Sec. 22-3.5. Amendments of declaration

Tax Law, § 1461(c), (j)

If an amendment of a declaration is filed, the remaining installments, if any, must be ratably increased or decreased to reflect any increase or decrease (as the case may be) in the estimated tax by reason of such amendment. If an amendment is made after the 15th day of the ninth month of the current taxable year, any increase in the estimated tax must be paid at the time of making such amendment.

Example:

On June 15, 1981, a taxpayer files a declaration of estimated tax for $12,000 and pays the first installment of $4,000. On September 15, 1981, it files an amended declaration showing an estimated tax of $14,000. The balance of $10,000 must be paid in two remaining installments, $5,000 on September 15, 1981, and $5,000 on December 15, 1981.