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The NYC 3360 form is a critical document for corporations operating in New York City, particularly those reporting changes in their tax base. This form must be filed within 90 days, or 120 days for combined groups, following a final determination from the Internal Revenue Service or the New York State Department of Taxation and Finance. It is specifically designed for tax years that began before January 1, 2015. The form requires corporations to report any changes in their filing status, including whether they are transitioning from separate to combined reporting or vice versa. Key components of the NYC 3360 include sections for calculating general corporation tax, detailing net income allocated to New York City, and determining tax credits. Additionally, it addresses penalties for late filing and payment, ensuring that corporations are aware of the financial implications of their tax obligations. Proper completion of this form is essential to avoid unnecessary penalties and to ensure compliance with local tax regulations.

Similar forms

  • Form NYC-3L: This form is used for the General Corporation Tax for corporations filing as a separate entity. Like the NYC-3360, it requires detailed financial information and tax calculations, but it is specifically for original returns rather than changes.
  • Form NYC-3A: Similar to the NYC-3L, the NYC-3A is for corporations filing a combined report. It also requires financial disclosures and tax calculations but focuses on multiple entities rather than changes in tax base.
  • Form NYC-4S: This form is for small corporations to report their General Corporation Tax. It shares similarities with the NYC-3360 in that both forms require reporting of changes, but NYC-4S is simpler and designed for smaller businesses.
  • Form NYC-4S-EZ: An even more simplified version for small corporations, this form is similar to the NYC-4S but is designed for those with minimal tax liability. It also requires less detailed reporting compared to the NYC-3360.
  • Form NYC-200V: This is a payment voucher that accompanies tax returns. While it doesn't report changes, it is used in conjunction with forms like the NYC-3360 for making payments, ensuring that the tax owed is submitted correctly.
  • Form NYC-9: This form is used to claim various tax credits. While the NYC-3360 can include adjustments based on credits, the NYC-9 focuses solely on the claims for those credits, making it a supporting document in the tax reporting process.

Form Preview

*30011591*

A.Payment

Department of Finance -3360

 

GENERAL CORPORATION TAX REPORT OF CHANGE IN

 

TAXBASEMADEBYINTERNALREVENUESERVICEAND/OR

 

 

 

 

 

NEWYORKSTATEDEPARTMENTOFTAXATIONANDFINANCE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TO BE FILED WITHIN 90 DAYS (120 DAYS FOR A COMBINED GROUP) AFTER A FINAL DETERMINATION

 

 

 

 

 

FOR TAX YEARS BEGINNING PRIOR TO JANUARY 1, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For CALENDAR YEAR __________ or FISCAL YEAR beginning ________________________ and ending _________________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ARE YOU REPORTING A CHANGE

NEW FILING STATUS:

 

 

 

 

 

ORIGINAL RETURN WAS FILED ON:

 

 

 

 

 

 

 

 

IN FILING STATUS? (SEE INSTR.)

 

 

 

 

 

 

CHANGEIN

 

 

 

 

NYC-4S

 

 

 

NYC-3L

 

NYC-3A

 

 

NYC-4S-EZ

 

 

 

 

 

SEPARATE

 

 

COMBINED

 

 

 

 

 

 

 

 

 

 

 

 

nYES nNO

n

n

nCOMBINEDGROUP

 

n

n

n

n

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Name

 

Name

 

Email Address

 

 

 

 

 

 

 

EMPLOYER IDENTIFICATION NUMBER

 

t

 

 

 

Change n

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Typeor

 

In Care of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Print

 

Address (number and street)

 

 

 

 

 

 

Address

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change n

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date of Final Determination:

 

 

 

 

 

 

 

 

t

 

City and State

 

 

 

Zip Code

 

Country (if not US)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

______-______-______

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

n Federal

 

 

 

 

 

 

Business Telephone Number

 

 

 

Person to contact

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

n New York State

______-______-______

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment Amount

 

 

 

 

 

Amountbeingpaidelectronicallywiththisreturn.............................................................................. A.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calculation of General

Corporation Tax

COLUMN 1

COLUMN 2

COLUMN 3

Original Amount as last adjusted

Net Change

Correct Amount

 

 

 

1.

