§ 865 — Filing of return and payment of tax

New York § 865

• Jurisdiction: New York
• Law TAX: Tax
• Art. 24-A: Pass-through Entity Tax

Text

§ 865. Filing of return and payment of tax. (a) General. On or before\nMarch fifteenth following the close of the taxable year, each electing\npartnership and each electing S corporation must file a return for the\ntaxable year reporting the information required pursuant to this\narticle. For each electing partnership and each electing S corporation\nthat has a fiscal taxable year, the return is due on or before March\nfifteenth following the close of the calendar year that contains the\nfinal day of the entity's taxable year.\n (b) Certification of eligibility. Every return filed pursuant to\nsubsection (a) of this section shall include, in a format as prescribed\nby the commissioner, a certification by an individual authorized to act\non behalf of the electing partnership or electing S corporation that the\ntaxpayer:\n (1) made a timely, valid election to be subject to tax pursuant to\nthis article; and\n (2) that all statements contained therein are true.\n (c) Information on the electing partnership return. Each electing\npartnership shall report on such return:\n (1) Any tax due pursuant to this article. The balance of any tax shown\non such return, not previously paid as installments of estimated tax,\nshall be paid with such return;\n (2) Identifying information of all partners and/or members eligible to\nreceive a credit pursuant to section eight hundred sixty-three of this\narticle;\n (3) Each partner's and/or member's share of the pass-through entity\ntax imposed on the electing partnership;\n (4) Each partner's and/or member's distributive share of the\npass-through entity taxable income calculated pursuant to paragraph one\nof subsection (h) of section eight hundred sixty of this article;\n (5) The classification of each partner and/or member as a resident or\nnonresident for purposes of calculating the electing partnership's\npass-through entity taxable income under paragraph one of subsection (h)\nof section eight hundred sixty of this article; and\n (6) Any other information as required by the commissioner.\n (d) Information on electing S corporation return. Each electing S\ncorporation shall report on such return:\n (1) Any tax due pursuant to this article. The balance of any tax shown\non such return, not previously paid as installments of estimated tax,\nshall be paid with such return;\n (2) Identifying information of all shareholders eligible to receive a\ncredit pursuant to section eight hundred sixty-three of this article;\n (3) Each shareholder's direct share of the pass-through entity tax\nimposed on the electing S corporation; and\n (4) Any other information as required by the commissioner.\n (e) Special rules for partners, members and shareholders that are\ndisregarded entities. To meet the requirements of paragraph two of\nsubsection (c) of this section for an electing partnership or paragraph\ntwo of subsection (d) of this section for an electing S corporation, the\nelecting partnership or electing S corporation must provide information\nsufficient to identify both the disregarded entity that is a partner,\nmember and/or shareholder and the taxpayer subject to tax under article\ntwenty-two of this chapter eligible for a credit under subsection (a) of\nsection eight hundred sixty-three of this article.\n (f) Extensions and amendments. (1) The commissioner may grant a\nreasonable extension of time for payment of tax or estimated tax (or any\ninstallment), or for filing any return, statement, or other document\nrequired pursuant to this article, on such terms and conditions as it\nmay require. No such extension for filing any return, statement or other\ndocument, shall exceed six months.\n (2) No amended returns. Once a return has been filed by an electing\npartnership or electing S corporation, it may not be amended without the\nconsent of or otherwise authorized by the commissioner.\n (g) Information provided to partners. Each electing partnership\nsubject to tax under this article shall report to each partner or member\nits:\n (1) classification as a resident or nonresident for purposes of\ncalculating the electing partnership's or electing S corporation's\npass-through entity taxable income under subsection (g) of section eight\nhundred sixty of this article;\n (2) direct share of the pass-through entity tax imposed on the\nelecting partnership; and\n (3) any other information as required by the commissioner.\n (h) Information provided to shareholders. Each electing S corporation\nsubject to tax under this article shall report to each shareholder its:\n (1) direct share of the pass-through entity tax imposed on the\nelecting S corporation;\n (2) the electing S corporation's status as an electing resident S\ncorporation or electing standard S corporation; and\n (3) any other information as required by the commissioner.\n