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The NYC 3L form is a crucial document for S Corporations operating within New York City, specifically designed to report their general corporation tax. This form must be filed by S Corporations for the calendar year 2021 or for any fiscal year that begins in 2021. It requires detailed information about the corporation, including its name, address, Employer Identification Number (EIN), and business activities. Taxpayers must also indicate whether this is a final return, if operations have ceased, or if it is an amended return due to federal or state changes. The form consists of various schedules that guide taxpayers through the computation of their tax obligations, including Schedule A for tax computation and Schedule B for the allocation of entire net income. Additionally, it includes sections for reporting subsidiary capital and investment capital, as well as business allocation percentages for activities both within and outside the city. Completing the NYC 3L accurately is essential for compliance with local tax laws and to ensure that the corporation fulfills its tax responsibilities in a timely manner.
Similar forms
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Form NYC-2: This form is used by C Corporations to report their general corporation tax. Like the NYC-3L, it requires information about the corporation's business activities, tax liabilities, and applicable deductions. Both forms serve to calculate the tax owed to New York City based on income generated within the city.
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Form NYC-2S: Similar to the NYC-3L, this form is designated for S Corporations that meet specific criteria. It focuses on the calculation of the general corporation tax, requiring similar financial disclosures and tax computations as the NYC-3L.
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Form NYC-2A: This form is for businesses that have a more straightforward tax situation. It shares similarities with the NYC-3L in terms of reporting requirements, but is generally less complex and is designed for smaller entities.
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Form 1120: This is the federal corporate income tax return. Like the NYC-3L, it requires corporations to report their income, deductions, and tax credits. Both forms aim to determine the tax liability based on the corporation's financial performance.
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Form 1120-S: This federal form is for S Corporations and parallels the NYC-3L in that it reports income, deductions, and credits. Both forms require detailed financial information to assess tax obligations, focusing on the income passed through to shareholders.
Form Preview
GENERAL CORPORATION TAX RETURN 2022
To be filed by S Corporations only. All C Corporations must file Form
For CALENDAR YEAR 2022 or FISCAL YEAR beginning _______________ 2022 and ending ___________________
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Change |
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In Care Of |
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Address (number and street) |
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Change |
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City and State |
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Business Telephone Number |
Date business began in NYC |
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Taxpayer’s Email Address:
__________________________________________
EMPLOYER IDENTIFICATION NUMBER
BUSINESS CODE NUMBER AS PER FEDERAL RETURN
*30212291*
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n Final return - Check this box if you have ceased operations in NYC |
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APPLY |
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eetaxabear |
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THAT |
n Special short period return (See Instr.) |
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n aianatedfederataxbenefitseinst |
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ALL |
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CHECK |
If the purpose of the amended return is to report a |
Date of Final |
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federal or state change, check the appropriate box: |
nNYS change |
Determination |
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SCHEDULE A 
Computation of Tax - BEGIN WITH SCHEDULE B ON PAGE 3. COMPLETE ALL OTHER SCHEDULES. TRANSFER APPLICABLE AMOUNTS TO SCHEDULE A.