Net income allocated to New York City....

1.

2.

Tax at ______% (see instructions)

2.

3.Total capital allocated to New York City.. 3.

4.

Tax at ______% (see instructions)

4.

5a.

Alternative tax base (see instructions)

5a.

5b.

Alternative tax (see instructions)

5b.

6.

NYC Gross Receipts

6.

6a.

Minimum tax (see instructions)

6a.

7.

Subsidiary capital

7.

8.

Tax at ______% (see instructions)

8.

9.Tax, (line 2, 4, 5b, or 6a, whichever

 

is largest, plus line 8)

9.

10.

Minimum tax for subsidiaries

10.

11.

Total tax (line 9 plus line 10)

11.

12.

UBT Paid Credit (see instructions)

12.

13.

TaxafterUBTPaidCredit(line11minusline12)

13.

14.

Tax credits (see instructions)

14.

15.

Net tax

15.

1.

2.

3.

4.

5a.

5b.

6.

6a.

7.

8.

9.

10.

11.

12.

13.

14.

15.

Additional Tax (or Refund) Due

COLUMN A - Additional Tax Due

COLUMN B - Refund Due

16.

If line 15 (col. 3) exceeds line 15 (col. 1), enter the difference in column A .......... 16.

 

17.

If line 15 (col. 3) is less than line 15 (col. 1), enter the difference in column B

 

 

17.

 

 

18.

Interest (see instructions)

18.

 

 

 

 

 

19.

Additional charges (see instructions)

19.

 

 

 

 

 

20.

Total amount due (add lines 16 , 18, and 19)

20.

 

 

 

 

 

21.

Refund due (enter amount from line 17 above)

 

 

 

21.

 

 

CERTIFICATION OF AN ELECTED OFFICER OF THE CORPORATION

Iherebycertifythatthisreturn,includinganyaccompanyingrider,is,tothebestofmyknowledgeandbelief,true,correctandcomplete. I authorize the Dept. of Finance to discuss this return with the preparer listed below. (see instructions) .....YES n

Firm's Email Address

_____________________________________________

SIGN

 

 

 

 

 

 

 

Preparer's Social Security Number or PTIN

HERE ’

Signature of officer

 

Title

 

 

Date

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preparer's

Preparer’s

Check if self-

n

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PREPARER'S

signature

printed name

employed 4

Date

 

Firm's Employer Identification Number

 

 

 

USE ’

 

 

 

 

 

 

 

 

ONLY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

s Firm's name (or yours, if self-employed) s Addresss Zip Code

 

 

ALLRETURNSEXCEPTREFUNDRETURNS

REMITTANCES

RETURNSCLAIMINGREFUNDS

Attach copies of federal and/or New York State

To receive proper cred-

 

MAILING

PAYONLINEWITHFORMNYC-200V

 

changes and explanation of items. Make remittance

it, you must enter your

INSTRUCTIONS NYC DEPARTMENT OF FINANCE

ATNYC.GOV/ESERVICES -OR-

NYC DEPARTMENT OF FINANCE

payabletotheorderof:

correct Employer

 

 

GENERAL CORPORATION TAX

MailPaymentandFormNYC-200VONLYto:

GENERAL CORPORATION TAX

 

 

Identification Number

 

 

P.O. BOX 5564

NYC DEPARTMENT OF FINANCE

P.O. BOX 5563

 

 

 

 

on your form and remit-

 

 

BINGHAMTON, NY 13902-5564

P.O. BOX 3646

BINGHAMTON, NY 13902-5563

NYCDEPARTMENT OF FINANCE

30011591

NEW YORK, NY 10008-3646

 

PaymentmustbemadeinU.S.dollars,drawnonaU.S.bank.

tance.

