Jack from Ohio Posted November 3, 2014 Report Share Posted November 3, 2014 Does the State of NY honor Federal extension for S-Corps or is there a requirement for a specific extension form? Quote Link to comment Share on other sites More sharing options...
Max W Posted November 3, 2014 Report Share Posted November 3, 2014 A separate form has to be filed and franchise fee paid by Apr 15. http://www.tax.ny.gov/pdf/current_forms/ct/ct5_4i.pdf 1 Quote Link to comment Share on other sites More sharing options...
HV Ken Posted November 3, 2014 Report Share Posted November 3, 2014 Does the State of NY honor Federal extension for S-Corps or is there a requirement for a specific extension form? There is a NY extension: NY CT-5.4. There is also a minimum payment due with the extension based on NY receipts. If you don't make this payment with the extension, the extension is considered invalid and penalties are assessed as if you never filed an extension. 1 Quote Link to comment Share on other sites More sharing options...
HV Ken Posted November 3, 2014 Report Share Posted November 3, 2014 A separate form has to be filed and franchise fee paid by Apr 15. http://www.tax.ny.gov/pdf/current_forms/ct/ct5_4i.pdf "You must file Form CT-5.4 and pay the properly estimated franchise tax on or before the original due date of the tax return for which this extension is requested." S-Corp returns are due March 15, not April 15. 1 Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted November 4, 2014 Author Report Share Posted November 4, 2014 There is a NY extension: NY CT-5.4. There is also a minimum payment due with the extension based on NY receipts. If you don't make this payment with the extension, the extension is considered invalid and penalties are assessed as if you never filed an extension. I used to question why I continue to live in Ohio due to all the crazy taxation that takes place here. But, the more I get involved with NY tax returns and all the associated unbelievable number and size of the taxes there, I count my blessings. 2 Quote Link to comment Share on other sites More sharing options...
michaelmars Posted November 4, 2014 Report Share Posted November 4, 2014 Jack, whatever you are working on, remember there are separate NYC taxes if they are located in the city. Quote Link to comment Share on other sites More sharing options...
Lion EA Posted November 4, 2014 Report Share Posted November 4, 2014 NY is complex and a pain to deal with. Never answer their phones. Slow to send refunds. Make sure you charge accordingly. Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted November 4, 2014 Author Report Share Posted November 4, 2014 Jack, whatever you are working on, remember there are separate NYC taxes if they are located in the city. He is not located in NYC or any surrounding suburbs. Quote Link to comment Share on other sites More sharing options...
schirallicpa Posted December 3, 2014 Report Share Posted December 3, 2014 And............it's cold here. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.