The NYC 3360 form, officially known as the General Corporation Tax Report of Change in Tax Base Made by Internal Revenue Service and/or New York State Department of Taxation and Finance, is a required document for reporting any adjustments to a corporation's tax base as determined by these authorities for tax years beginning before January 1, 2015. This critical document must be filed within 90 days—or 120 days for a combined group—following a final determination to ensure compliance and avoid penalties. It plays a vital role in maintaining accurate tax records with the New York City Department of Finance.
The Form NYC-3360, issued by the New York City Department of Finance, serves a pivotal role for General Corporation Tax (GCT) reporting, specifically addressing changes in a corporation's tax base as revised by the Internal Revenue Service (IRS) and/or New York State Department of Taxation and Finance. It comes into play for tax years beginning before January 1, 2015, and must be filed within a stipulated timeframe following a final determination—90 days generally, extended to 120 days for combined groups. This form is essential for any corporation that experiences adjustments to their taxable income or filing status, as these changes may have significant ramifications on their tax liabilities within New York City. The form allows corporations to report on various elements such as net income allocated to New York City, calculation of taxes owed (at specific percentages), minimum taxes, and subsidiary capital, among others. It also provides a mechanism for corporations to rectify their tax status if they are transitioning between filing statuses or if their combined group composition changes. Additionally, the NYC-3360 form outlines the process for calculating additional taxes due or refunds, incorporating considerations for interest and additional charges attributable to late filings or payments. Importantly, it includes provisions for the electronic submission of payments, a convenience that modernizes the process. To ensure the completeness and accuracy of the submitted information, the form mandates a certification by an elected officer of the corporation, underscoring the seriousness and legal obligation of the reporting. For entities navigating through the complexities of General Corporation Tax adjustments, this form provides a structured avenue for reporting and reconciling changes imposed by federal and state tax determinations, thereby playing a crucial role in the compliance landscape of New York City's corporate taxation.
*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
nCOMBINEDGROUP
Name
Email Address
EMPLOYER IDENTIFICATION NUMBER
t
Change n
Typeor
In Care of
Print
Address (number and street)
Address
Date of Final Determination:
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....
2.
Tax at ______% (see instructions)
3.Total capital allocated to New York City.. 3.
4.
5a.
Alternative tax base (see instructions)
5b.
Alternative tax (see instructions)
6.
NYC Gross Receipts
6a.
Minimum tax (see instructions)
7.
Subsidiary capital
8.
9.Tax, (line 2, 4, 5b, or 6a, whichever
is largest, plus line 8)
9.
10.
Minimum tax for subsidiaries
11.
Total tax (line 9 plus line 10)
12.
UBT Paid Credit (see instructions)
13.
TaxafterUBTPaidCredit(line11minusline12)
14.
Tax credits (see instructions)
15.
Net tax
3.
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
18.
Interest (see instructions)
19.
Additional charges (see instructions)
20.
Total amount due (add lines 16 , 18, and 19)
21.
Refund due (enter amount from line 17 above)
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-
PREPARER'S
signature
printed name
employed 4
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:
Identification Number
P.O. BOX 5564
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
Years
...and
Income/
Businessand
Subsidiary
Beginning
Before
Alternative
Investment
Capital
on or After...
Tax
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
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
Filing the NYC-3360 form is an important process for corporations required to report changes in their tax base as determined by the Internal Revenue Service and/or the New York State Department of Taxation and Finance. This form must be submitted within a specified timeframe following the final determination of such adjustments for tax years beginning prior to January 1, 2015. The steps below are designed to guide entities through the process of filing this form accurately. Following these instructions will help ensure that the process is completed smoothly and in compliance with the mandated requirements.
After submitting the form, it's important to keep a copy for your records. Payment accompanying this form should be made out as directed in the instructions, and if paying by check or money order, it must be sent along with the payment voucher form NYC-200V to the specified address. This step is crucial to ensure that your payment is processed correctly and credited to your account. Adhering to these instructions not only facilitates compliance but also aids in the accurate assessment of corporate taxes, reflecting adjustments made by higher tax authority determinations.
What is Form NYC-3360?
Form NYC-3360 is a document that corporations are required to file with the New York City Department of Finance. It's used to report adjustments made by the Internal Revenue Service (IRS) or the New York State Department of Taxation and Finance to a corporation's tax base. These adjustments could arise from audits, amendments to tax returns, or other changes affecting the amount of tax owed for tax years beginning prior to January 1, 2015. The form must be submitted within 90 days or 120 days for a combined group after receiving the final determination from these agencies.