A. Payment |
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Amount being paid electronically with this return |
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A. |
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Payment Amount |
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1. |
catednetincrSchedueine |
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X .0885 |
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2a. catedcapitarSchedueine |
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2a. |
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X .0015 |
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2b. taacatedcapitaperativeusingrps |
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2b. |
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X .0004 |
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2c. perativesenter |
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BORO |
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3. |
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ternativeaxrternativeaxScheduenpage |
...................................(see instructions) |
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3. |
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4. |
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einstructinsNY rssReceipts |
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5. |
catedsubsidiarcapita |
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see instructions |
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X .00075 |
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6. axineabrwhicheveris |
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largest, PLUS ine |
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7. |
Paidredit |
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(attach Form |
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8. |
axafterreditineessine |
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9a. |
Rredit |
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9b. |
Lredit |
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(attach Form |
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9b. |
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10a. |
ReaateaxatinntOpprtunitRecatinan |
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dIreditsttachrNY |
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10b. |
Intentinaeftban |
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10b. |
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10c. |
erPrductinredit |
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(attach Form |
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10c. |
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11. |
Nettaxaftercreditsineess |
ttafinesathrughc |
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12. |
irstinstantfestitedtaxfrperidfwingthat |
cveredbthisreturn |
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(a) Ifappicatinfrextensinhasbeenfiedenteraunt |
frinefrNY |
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............ |
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(b) Ifappicatinfrextensinhas |
notbeenfiedandineexceeds$enter%fi |
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13. tafinesaandb |
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14. |
PrepantsrPrepantsScheduepageine |
...........................(see instructions) |
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15. |
ancedueine |
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16. |
Overpantine |
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essine |
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17a. |
.................................................................Interest (see instructions) |
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17b. |
ditinacharges |
(see instructions) |
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17b. |
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17c. |
Penatfrunderpantfestitedtax |
(attach Form |
17c. |
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18. tafinesabandc |
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18. |
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19. |
Netverpantineessine |
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19. |
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20. |
untfinetbe |
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(a)Refunded n irectdepsit |
fill out line 20c OR |
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n Paperchec |
20a. |
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(b)reditedtestitedtax |
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20b. |
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20c. Routing Number
Account
Number
ACCOUNT TYPE
Checking n Savings n
21. TOTAL REMITTANCE DUE (see instructions) |
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21. |
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30212291 |
SEE PAGE 7 FOR MAILING INSTRUCTIONS |
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NYL |
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Form
SCHEDULE A - Continued 
Computation of Tax - BEGIN WITH SCHEDULE B ON PAGE 3. COMPLETE ALL OTHER SCHEDULES. TRANSFER APPLICABLE AMOUNTS TO SCHEDULE A.
22. |
IssuersacatinpercentagerSchedueine |
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22. |
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23. |
NYrentdeductednfederataxreturnrNYrentfrSchedue |
Part |
(See instructions) |
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24. |
rssreceiptsrsaesfrfederareturn |
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24. |
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25. |
N fParentrpratin |
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26. |
taassetsfrfederareturn |
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27. |
NfnParentrpratin |
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28. |
ensatinfstcdersrSchedine |
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% 
COMPOSITION OF PREPAYMENTS SCHEDULE
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PREPAYMENTS CLAIMED ON SCHEDULE A, LINE 14 |
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DATE |
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AMOUNT |
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ndatrfirstinstantpaidwithprecedingarstax |
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PantwithecaratinrNY |
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PantwithNticefitedaxue |
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PantwithNticefitedaxue |
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PantwithextensinrNY |
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Overpantfrprecedingarcreditedtthisar |
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G. TOTAL fthrughnternSchedueine |
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ALTERNATIVE TAX SCHEDULE |
Refer to page 6 of instructions before computing the alternative tax |
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Net income/loss einstructins |
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1. |
$ |
