N.Y.
Tax Law Section 865
Filing of return and payment of tax
(a)
General. On or before March fifteenth following the close of the taxable year, each electing partnership and each electing S corporation must file a return for the taxable year reporting the information required pursuant to this article. For each electing partnership and each electing S corporation that has a fiscal taxable year, the return is due on or before March fifteenth following the close of the calendar year that contains the final day of the entity’s taxable year.(b)
Certification of eligibility. Every return filed pursuant to subsection (a) of this section shall include, in a format as prescribed by the commissioner, a certification by an individual authorized to act on behalf of the electing partnership or electing S corporation that the taxpayer:(1)
made a timely, valid election to be subject to tax pursuant to this article; and(2)
that all statements contained therein are true.(c)
Information on the electing partnership return. Each electing partnership shall report on such return:(1)
Any tax due pursuant to this article. The balance of any tax shown on such return, not previously paid as installments of estimated tax, shall be paid with such return;(2)
Identifying information of all partners and/or members eligible to receive a credit pursuant to § 863 (Pass-through entity tax credit)section eight hundred sixty-three of this article;(3)
Each partner’s and/or member’s share of the pass-through entity tax imposed on the electing partnership;(4)
Each partner’s and/or member’s distributive share of the pass-through entity taxable income calculated pursuant to paragraph one of subsection (h) of § 860 (Definitions)section eight hundred sixty of this article;(5)
The classification of each partner and/or member as a resident or nonresident for purposes of calculating the electing partnership’s pass-through entity taxable income under paragraph one of subsection (h) of § 860 (Definitions)section eight hundred sixty of this article; and(6)
Any other information as required by the commissioner.(d)
Information on electing S corporation return. Each electing S corporation shall report on such return:(1)
Any tax due pursuant to this article. The balance of any tax shown on such return, not previously paid as installments of estimated tax, shall be paid with such return;(2)
Identifying information of all shareholders eligible to receive a credit pursuant to § 863 (Pass-through entity tax credit)section eight hundred sixty-three of this article;(3)
Each shareholder’s direct share of the pass-through entity tax imposed on the electing S corporation; and(4)
Any other information as required by the commissioner.(e)
Special rules for partners, members and shareholders that are disregarded entities. To meet the requirements of paragraph two of subsection (c) of this section for an electing partnership or paragraph two of subsection (d) of this section for an electing S corporation, the electing partnership or electing S corporation must provide information sufficient to identify both the disregarded entity that is a partner, member and/or shareholder and the taxpayer subject to tax under article 22 (Personal Income Tax)article twenty-two of this chapter eligible for a credit under subsection (a) of § 863 (Pass-through entity tax credit)section eight hundred sixty-three of this article.(f)
Extensions and amendments.(1)
The commissioner may grant a reasonable extension of time for payment of tax or estimated tax (or any installment), or for filing any return, statement, or other document required pursuant to this article, on such terms and conditions as it may require. No such extension for filing any return, statement or other document, shall exceed six months.(2)
No amended returns. Once a return has been filed by an electing partnership or electing S corporation, it may not be amended without the consent of or otherwise authorized by the commissioner.(g)
Information provided to partners. Each electing partnership subject to tax under this article shall report to each partner or member its:(1)
classification as a resident or nonresident for purposes of calculating the electing partnership’s or electing S corporation’s pass-through entity taxable income under subsection (g) of § 860 (Definitions)section eight hundred sixty of this article;(2)
direct share of the pass-through entity tax imposed on the electing partnership; and(3)
any other information as required by the commissioner.(h)
Information provided to shareholders. Each electing S corporation subject to tax under this article shall report to each shareholder its:(1)
direct share of the pass-through entity tax imposed on the electing S corporation;(2)
the electing S corporation’s status as an electing resident S corporation or electing standard S corporation; and(3)
any other information as required by the commissioner.
Source:
Section 865 — Filing of return and payment of tax, https://www.nysenate.gov/legislation/laws/TAX/865 (updated Apr. 29, 2022; accessed Oct. 26, 2024).
