Business Tax News

Requests for Permission to Use an Alternative Allocation Method 
For purposes of filing General Corporation Tax returns NYC-3L and NYC-3A and Unincorporated Business Tax returns NYC-202 and NYC-204, the business allocation percentage of the taxpayer must be computed using the method prescribed by statute and the tax paid accordingly unless prior consent to use a different allocation method has been obtained from the New York City Department of Finance. 2/2/12 Read More 

General Corporation Tax e-File 
The New York City Department of Finance is participating in the Fed/State 1120 Corporation Tax e-file program, under the IRS Modernized e-File (MeF) architecture. This program allows New York City corporations to electronically file both their federal and NYC corporate returns together.   We realize the success of this program depends upon the efforts of both the participating software developers and the Department of Finance. 12/11/08
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Effect of Expansion of Federal Moratorium Regarding Internet Access Taxation on NYC Utility Tax 
Beginning on July 1, 2008, the federal moratorium on the taxation of internet access will preclude state or local taxation of telecommunications services that are purchased, used or sold by an Internet Service Provider (ISP) to provide internet access. Accordingly, these telecommunications services will no longer be subject to the Utility Tax.  This change results from the recent enactment of the Internet Tax Freedom Act Amendments Act, Public Law 110-108.

This change will be effective July, 1, 2008.  For any period or any portion of a period before July 1, 2008, telecommunications services that would otherwise be taxable under the Utility Tax will remain taxable. The Department of Finance anticipates issuing additional guidance with respect to this matter in the near future. 6/25/08

Finance Offers Tax Filing Extensions for Businesses Affected by the July 18th Steam Pipe Explosion.
Taxpayers directly affected by the July 18th steampipe explosion have until midnight September 17 to meet their tax filing and payment obligations. Affected taxpayers should write "STEAM PIPE" on the top center of the first page. 7/31/07

Tax Filing and Payment Deadlines for Unincorporated Business and General Corporation Taxes Extended for New Yorkers affected by April 16th Nor'easter to April 26th.
Taxpayers directly impacted by the April 16th storm and related flooding have until midnight April 26th to meet their tax filing and payment obligations without incurring late filing and payment penalties. Affected taxpayers should write "April Storm" on the top center of the front page of any paper return filed. 4/18/07

2006 Allocation Percentage Reports Published
Issuer's Allocation Percentage Reports are used to compute the investment allocation percentages for taxable periods for general corporation and banking corporation taxpayers. The list includes only those corporations whose issuer's allocation percentage is less than 100 percent or for whom information is not yet available. 4/5/07
Bank Tax Allocation Percentage Report (223.7k)
General Corp. Tax Allocation Percentage Report (1.4M)

Prior Tax Years Allocation Percentage Reports

2006 Business Tax Forms and Instructions
The 2006 and estimated 2007 General Corporation Tax, Unincorporated Business Tax, Banking Corporation Tax, Utility Tax, and other related forms and instructions have been published in PDF format on the Finance website. To download and print individual forms, please visit our 2006 Business Tax Forms page. 11/23/06
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Updates on Audit Issues
The Finance Audit Division has identified several issues that taxpayers frequently ask about. As a result of the many questions received, and in our ongoing efforts to provide clear and transparent guidance to taxpayers, Finance is providing Updates on Audit Issues, and will periodically publish new updates and information as they arise. 10/13/06
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Voluntary Disclosure Program
Taxpayers who owe back tax, interest, and/or penalties may come forward at any time to pay, in full, what they owe.  However, a taxpayer (or taxpayer's representative) who contacts the Department of Finance before filing delinquent returns and requests a written commitment of how penalties will be treated and/or which periods the taxpayer is required to file is considered to be requesting participation in the Voluntary Disclosure Program.  The advantage to the taxpayer of participating in Voluntary Disclosure is that Finance may agree to waive some or all penalties and/or require tax payments for some periods and not others. 9/6/06
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