their customers that they owe use tax on the purchase. To read more about the specifics of this statute, visit:

http://www.cchgroup.com/wordpress/index.php/tax-headlines/state-tax-headlines/kentucky-sales-and-use-tax-taxpayers-reminded-of-july-1-remote-seller-notice-requirement/?utm_source=rss&utm_medium=rss&utm_campaign=kentucky-sales-and-use-tax-taxpayers-reminded-of-july-1-remote-seller-notice-requirement

Potentially Deceptive Solicitation in Colorado

Colorado businesses are being notified by the Colorado Secretary of State of another possibly deceptive solicitation issued by “Compliance Services.”  Solicitations, which are titled “Annual Minutes Requirement Statement Directors and Shareholders” have been mailed to businesses in Colorado and are offering to prepare documents to satisfy the annual minutes requirement for a $125.00 fee.  Many businesses are required to keep records of annual minutes; however, there are no requirements to file such records of annual minutes under COLORADO REVISED STATUTES Section 7-90-501 with the Secretary of State’s Office, any other governmental entity or third party.

In addition, records of annual report filing with the Secretary of State’s Office are in fact a separate requirement from records of annual meetings.  Records of annual report filing, which for most businesses is just a $10 fee, may be filed with Colorado Secretary of State’s website at www.sos.state.co.us.

For additional information or clarification regarding this, please contact the Colorado Secretary of State office at 303-894-2200, then press 2, or email business@sos.state.co.us