__________________________ |
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Enter 100% of salaries and compensation for the taxable year paid to stockholders owning more than 5% of the taxpayer’s stock. (See instr.) |
2. |
$ |
__________________________ |
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Totalinepusine |
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3. |
$ |
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Statutory exclusion - Enter $40,000. freturndesntcveranentirearexcusinstbeprrate |
dbasedntheperidcveredbthereturn |
4. |
$ |
__________________________ |
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Net amount inenusine |
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5. |
$ |
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15% of net amount inex% |
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6. |
$ |
__________________________ |
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Investment income to be allocated untnSchedueinebx%ntenterreth |
antheauntnineabve |
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ifntappicabe |
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7. |
$ |
__________________________ |
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Business income to be allocated inenusine |
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8. |
$ |
__________________________ |
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Allocated investment income inexinvestntacatin%frSchedueine |
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9. |
$ |
__________________________ |
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Allocated business income inexbusinessacatin%frSchedueine |
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10. |
$ |
__________________________ |
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Taxable net incomeinepusine |
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11. |
$ |
__________________________ |
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Tax rate |
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12. |
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% |
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__________________________ |
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Alternative tax ine |
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ransferaunttpage |
Schedueine |
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13. |
$ |
__________________________ |
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*30222291* 30222291
Form |
NAME: ______________________________________ EIN: __________________________________ |
Page 3 |
SCHEDULE B
Computation and Allocation of Entire Net Income
1. |
ederataxabeincbefrenetperatingssdeductina |
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ndspeciadeductins |
(see instructions) |
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2. |
Interestnfederastatenicipaandtherbigatin |
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sntincudedinineabve |
(see instructions) |
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3. |
eductinsdirectattributabetsubsidiarcapita |
(attach list) (see instructions) |
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4. |
eductinsindirectattributabetsubsidiarcapita |
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(attach list) (see instructions) |
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5a. |
NYSranchiseaxincudingtaxesandtherbusinesstaxesded |
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uctednthefederareturn |
ttachridereinstr |
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5b. |
NYenerarpratinaxdeductednfederareturn |
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(see instructions) |
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5c. |
NYSPasshrughtitaxandsiartaxesfrtherurisdicti |
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nsdeductedfrederaaxabeInceinstr |
.. 5c. |
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5d. |
NYPasshrughtitaxdeductedfrederaaxabeInc |
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einstructins |
5d. |
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6. |
NewYritadustntsreatingt |
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(see instructions) |
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(antpprtunitrecatincstscreditandIcredit |
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(b)Reaestatetaxescaatincredit |
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(c) RSdepreciatinandradustnt |
(attach Form |
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7. |
ditins |
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(a) Pantfrusefintangibes |
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7a. |
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(b) IntentinaOtted |
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(c) Other (see instructions) (attach rider) |
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7c. |
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8. |
tafinesthrughc |
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8. |
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9a. |
ividendsfrsubsidiarcapita |
(itemize on rider) (see instr.) |
9a. |
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9b. |
Interestfrsubsidiarcapita |
..............................(itemize on rider) (see instructions) |
9b. |
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9c. |
ainsfrsubsidiarcapita |
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9c. |
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10. |
%fdividendsfrnnsubsidiarcrpratins |
(see instructions) |
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11. |
NewYritnetperatingssdeductin |
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12. |
ainnsaefcertainprpertacquiredprirt |
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(see instructions) |
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13. |
NYandNYStaxrefundsincudedinSchine |
(see instructions) |
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14. |
WagesandsaariessubecttIR§deductindisawa |
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nce (see instr.) |
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15. |
epreciatinandradustntcacuatedunderpreRSrpre |
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rues |
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(attach Form |
.............................................. |
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16a. ntributinsfcapitabgvernntaentitiesrcivicgrup |
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s (seeinstructions). |
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..........................................16b. Otherdeductins (see instructions) (attach rider) |
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16b. |
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17. |
tadeductinsddinesathrughb |
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17. |
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18. |
tirenetincineessine |
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(see instructions) |
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18. |
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19. |
