PENNSYLVANIA ISSUES NEW CORPORATE ID NUMBER - 8/14/2013

Corporate taxpayers should have received a new identification number recently, issued by the Pennsylvania Department of Revenue (Department). The new identification number is the first of many changes to occur as a result of the Department’s implementation of a new integrated tax system (ITS). 
 
Corporation taxes were migrated to the Commonwealth’s new ITS program in March 2013. As part of this transition, each corporate taxpayer was issued unique identification numbers that will replace the old account (box) numbers traditionally used. In addition to achieving greater efficiency in serving the corporate taxpayer, the new ITS system allows the Commonwealth to automatically generate corporate tax assessments relevant to the electronic funds transfer (EFT) penalty. 
 
Under the current EFT law (implemented in 2012), corporate taxpayers with tax liabilities in excess of $10,000 are required to pay the Department electronically. Failure to do so results in the imposition of a penalty equal to 3% of the total tax, not to exceed $500. Prior to implementation of the ITS, electronic funds transfer penalty assessments were generated manually. 
 
In addition, interest due on underpayments of estimated tax will be enforced for tax year 2013 when the tax return is filed in 2014. The Department is encouraging corporate taxpayers to understand the requirements for quarterly estimated payments in order to avoid unnecessary penalty assessments. 
 
Corporate taxpayers will also see new a new notice, which summaries corporate account overpayments, available credits, transfer notifications and corporate ledger transactions. Since the new overpayment summary notice will only be generated when an overpayment occurs, taxpayers are advised to contact the Commonwealth to confirm tax payments and restricted credits on a corporation tax account prior to filing the corporate tax report. 
 
Please contact us if you have any questions regarding a tax assessment or corporate tax filing and/or payment requirements.
 


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