Late last week, the DRS released Form CT-1065/CT-1120SI RR, Pass-Through Entity Tax 2018 Income Tax Estimated Payment Recharacterization Request (RR). This form follows Special Notice 2018(4), Guidance on 2018 Estimated Payments for the Newly Enacted Pass-Through Entity Tax.
Per the DRS, to make a recharacterization request, the member must complete Form CT-1065/CT-1120SI RR and submit the request form to the member’s pass-through entity.
The pass-through entity must then gather all recharacterization request forms from its members and submit the request forms, along with Form CT-1065/CT-1120SI RRS recharacterization request summary sheet (RRS), to DRS by December 31, 2018.
Both recharacterization forms must be completed and submitted in paper form, and mailed to DRS at the address provided.
Here’s How We Can Help Each Other
- Our office is already preparing the “RRS” Summary Sheets for each of our CT partnership and S Corporation tax return clients.
- Our office will also start preparing the Individual Owner “RR” forms, which highlights the $ amount of your previously-paid 2018 personal CT estimated tax payments that each of you should recharacterize.
- If you can help us by doing the following, we’d have ironclad backup for the $ amount that we are requesting to be recharacterized:
- Please go to the CT Taxpayer Service Center website at the link below:
- If you already have an account there, login and printout your Tax Year 2018 estimated tax payment history
- If you do not have an account there, please create one for yourself, and access your 2018 tax year payment history. (This might take a week or more if they need to mail you a PIN letter).
- The report you want is located at: View Processed Payments/Credits, and do a search on “Filing Date” of “01/01/2018 to 12/31/2018”. If you can send us a printout of that page, we’ll have the official and correct $ amounts to consider for recharacterization, and we will base our calculations off of that.
Thanks!
Robert Gambardella, CPA
203-767-7197