Iftheauntnineisntcrrectentercrrectaunth |
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ereandexpaininrider |
(see instr.) |
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20. |
Investntinceteinesathrughhbew |
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(see instructions) |
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(a) |
ividendsfrnnsubsidiarstchedfrinvestnteinstructin |
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20a. |
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(b) Interestfrinvestntcapitancudefederastateandn |
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icipabigatins |
(itemize in rider) |
20b. |
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(c)Netcapitagainssfrsaesrexchangesfnnsubsidiarsecu |
ritieshedfrinvestnt |
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tezenriderrattachederaSchedue |
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20c. |
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(d) |
IncfrassetsincudedninefSchedue |
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eductinsdirectrindirectattributabetinvestntinc |
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anceineeessinef |
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nvestntinc |
(attach rider)(see instr.) |
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(see instructions) |
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sinessinctbeacatedinerineessine |
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catedinvestntinc |
tipinebbtheinvestntacatinpercentagen |
SchedueLine |
(see instr.)... |
24. |
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25a. catedbusinessinctipinebthebusinessaca |
tinpercentagenSchedueLine |
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25a. |
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25b. Iftheauntnineaisntcrrectentercrrectaunt |
hereandexpaininrider |
(see instructions) |
25b. |
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26. |
taacatednetincinepusinearine |
bnteratSchedueine |
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26. |
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*30232291* 30232291
ATTACH ALL PAGES OF FEDERAL RETURN
Form |
NAME: ____________________________________ EIN: ___________________________________ |
Page 4 |
SCHEDULE C
Subsidiary Capital and Allocation
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tasandncudingitenrider |
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taucatedsubsidiarcapitaransferthistt |
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SCHEDULE D
Investment Capital and Allocation
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RIPIONOINV |
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rssInc |
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NfShares |
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verage |
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Liabiitiesirectr |
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NetverageVaue |
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Vauecated |
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LISSOSRIY |
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runtf |
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catin |
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Securities |
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tInvestntapita |
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Investnt |
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SRIINY |
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1. |
tasncudingitenrider |
1. |
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2. |
Investntacatinpercentage |
inedividedbinerundedtthenearestnehun |
dredthfapercentagepint |
2. |
% |
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3. |
ash |
(To treat cash as investment capital, |
3. |
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you must include it on this line.) |
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4. |
InvestntcapitatafinesandenternSchedu |
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eine |
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SCHEDULE E |
Computation and Allocation of Capital |
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sisusedtdeterneaveragevaueincu |
Checkone.(Attachdetailedschedule.) |
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n - Annually |
n - |
n - Quarterly |
COLUMN A |
COLUMN B |
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n - Monthly |
n - Weekly |
n - Daily |
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Beginning of Year |
End of Year |
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1.taassetsfrfederareturn
2.Reaprpertandrtabesecuritiesincudedinine
3. |
Subtractinefrine |
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4. |
Reaprpertandrtabesecuritiesat |
fair market value |
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5. |
ustedttaassetsddinesand |
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6. |
taiabiities |
(seeinstructions) |
................................................... |
7.tacapitauineesscuine
8. Subsidiarcapitaeduecuine
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9. |
sinessandinvestntcapitaineessine |
(seeinstructions) |
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10. |
Investntcapitaedueine |
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(seeinstructions) |
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*30242291* |
11. |
sinesscapitaineessine |
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12. |
catedinvestntcapita |
tipinebtheinvestntacatinpercentagen |
|
SchedueLine |
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13. |
catedbusinesscapita |
tipinebthebusinessacatinpercentagenSche |
dueLine |
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14. |
taacatedbusinessandinvestntcapita |
inepusinenteratSchedueinearb |
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15. |
IssuersacatinpercentagefSchineandSch |
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cine |
÷Schine |
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rundedtthenearesthundredthfapercentnternpag |
e |
line22. SeeInstr. |
|||
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Certain Stockholders |
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SCHEDULE F |
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Incudeastcderswninginexcessf |
5%ftaxparsissuedcapitastcwhreceivedancensatini |
ncudingcssins |
||||
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Name, Country and US Zip Code (Attach rider if necessary) |
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SciaSecuritNuer |
Officiaite |
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COLUMN C
Average Value
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.%
SaarOtherensatin
Receivedfrrpratin
fnneenter
1. taincudinganauntnriderternSchedueine1.
30242291 |
ATTACH ALL PAGES OF FEDERAL RETURN |
|
Form |
NAME: ______________________________________ EIN: ____________________________________ |
Page 5 |
SCHEDULE G
Locations of Places of Business Inside and Outside New York City
taxparsstceteScheduePartsand