When is the due date for filing Form NYC-3360?
The form must be filed within 90 days, or in the case of taxpayers filing a combined report, 120 days, after receiving a final determination from the IRS or the New York State Department of Taxation and Finance concerning adjustments to the taxpayer's tax base. This timeframe is crucial for ensuring compliance and avoiding penalties.
How can I make a payment if I owe additional tax after filing Form NYC-3360?
Payments for additional taxes owed as observed on Form NYC-3360 can be made via the NYC Department of Finance website at nyc.gov/eservices. Alternatively, payments can also be made by check or money order. If using these methods, include the payment with a payment voucher form NYC-200V, and send it to the specific address provided for remittances. It is essential to ensure payments are made in U.S. dollars from a U.S. bank.
What should I do if the adjustments made by the IRS or New York State result in a refund?
If the adjustments from the IRS or New York State result in a potential refund, Form NYC-3360 can also serve as a claim for that refund. For successful processing, a complete copy of the federal and/or New York State Audit Report or Statement of Adjustment must accompany the form. Timeliness is key, as late filings may impact the interest on refunds for changes initiated for taxable years beginning on or after January 1, 1989.
Can I file Form NYC-3360 electronically?
While the New York City Department of Finance encourages electronic filing for various forms and payments, specific instructions regarding the electronic filing of Form NYC-3360 should be confirmed directly on the NYC Department of Finance website or by contacting their service line. The website and phone service provide up-to-date guidance on accepted filing methods.
What happens if I fail to file Form NYC-3360 or pay any additional tax due on time?
Failing to file Form NYC-3360 or pay any additional tax by the due dates can result in penalties. Late filing penalties include a certain percentage of the unpaid tax for each month or part of a month the form is late, up to a maximum of 25%. Similarly, late payment penalties are imposed at a rate of 0.5% per month on the amount of unpaid tax. It's crucial to file and make payments on time to avoid these additional charges.
When filling out the NYC 3360 form, people often make mistakes that can lead to delays or incorrect tax liabilities. Here are six common errors:
To avoid these mistakes, it's advisable to:
By avoiding these common mistakes, filers can ensure their NYC 3360 form is accurately processed, reflecting the correct tax obligations for their corporations.
When businesses file the NYC 3360 form, related to adjustments made by the Internal Revenue Service or the New York State Department of Taxation and Finance on their tax returns, they often need to accompany this filing with additional documents. These documents are crucial to ensure the accuracy of the reported changes and to comply with tax laws effectively. Here's a brief overview of some common forms and documents typically used along with the NYC 3360 form:
These complementary documents ensure that all adjustments are fully accounted for and correctly reflected in the company's tax filings. By providing a clear record of the IRS or state adjustments and how they affect the company’s tax obligations, businesses can maintain compliance and avoid potential disputes or discrepancies with the New York City Department of Finance. Understanding the purpose and requirements of each form helps in navigating the complexities of tax reporting and compliance efficiently.
The NYC 3360 form serves a similar function to the IRS Form 1040X, which is the Federal Amended U.S. Individual Income Tax Return. Both documents are utilized to report changes to previously filed tax returns due to audits or amendments. They require taxpayers to provide the originally reported figures alongside the adjustments, leading to either additional tax due or a refund request. Specifically, the NYC 3360 targets changes in the tax base for general corporation tax as adjusted by the IRS or New York State Department of Taxation and Finance, similar to how Form 1040X addresses changes in individual income tax calculations.
Similar to the NYC 3360 form, the Schedule M-3 (Form 1065) for partnerships is used to adjust financial statements and tax return differences but on a federal level. The primary purpose is to reconcile disparities in income reported for financial reporting purposes with income reported for tax purposes, which could include adjustments made by the IRS. Like the NYC 3360, this form helps ensure transparency in how taxable income adjustments are made, albeit for partnerships rather than corporations.
The Form 1120X, Amended U.S. Corporation Income Tax Return, parallels the NYC 3360 in its purpose for corporations to report changes to previously filed tax returns. Both forms are designed to correct inaccuracies or report adjustments following audits by tax authorities. The necessity to detail original and corrected amounts, similar to the NYC 3360, ensures accurate recalibration of a corporation's tax liabilities based on revised income, deductions, or tax credits.