 

 

 

NYC - 3360 - 2015

Form NYC-3360 - 2015 - Instructions

Page 2

IMPORTANTINFORMATIONCONCERNINGFORMNYC-200VANDPAYMENTOFTAXDUE

Payments may be made on the NYC Department of Finance website at nyc.gov/eservices, or via check or money order. If paying with check or money order, do not include these payments with your New York City return. Checks and money orders must be accompanied by payment voucher form NYC-200V and sent to the address on the voucher. Form NYC-200V must be postmarked by the return due date to avoid late payment penalties and interest. See form NYC-200Vfor more information.

(Pursuant to Title 11, Chapter 6 of the Administrative Code of the City of New York)

For taxable years beginning prior to January 1, 2015, you must file Form NYC-3360 within 90 days (120 days for taxpayers filing a com- bined report) after any of the following occurs with respect to a tax- payer, or if the taxpayer is an S corporation or QSSS, a shareholder of the taxpayer: (i) a final IRS or New York State adjustment to taxable income or other tax base; (ii) the signing of a waiver under IRC §6213(d) or NY Tax Law §1081(f); or (iii) the IRS has allowed a ten- tative adjustment based on a NOL carryback or net capital loss carry- back. Attach a copy of the final determination, waiver or notice of tentative carryback allowance to this form. See, Ad. Code §11-605.3 and 19 RCNY §11-83. File this form separately; do not attach it to any tax return. If you disagree with the final Federal or New York State determination, complete the form showing the amount from col- umn 1 in column 3, and attach a schedule showing the additional tax (or refund) due according to the following instructions and attach a statement explaining why you believe the final determination was erroneous. If you do not attach such a statement, any additional New York City tax resulting from the final Federal or New York State determination is deemed assessed upon the filing of this form.

AnamendedNewYorkCityreturnFormNYC-3L,NYC-3A,NYC-4S or NYC-4S-EZ must be filed within 90 days after filing an amended federalorNewYorkStatereturn.

If you are filing this form to report a change in filing on a separate basis on a Form NYC-4S-EZ, NYC-4S, or NYC-3L to filing as a member of a combined group on Form NYC-3A, from filing on a combined basis to filing on a separate or a change in the composition of your combined group, check the box marked “YES” on the top of the form and check the appropriate box for the new filing status.

For information regarding differences between Federal and City depreciation deductions, see Finance Memorandum 99-4 “Deprecia- tion for Property Placed in Service Outside New York After 1984 and Before 1994” and Finance Memorandum 02-3 (Revised) “New York City Tax Consequences of Certain Retroactive Federal and New York Tax Law Changes”. See also Finance Memorandum 14-1, “Applica- tion of IRC §280F Limits to Sport Utility Vehicles”.

SPECIFIC INSTRUCTIONS

CALCULATION OF TAX

In Column 1, lines 1, 3, 5a, 6, 7, 12 and 14, enter amounts from the latest NewYorkCityreportreflectinganyclaimforcreditorrefundorNewYork City Department of Finance adjustment prior to the filing of this return. If youfiledanamendedreturnoriftheamountsshownonyouroriginalreturn were changed pursuant to a final Department of Finance adjustment, attach documentation reflecting the New York City changes and a schedule show- ing your calculations. In Column 2 enter net reportable changes resulting from changes made by the Internal Revenue Service or the New York State Department of Taxation and Finance and submit a schedule showing calcu- lations. In Column 3, lines 1, 3, 5a 6, 7, 12 and 14, enter the difference between,orsumof,columns1and2,asappropriate.

Submit schedule of allocation percentages (if any) utilized in mak- ing entries in column 2 of this report.

LINES 2, 4, 5b and 8

Use the tax rate schedule to determine the applicable rates for the taxable year covered by this report.

TAX RATE SCHEDULE

Taxable

 

Allocated Net

Allocated

Allocated

Years

...and

Income/

Businessand

Subsidiary

Beginning

Before

Alternative

Investment

Capital

on or After...

 

Tax

Capital

 

 

 

 

 

 

1-1-1987

1-1-2015

8.85%

0.15%

.075%

 

 

 

 

 

NOTE: The rate of tax on capital for cooperative housing corpora- tions is 4/10 mill (.0004). For all other corporations subject to tax on capital (other than cooperative housing corporations) the rate of tax on capital is 1 1/2 mills (.0015).