Part 1 - List location for each place of business INSIDE New York City (see instructions; attach rider if necessary)
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etedress |
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Rent |
Naturefivities |
Nfes |
WagesSaariesc |
uties |
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ta |
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Part 2 - List location for each place of business OUTSIDE New York City (see instructions; attach rider if necessary) |
|
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|
etedress |
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Rent |
Naturefivities |
Nfes |
WagesSaariesc |
uties |
||
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N |
SR |
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ZIP |
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SR |
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ZIP |
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N |
SR |
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IY |
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ZIP |
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SR |
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ZIP |
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SCHEDULE H
Business Allocation - see instructions before completing this schedule
Taxpayers must report their Business Allocation Percentage in this schedule for this return to be accepted
axparswhdntacatebusinessincutsideNewYr |
itstenter%nSchedueine |
|
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||
axparswhacatebusinessincbthinsideandutside |
NewYritstceteSchedueandenterpercentagen |
|
Schedueine |
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COLUMN A - NEW YORK CITY |
COLUMN B - EVERYWHERE |
|
||
|
Receipts in the regular course of business from: |
|
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|
1. |
Saesftangibepersnaprpert |
1. |
|
1. |
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2. |
Servicesperfrd |
2. |
|
2. |
|
|
|
______________________________________________________________________ |
|
||||||
3. |
Rentasfprpert |
3. |
|
3. |
|
|
|
______________________________________________________________________ |
|
||||||
4. |
Rties |
4. |
|
4. |
|
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5. |
Otherbusinessreceipts |
5. |
|
5. |
|
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|
6. |
ta |
6. |
|
6. |
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|
7. |
sinesscatinPercentageinecudividedbine |
curundedtthenearesthundredthfapercent |
|
|
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|
|
IfusingSchedueIenterpercentagefrPartinerPa |
rtineSeeinstructins |
|
7. |
|
|
% |
*30252291* |
30252291 |
ATTACH ALL PAGES OF FEDERAL RETURN |
Form |
NAME: ______________________________________ EIN: ___________________________________ |
Page 6 |
SCHEDULE I
Business Allocation for Aviation Corporations and Corporations Operating Vessels
Part 1 |
sinessacatinfraviatincrpratins |
|
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|
|
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|
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|
|
AVERAGE FOR THE YEAR |
|
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||
|
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|
COLUMN A - NEW YORK CITY |
|
COLUMN B - EVERYWHERE |
|
||
1. |
rcraftarrivasanddepartures |
|
1. |
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2. |
NewYritpercentageudividedbcu |
|
2. |
|
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% |
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|
|||||
3. |
Revenuetnshanded |
|
3. |
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4. |
NewYritpercentageudividedbcu |
|
4. |
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% |
|
5. |
Originatingrevenue |
|
5. |
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6. |
NewYritpercentageudividedbcu |
|
6. |
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% |
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|||||
7. |
tafinesand |
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7. |
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|
% |
|
8. |
catinpercentageinedividedbthreerundedtth |
enearestnehundredthfapercentagepintnternSche |
dueine |
8. |
|
% |
||||
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||
Part 2 |
sinessacatinfrcrpratinsperatingvessesinfreignc |
|
rce |
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||
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1. |
gregatenuerfwrngda |
1. |
|
2. |
catinpercentage |
udividedbcurundedtthenearestnehundre |
|
COLUMN A - |
NEW YORK CITY |
COLUMN B |
EVERYWHERE |
|
TERRITORIAL WATERS |
|
|
|
|
|
|
dthfapercentagepintnternSchedueine |
2. |
% |
|
SCHEDULE J
The following information must be entered for this return to be complete. (REFER TO INSTRUCTIONS BEFORE COMPLETING THIS SECTION.)
1a. |
NewYritprincipabusinessactivit____________________ |
_____________________________________________________________________ |
|
1b. |
Othersignificantbusinessactivities (attach schedule, see instructions__________________________________________________ _______________ |
||
2. |
radenafreprtingcrpratinifdifferentfrnaen |
terednpage___________________________________ |
|
3. |
Isthiscrpratinincudedinacnsidatedfederareturn |
n YES |
n NO |
|
Ifgiveparentsna |
______________________________________________ |
N |
___________________________ |
||||
|
|
|
|
|
|
|
enterhereandnpageine |
|
4. |
Isthiscrpratinaerfacntredgrupfcrpratin |
sasdefinedinIRsectin |
|
|
n YES |
|||
|
disregardinganexcusinbreasnfparagraphfthatsect |
in |
|
|
|
|||
|
If |
givecnparentcrpratin’snaifan ________________ |
|
_______________ |
N |
_______________________________ |
||
|
|
|
|
|
|
|
enterhereandnpageine |
|
5. |
astheInternaRevenueServicertheNewYrStateepartn |
tfaxatinandinance |
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__
Form |
NAME: ______________________________________ EIN: ___________________________________ |
Page 7 |
SCHEDULE K
Federal Return Information
The following information must be entered for this return to be complete.
Enter on lines 1 through 10 in the Federal Amount column the amounts reported on your federal Form 1120S. (See instructions)
Federal 1120S |
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CERTIFICATION OF AN ELECTED OFFICER OF THE CORPORATION
I hereby certify that this return, including any accompanying rider, is, to the best of my knowledge and belief, true, correct and complete. I authorize the Dept. of Finance to discuss this return with the preparer listed below. (See instructions) ......YES n
irsidress
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MAILING INSTRUCTIONS
ATTACH COPY OF ALL PAGES OF YOUR FEDERAL TAX RETURN 1120S.
Make remittance payable to the order of NYC DEPARTMENT OF FINANCE. Payment must be made in U.S. dollars and drawn on a U.S. bank.
To receive proper credit, you must enter your correct Employer Identification Number on your tax return and remittance.
The due date for the calendar year 2022 return is on or before March 15, 2023.
For fiscal years beginning in 2022, file on or before the 15th day of the 3rd month following the close of the fiscal year.