Analogous to the NYC 3360, the New York State CT-200V, Payment Voucher for E-Filed Corporation Tax Returns and Extensions, is used by corporations to make payments for taxes due on amended returns. While the CT-200V specifically facilitates payments rather than detailing adjustments to the tax base, it functions in conjunction with similar processes. Corporations might use this in tandem with adjustments filed via the NYC 3360 form to reconcile their tax obligations with the state.
Similar to the functionality of the NYC 3360, the Form NYC-2, Corporation Tax Return, is used by corporations operating in New York City to calculate and report their tax responsibility. Although it's a primary return rather than an amendment, both forms share the objective of declaring accurate tax liabilities to the New York City Department of Finance based on internal or external adjustments to income and expenses.
The IRS Form 843, Claim for Refund and Request for Abatement, like the NYC 3360, allows taxpayers to request a refund or abatement of certain taxes, interest, penalties, fees, and additions to tax. Although Form 843 is used for a variety of tax types and reasons for refund or abatement at the federal level, the conceptual similarity lies in the adjustment and correction of previous tax liabilities, which is the core function of the NYC 3360 form in the context of New York City corporation tax.
Comparable to NYC 3360, the Form IT-203-X, Amended Nonresident and Part-Year Resident Income Tax Return, is used by individuals to amend previously filed New York State income tax returns. The aim is to report changes that affect tax calculations, such as income, deductions, or credits, similar to how business entities use NYC 3360 to adjust corporation tax bases. Both documents ensure taxpayers can correct errors or report adjustments post-audit to accurately fulfill state tax obligations.
The IRS Form 8821, Tax Information Authorization, while not a tax return or amendment form per se, shares a similarity with NYC 6560 in the realm of tax administration. This form authorizes individuals or entities to allow others to access their tax records, which could be pertinent in situations where adjustments, like those reported on NYC 3360, require consultation or verification with tax advisers or accountants. The connection lies in the management and rectification of tax matters, albeit through different mechanisms.
When filling out the NYC-3360 form, it is crucial to adhere to certain guidelines to ensure the process is smooth and free from errors. Below are lists of what you should and shouldn't do to help you navigate this process with ease.
The NYC 3360 form, officially known as the General Corporation Tax Report of Change in Tax Base Made by Internal Revenue Service and/or New York State Department of Taxation and Finance, requires clarity regarding its purpose and requirements. Below are four misconceptions about the form and their explanations.
While the NYC 3360 form does inquire about changes in filing status, its primary function is far broader. It serves to report adjustments to a corporation's tax base as determined by the Internal Revenue Service (IRS) or the New York State Department of Taxation and Finance following a final determination. This encompasses a range of modifications beyond just changes in filing status.
Contrary to this belief, if adjustments by the IRS or the New York State result in a decrease in tax liability, corporations can indeed use Form NYC-3360 as a claim for refund. However, it is imperative to attach the complete copy of the federal and/or New York State Audit Report or Statement of Adjustment for the claim to be processed.
This form has distinct submission requirements. It must be filed separately within 90 days (120 days for taxpayers filing a combined report) after a final determination by the IRS or the New York State Department of Taxation and Finance regarding the taxpayer’s obligations. It's not filed with, or as part of, the annual corporate tax return, highlighting its specific purpose in the tax filing process.
Timeliness is crucial when submitting Form NYC-3360. Failure to file the form within the specified period after receiving a final determination can lead to penalties. These include late filing and late payment penalties, emphasizing the importance of adhering to the deadline to avoid unnecessary additional charges.
When navigating the complexities of the NYC 3360 Form for reporting changes in corporate tax due to adjustments by the Internal Revenue Service or New York State Department of Taxation and Finance, it's crucial to grasp the essential details to ensure compliance and accuracy. Here's a breakdown of key takeaways to keep in mind:
Adhering to these guiding points can significantly streamline the process of complying with New York City's taxation requirements, avoiding common pitfalls, and ensuring that your corporation remains in good standing.
Access a Ride Staten Island - It requires employees to print all required identification information clearly, including their home address and contact details.
New York State Insurance Department Complaints - Equip yourself with the knowledge that the Insurance Department acts as a bridge between consumers and insurance entities in resolving disputes.