LINE 5a, Column 3 - ALTERNATIVE TAX BASE

Submit schedule showing computation of alternative tax base. To compute the alternative tax base:

a)add to the amount of corrected allocated net income (loss), column 3 all salaries and compensation paid to every stock- holder owning more than five percent of the issued capital stock.

b)deduct from such total the statutory exemption amount, which is $40,000 for taxable years beginning on or after July 1, 1999 (a pro- portionate part is deducted in the case of a return for less than a year);

c)For tax years beginning on or after January 1, 2010, multiply the resulting total by 15%. See Ad Code § 11-604(1)(H)(c). (Apply allocation percentage where applicable.)

The alternative tax base is computed based on revised entire net income (entire net income per original return plus or minus change in taxable income).

LINE 5b - ALTERNATIVE TAX

Todeterminethealternativetax,applytheappropriatetaxrateshownin thescheduleabovetothetaxbasedeterminedinline5a.

LINES 6, 6a and 10 – MINIMUM TAX

For tax years before 2009, the minimum tax is $300. If this form is being filed with respect to a corporation filing a combined report, enter $300 on line 6a for the reporting corporation, and enter on line 10 the total minimum tax of each corporation included in the combined report other than the reporting corporation, with the exception of any corpora- tionnototherwisesubjecttotax.

For tax years beginning in or after 2009, use the following table to deter- mine the minimum tax. Enter on line 6 NYC Gross Receipts. Enter on line 6a the minimum tax for the reporting corporation. Enter on line 10 the sum of the minimum tax for each corporation included in the com- bined group other than the reporting corporation. Attach a schedule showingeachsuchcorporationandtheamountofminimumtaxforeach. The amount of New York City receipts for the purpose of calculating the minimum tax for tax years beginning in or after 2009 is the total amount of all receipts the taxpayer has received in the regular course

Form NYC-3360 - 2015 - Instructions

Page 3

of business from such sources as sales of personal property, services

of the General Corporation Tax Return (without regard to any

performed, rentals of property and royalties. For taxpayers which have

extension of time for payment) to the date of payment. (Section 11-

filed an NYC 3L, this receipts amount would be the same as the

675 of the Administrative Code). The applicable prescribed inter-

amount that would have to be shown on Form NYC-3L, Schedule H,

est rate or rates are available from the interest rate table set forth on

Column A, Line 2g. For taxpayers which are part of a combined

the Finance website at nyc.gov/finance.

group in tax years beginning in 2014 or 2013, this amount would be:

Effective September 1, 1983, interest is compounded on a daily

(i) for the reporting corporation, the amount on Form NYC-3A, Sched-

ule H, Column A, Line 2g(A); and (ii) for corporations other than the

basis at the applicable rate.

reporting corporation (“subsidiaries”), the amount on Form NYC-

For the rate of interest on overpayments, for a rate of interest not

3A/B, Schedule H, Line 2g(A) in the column for that subsidiary,

shown on the website and for interest calculations, call 311. If call-

except if there is only one subsidiary, in which case the amount

ing from outside of the five NYC boroughs, please call 212-NEW-

entered on form NYC-3A, Schedule H, Column B, Line 2g(A).

YORK (212-639-9675).

 

 

TABLE - FIXED DOLLAR MINIMUM TAX

 

LINE 19 - ADDITIONAL CHARGES

For a corporation with New York City receipts of:

 

 

a) A late filing penalty is assessed if you fail to file this form

Not more than $100,000:

$ 25

More than $100,000 but not over $250,000:

$ 75

when due, unless the failure is due to reasonable cause. For

every month or partial month that this form is late, add to the

More than $250,000 but not over $500,000:

$ 175

tax (less any payments made on or before the due date) 5%, up

More than $500,000 but not over $1,000,000:

$ 500

to a total of 25%.

More than $1,000,000 but not over $5,000,000:

$1,500

 

More than $5,000,000 but not over $25,000,000:

$3,500

b) If this form is filed more than 60 days late, the above late filing

Over $25,000,000:

$5,000

penalty cannot be less than the lesser of (1) $100 or (2)100% of the

 

 

Short periods - fixed dollar minimum tax. Compute the New York

amount required to be shown on the form (less any payments made

by the due date or credits claimed on the return).