ALLRETURNSEXCEPTREFUNDRETURNS
NYOIN
ORPORION
POX
NONNY
REMITTANCES
PAY ONLINE WITH FORM
AT NYC.GOV/ESERVICES
OR
Mail Payment and Form
NYOIN
POX
NYORNY
RETURNS CLAIMING REFUNDS
NYOIN
ORPORION
POX
NONNY
*30272291*
30272291
Common mistakes
Filling out the NYC 3L form can be a daunting task, especially for those unfamiliar with tax regulations. However, several common mistakes can lead to complications or delays in processing. Understanding these pitfalls can help ensure a smoother filing experience.
One of the most frequent errors is failing to provide accurate information in the Name and Employer Identification Number (EIN) fields. These details are crucial for identifying your business. A simple typo can cause significant issues, including delays in processing your return. Always double-check these entries before submitting the form.
Another common mistake involves neglecting to indicate whether the return is a final return or a special short-period return. Marking the wrong box can lead to misunderstandings with the tax authorities. It is essential to read the instructions carefully and ensure that the correct option is selected based on your business's operational status.
Many filers also overlook the requirement to attach all necessary schedules and forms, such as the federal return. Not including these documents can result in the return being considered incomplete, which may lead to penalties or further inquiries. Ensure that all pages are attached as instructed, particularly the federal return, to avoid complications.
Inaccuracies in the computation of tax amounts are another frequent issue. When transferring amounts from schedules to the main form, errors can easily occur. It is advisable to work methodically through the schedules and double-check that all figures are accurately reported. This attention to detail can prevent discrepancies that may lead to audits or additional taxes owed.
Additionally, many individuals fail to provide a valid email address or business telephone number. This oversight can hinder communication with tax authorities. Providing accurate contact information is vital for resolving any issues that may arise during the processing of your return.
Finally, one of the most critical mistakes is neglecting to keep copies of the completed form and all supporting documents. In the event of a dispute or audit, having a complete record of your submission can be invaluable. Always retain copies for your records to safeguard against potential issues down the line.
More About Nyc 3L
-
What is the NYC-3L form?
The NYC-3L form is a tax return specifically designed for S Corporations operating in New York City. It is used to report the corporation's income, deductions, and tax liability for the calendar year or fiscal year. This form is distinct from other corporate tax forms such as NYC-2, NYC-2S, or NYC-2A, which are meant for C Corporations.
-
Who is required to file the NYC-3L form?
Only S Corporations are required to file the NYC-3L form. If your corporation is classified as a C Corporation, you will need to file one of the alternative forms: NYC-2, NYC-2S, or NYC-2A. It is essential to determine your corporation's classification to ensure compliance with tax regulations.
-
What information do I need to complete the NYC-3L form?
To complete the NYC-3L form, you will need various pieces of information, including:
- Your corporation's name and address.
- The Employer Identification Number (EIN).
- The business code number as per the federal return.
- Details about your business activities and financial information, such as income and deductions.
- Contact information, including your business telephone number and email address.
-
What is the due date for filing the NYC-3L form?
The NYC-3L form is generally due on the 15th day of the fourth month following the end of your tax year. For S Corporations operating on a calendar year, this means the form is due on April 15. If you need more time to file, you may apply for an extension, but it is crucial to ensure that any taxes owed are paid by the original due date to avoid penalties.
-
What happens if I fail to file the NYC-3L form?
Failure to file the NYC-3L form can result in penalties and interest on any unpaid taxes. The New York City Department of Finance may impose fines for late filing, which can accumulate over time. It is important to file the form even if you cannot pay the full amount owed, as this can help mitigate penalties.
-
Can I amend my NYC-3L form if I made a mistake?
Yes, if you discover an error after submitting your NYC-3L form, you can file an amended return. You should check the appropriate box indicating that the return is amended and provide the correct information. It is advisable to attach any necessary documentation to support the changes being made.
-
How do I pay any taxes owed with the NYC-3L form?
You can pay any taxes owed electronically when submitting your NYC-3L form. The form provides options for electronic payment, which is often the most efficient method. Alternatively, you may also choose to send a check along with your completed form. Make sure to follow the instructions regarding payment methods to avoid any issues.
-
Where do I send my completed NYC-3L form?
