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What is a 870 Form: What You Should Know

Form 870 Waiver of Restrictions on Assessment and Collection of deficiencies in Tax and Acceptance of Over Assessment; (Reimbursement of State for Over- Assessment) by SOC 870. [(a) A tax year beginning on January 1 or 2, 2015, and ending on December 31 shall be treated as consisting of three fiscal quarters. If the tax year consisted of two fiscal quarters, any period where the Department of Social Services does not receive its reimbursement from the State in accordance with subdivision (b) shall be counted in one of the fiscal quarters that ends on January 1 or 2 of the following year. An individual's assessment and collections during the third fiscal quarter are those made during those fiscal quarters.] For purposes of this order, if a tax year includes two fiscal quarters, then, in those fiscal quarters, each fiscal quarter is deemed to begin on January 1 and end on December 31 at 11:59 p.m., except that on those dates the Department of Social Services may be obligated to provide a late payment refund of any income tax, if applicable, paid in a prior tax year.] (b) If the Department of Social Services and the Department of Finance determine during the fiscal quarters ending on December 31 that any assessment for a period in a tax year exceeded the actual collections during that period as a result of a mistake in computation or any payment made for a period from time to time without full disclosure as required by law of the nature, cause and amount of the payment, the amount of the excess assessment or excess collections shall be refunded. At least 90 days before any refunds are issued, the Department of Social Services and the Department of Finance shall notify the Department of Finance by letter of the amount of the refund. [(3) For a property tax year of fiscal years starting on January 1, 2015, through December 31, 2016, all taxes including property tax assessments paid by the Department of Finance on property owned by an individual that is purchased after the commencement of the fiscal year shall be refunded as if the taxes were paid during the first two full business days following the year-end. For fiscal years beginning on January 1, 2015, through December 31, 2016, all refunds for taxes paid by the Department of Finance on commercial and industrial property shall be made after the last day of the sixth business day following the year-end for those taxpayers who elect quarterly filings as described in subdivision (4) of this section.

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