Filing NY Corporation Tax Return
First File a Federal Corporation Tax ReturnFiling a NY Corporation tax return requires that first a federal tax return is prepared. Preparation of the Federal corporation tax return has actually become simplified in the past few years with the elimination of the requirement to file schedule L with the tax return. Schedule L is the part that has the balance sheet of the business tax filing. What this means is that to file a correct Federal Corporation Tax Return which is Form 1120 or Form 1120-S or Form 1120-A may only require you to answer various yes and no questions and some information about the nature of the business in addition to the numbers one would normally see on an Income Statement ( which is also called a Profit and Loss Statement). If a corporation has assets above $ 500,000 or sales over $ 250,000 then the business is required to file schedule L. Please note that if one is filing an 1120-S ( also called an 1120S or 1120-S ) then the from K-1 must be attached. NY Corporate Filing Bad NewsThough the federal government has passed on the filing of Schedule L and the balance sheet information, NY State still requires summary number for total assets and liabilities to calculate the capital base for the alternative tax based on capital. So if you are in NY I would recommend that you maintain an accounting system that can produce a balance sheet. Even Quicken one of the easiest accounting programs, software made for keeping a families finances, can keep track of a balance sheet if set up properly. Also be aware if that you are not an S Corporation then you are required to complete an additional NY State CT-3M/4M. |
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