City receipts for short periods (tax periods of less than 12 months)

 

by dividing the amount of New York receipts by the number of

c) A late payment penalty is assessed if you fail to pay the tax

months in the short period and multiplying the result by 12. The

shown on this form by the prescribed filing date, unless the fail-

fixed dollar minimum tax may be reduced for short periods:

ure is due to reasonable cause. For every month or partial

 

 

month that your payment is late, add to the tax (less any pay-

Period Reduction

 

ments made) 1/2%, up to a total of 25%.

 

 

l Not more than 6 months

50%

d) The total of the additional charges in a and c may not exceed

l More than 6 months but not more than 9 months

25%

5% for any one month except as provided for in b.

l More than 9 months

None

 

If this form is being filed with respect to a corporation filing a com-

If you claim not to be liable for these additional charges, attach a state-

ment to your return explaining the delay in filing, payment or both.

bined report, enter on line 10 the sum of the fixed dollar minimum

 

tax amounts for each corporation (other than the reporting corpora-

SIGNATURE

tion) included in the combined report, except for any corporation

This report must be signed by an officer authorized to certify that

not otherwise subject to tax. To determine the fixed dollar mini-

the statements contained herein are true. If the taxpayer is a pub-

mum tax for each such corporation, use the above table.

 

licly-traded partnership or another unincorporated entity taxed as a

 

 

LINE 12 - UBT PAID CREDIT

 

corporation, this return must be signed by a person duly authorized

 

to act on behalf of the taxpayer.

Enter on line 12, column 1 the total amounts from Form NYC-3L or

 

NYC-3A, UBT Paid Credit. Attach Form NYC-9.7. Enter in column 2

Preparer Authorization: If you want to allow the Department of

allchangestothisamountandenterthecorrectedamountincolumn3.

Finance to discuss your return with the paid preparer who signed it,

 

 

you must check the "yes" box in the signature area of the return.

LINE 14 -

 

This authorization applies only to the individual whose signature

All applicable credits should be taken into account when computing

appears in the "Preparer's Use Only" section of your return. It does

the tax. Attach schedule of credits claimed. Attach Forms NYC-

not apply to the firm, if any, shown in that section. By checking the

9.5, NYC-9.6, NYC-9.8, NYC-9.9 and NYC-9.10, if applicable.

"Yes" box, you are authorizing the Department of Finance to call

Enter in column 2 all changes to these amounts and enter the cor-

the preparer to answer any questions that may arise during the pro-

rected amount in column 3.

 

cessing of your return. Also, you are authorizing the preparer to:

LINE 17 - CLAIM FOR REFUND

 

l Give the Department any information missing from your return,

 

l Call the Department for information about the processing of

Where the federal or New York State change would result in a

refund, Form NYC-3360 may be used as a claim for refund, provided

your return or the status of your refund or payment(s), and

l Respond to certain notices that you have shared with the

it is accompanied by a complete copy of the federal and/or New

preparer about math errors, offsets, and return preparation.

York State Audit Report or Statement of Adjustment.

 

 

The notices will not be sent to the preparer.

 

 

Effective for taxable years beginning on or after January 1, 1989, if

You are not authorizing the preparer to receive any refund check,

this report is not filed within 90 days after the notice of the final

bind you to anything (including any additional tax liability), or oth-

federal (or New York State) determination, no interest on the

erwise represent you before the Department. The authorization

resulting refund will be paid.

 

cannot be revoked, however, the authorization will automatically

 

 

LINE 18 - INTEREST

 

expire no later than the due date (without regard to any extensions)

 

for filing next year's return. Failure to check the box will be

Enter at Line 18, Column A, interest owed on the additional tax due

deemed a denial of authority.

at the applicable prescribed interest rate or rates from the due date

 

Common mistakes

When filling out the NYC 3360 form, individuals often encounter several common mistakes that can lead to complications or delays. Understanding these errors can help ensure a smoother filing process. One of the most frequent mistakes is failing to report the correct Employer Identification Number (EIN). The EIN is crucial for identifying your business, and any discrepancies can cause significant issues with the processing of your return. Double-checking this number before submission is essential.