Completed NYC-3L forms should be mailed to the address specified in the instructions accompanying the form. It is important to ensure that you are using the correct mailing address to avoid delays in processing your return. If you are filing electronically, follow the online submission guidelines provided by the New York City Department of Finance.
-
What resources are available if I need assistance with the NYC-3L form?
If you need assistance with the NYC-3L form, you can consult the instructions that accompany the form, which provide detailed guidance on completing each section. Additionally, the New York City Department of Finance offers resources and support for businesses, including customer service representatives who can answer questions. Seeking help from a tax professional may also be beneficial if you have complex financial situations.
Misconceptions
- Misconception 1: Only C Corporations need to file the NYC 3L form.
- Misconception 2: The NYC 3L form is only for businesses operating in New York City.
- Misconception 3: Filing the NYC 3L form is optional for S Corporations.
- Misconception 4: You can submit the NYC 3L form at any time during the year.
- Misconception 5: You do not need to attach your federal tax return when filing the NYC 3L form.
- Misconception 6: If I have no income, I do not need to file the NYC 3L form.
- Misconception 7: The NYC 3L form is a simple one-page document.
- Misconception 8: Once submitted, there is no way to amend the NYC 3L form.
This is incorrect. The NYC 3L form is specifically for S Corporations. C Corporations must file different forms, such as NYC-2, NYC-2S, or NYC-2A.
While the form is designed for businesses that operate in NYC, it can also apply to S Corporations based outside of NYC but earning income from NYC sources.
This is false. If your S Corporation is doing business in New York City, filing the NYC 3L form is mandatory to comply with local tax laws.
There are specific deadlines for filing. S Corporations must adhere to the due dates to avoid penalties and interest on unpaid taxes.
This is incorrect. You must attach all pages of your federal return to the NYC 3L form for it to be processed correctly.
Even if your S Corporation has no income, you are still required to file the NYC 3L form to report your status and avoid penalties.
The NYC 3L form is quite detailed and includes multiple schedules and sections that need to be completed accurately. It is essential to read the instructions thoroughly.
In fact, if you discover an error after filing, you can submit an amended return. Make sure to follow the proper procedures to correct any mistakes.
Key takeaways
The NYC 3L form is specifically designed for S Corporations. C Corporations are required to file a different form, such as NYC-2, NYC-2S, or NYC-2A.
It is essential to indicate whether the return is a final return or if it is a special short period return. This information must be clearly marked on the form.
Accurate completion of Schedule A is crucial. This section requires taxpayers to compute their tax based on various schedules and transfer applicable amounts.
Taxpayers should pay close attention to the business allocation percentage, which must be reported for the return to be accepted. This percentage reflects business activities both inside and outside New York City.
When reporting income, ensure that all relevant income sources are included, such as dividends and interest from subsidiaries. Attach any necessary riders for detailed information.
It is important to keep records of all prepayments claimed on Schedule A. This includes amounts paid in previous tax years that may affect the current return.
Finally, ensure that all pages of the federal return are attached to the NYC 3L form. This is a requirement for proper processing by the tax authorities.
Nyc 3L: Usage Guide
Completing the NYC 3L form is an essential step for S Corporations operating in New York City. After gathering the necessary information, follow these steps to ensure accurate and timely submission.
- Begin by entering your corporation's Name and any changes in the Care Of address if applicable.
- Provide the Address (number and street), City and State, Zip Code, and Country if not the US.
- Fill in your Business Telephone Number and the Date your business began in NYC.
- Enter the Taxpayer’s Email Address and Employer Identification Number (EIN).
- Indicate if this is a Final Return by checking the appropriate box if your operations have ceased in NYC.
- Complete the Business Code Number as per your federal return.
- Proceed to Schedule A and begin with the computation of tax. Transfer applicable amounts from Schedule B on page 3.
- Fill in the payment amount being paid electronically with this return on Line A.
- Complete the necessary calculations for lines 1 through 21, ensuring all relevant amounts are transferred accurately.
- Continue to Schedule B and compute your entire net income. Follow the instructions carefully to ensure accuracy.
- Complete the Schedule C for Subsidiary Capital and Allocation, providing necessary details about each subsidiary.
- Fill out Schedule D regarding Investment Capital and Allocation, ensuring you report accurately.
- Complete Schedule H for Business Allocation, reporting your business allocation percentage.
- Finally, review all entries for accuracy and completeness before submitting the form.