Another common error involves the calculation of tax amounts. Many people mistakenly enter incorrect figures in the columns for net income, capital, or alternative tax bases. This can happen due to simple arithmetic errors or misunderstanding the tax rate schedule. It is important to carefully follow the instructions and verify calculations to avoid underreporting or overreporting taxes owed.

Additionally, individuals often neglect to attach necessary documentation. For instance, if there was a final determination from the IRS or New York State, a copy of that document must be included with the form. Failing to do so can result in the form being rejected or delayed. Always ensure that all required attachments are included to support your claims.

Many filers also overlook the importance of timely submission. The NYC 3360 form must be filed within 90 days after a final determination. Missing this deadline can lead to penalties or interest charges. Setting reminders for key filing dates can help avoid this mistake and keep your business in good standing.

Another frequent oversight is the incorrect selection of filing status. The form allows for different filing statuses, such as "original return" or "change in filing status." Selecting the wrong option can lead to processing delays or incorrect tax assessments. It is vital to read the instructions carefully and choose the appropriate status based on your situation.

Finally, individuals often forget to sign the form or provide the necessary preparer's information. A signature from an authorized officer is required to certify that the information is accurate. If a preparer is involved, their details must also be included. Incomplete forms can lead to rejection, so always ensure that every section is properly filled out and signed.

More About Nyc 3360

  1. What is the NYC 3360 form?

    The NYC 3360 form is a report that corporations must file with the New York City Department of Finance when there has been a change in their tax base due to a final determination by the Internal Revenue Service (IRS) or the New York State Department of Taxation and Finance. It is specifically designed for tax years beginning prior to January 1, 2015, and must be submitted within 90 days of such a determination.

  2. Who needs to file the NYC 3360 form?

    Corporations that have experienced changes in their tax base as a result of adjustments made by the IRS or New York State must file this form. This includes S corporations and Qualified Subchapter S Subsidiaries (QSSS) if a shareholder of the taxpayer is involved in the adjustment. Additionally, if a corporation is part of a combined group, different filing timelines apply.

  3. When is the NYC 3360 form due?

    The form must be filed within 90 days of the final determination of the tax change. For corporations filing as part of a combined group, the deadline extends to 120 days. It is crucial to adhere to these timelines to avoid penalties.

  4. What information is required on the NYC 3360 form?

    The form requires various details including the corporation's name, Employer Identification Number (EIN), contact information, and the nature of the tax change. It also includes calculations of net income allocated to New York City, taxes owed, and any credits or refunds applicable. Proper documentation must accompany the form to substantiate the changes reported.

  5. What happens if I disagree with the final determination?

    If there is a disagreement with the IRS or New York State's final determination, the taxpayer should still file the NYC 3360 form. They must show the amounts from the original return and provide a statement explaining why they believe the determination is incorrect. Failing to include this statement may result in the additional tax being assessed automatically.

  6. Can the NYC 3360 form be filed electronically?

    Yes, the NYC Department of Finance allows for electronic filing of the NYC 3360 form. Taxpayers can also make payments online through the department's website, which can streamline the process and ensure timely submissions.

  7. What are the penalties for late filing or payment?

    Late filing penalties can accumulate at a rate of 5% for each month the form is overdue, up to a maximum of 25%. If the payment is late, additional charges may apply, including a late payment penalty of 1/2% for each month overdue. These penalties can significantly increase the total amount due if not addressed promptly.

  8. Is there a minimum tax amount that must be paid?

    Yes, there is a minimum tax that applies based on the corporation's New York City receipts. For tax years before 2009, the minimum tax is $300. For later years, the amount varies based on total receipts, with specific thresholds determining the minimum tax due.

  9. What if I am filing for a refund?

    If the changes reported on the NYC 3360 form result in a refund, it can be used as a claim for refund, provided it is accompanied by the complete copy of the relevant federal or New York State audit report. Timely filing is essential, as interest on the refund may not be paid if the form is not submitted within the required timeframe.

  10. Who should sign the NYC 3360 form?

    The form must be signed by an authorized officer of the corporation. This individual certifies that the information provided is true and complete. If a paid preparer is involved, there is an option to authorize them to discuss the return with the Department of Finance, which can facilitate communication during the processing of the return.

Misconceptions

Misconceptions about the NYC 3360 form can lead to confusion and potential errors in filing. Here are nine common misconceptions, along with clarifications:

  • It is only for corporations. While primarily designed for corporations, certain entities like S corporations and QSSS may also need to file this form under specific circumstances.
  • Filing is optional. Filing the NYC 3360 form is mandatory within 90 days (or 120 days for combined groups) after a final tax determination.
  • Only changes in income need to be reported. The form requires reporting changes in various tax bases, not just income. This includes capital and gross receipts.
  • It can be attached to other tax returns. The NYC 3360 must be filed separately and should not be attached to any other tax return.
  • Late penalties do not apply if filed within a grace period. There is no grace period; late filing incurs penalties immediately after the due date.
  • Payment is only accepted via check. Payments can be made online or via check or money order. However, if paying by check, a payment voucher must accompany it.
  • All tax credits are automatically applied. Tax credits must be explicitly claimed on the form; they are not automatically deducted.
  • Interest on refunds is guaranteed. If the form is not filed within 90 days after the final determination, no interest on refunds will be paid.
  • Only the business owner needs to sign. The report must be signed by an authorized officer of the corporation, not just the preparer or owner.

Understanding these misconceptions can help ensure compliance and accuracy when dealing with the NYC 3360 form.

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Key takeaways

  • File Promptly: Submit the NYC 3360 form within 90 days after a final determination from the IRS or New York State.
  • Understand Filing Status: Indicate if you are changing your filing status, such as from separate to combined.
  • Provide Accurate Information: Ensure all fields, including your Employer Identification Number and contact details, are filled out correctly.
  • Calculate Tax Properly: Use the provided columns to show the original amounts, changes, and correct amounts for various tax bases.
  • Attach Necessary Documentation: Include copies of any relevant federal or state adjustments with your form.
  • Claim Refunds Correctly: If applicable, use the form to claim a refund, but include all necessary audit reports.
  • Be Aware of Penalties: Late filing or payment can result in penalties, so pay attention to deadlines.
  • Use Payment Vouchers: When paying by check or money order, include form NYC-200V to avoid processing issues.
  • Consult Instructions: Review the instructions carefully to ensure compliance with tax regulations.
  • Sign the Form: An authorized officer must sign the form, certifying that the information is true and complete.

Nyc 3360: Usage Guide

Filling out the NYC 3360 form requires careful attention to detail. This form must be submitted within a specific timeframe following a final determination from the IRS or New York State regarding changes to your tax base. Follow the steps below to ensure accurate completion of the form.

  1. Begin by entering the calendar year or fiscal year dates at the top of the form.
  2. Indicate whether you are reporting a change in filing status by checking "YES" or "NO".
  3. Provide the name, email address, and employer identification number of your corporation.
  4. Fill in the address details, including street number, city, state, zip code, and country if outside the U.S.
  5. Enter the date of final determination from the IRS or New York State.
  6. List the federal business telephone number and the contact person for inquiries.
  7. Specify the payment amount being made electronically with this return.
  8. In the calculation section, fill in the original amounts, net changes, and correct amounts for each line item related to net income, capital, and taxes.
  9. Calculate the alternative tax base and alternative tax if applicable, and enter the amounts in the designated columns.
  10. Complete the minimum tax section by entering NYC gross receipts and minimum tax amounts as required.
  11. Calculate any additional tax or refund due and enter the amounts in the appropriate columns.
  12. In the certification section, have an elected officer of the corporation sign and date the form, providing their title as well.
  13. If applicable, have the preparer sign and fill out their details, including the firm’s name and employer identification number.
  14. Attach any required documentation, such as copies of federal or state changes, and ensure all entries are accurate before submission.
⇓ Nyc 3360 PDF