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Free CT-5-I (Instructions) - New York



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Excerpt: New York State Department of Taxation and Finance Instructions for Form CT-5 Request for Six-Month Extension to File Tax Law -- Articles 9-A, 13, 32, and 33 CT-5-I Change for 2008 Increase in the mandatory first installment of estimated tax -- The Tax Law was amended to provide an increase in the mandatory first installment for taxpayers, other than
New York State Department of Taxation and Finance

Instructions for Form CT-5
Request for Six-Month Extension to File
Tax Law -- Articles 9-A, 13, 32, and 33

CT-5-I

Change for 2008
Increase in the mandatory first installment of estimated tax -- The Tax Law was amended to provide an increase in the mandatory first installment for taxpayers, other than life insurance corporations filing Forms CT-33 or CT-33-A, and continuing section 186 taxpayers filing Form CT-186, whose preceding year's tax, exclusive of the metropolitan transportation business tax (MTA surcharge), exceeded $100,000. For tax years beginning on or after January 1, 2009, those taxpayers are required to pay a first installment equal to 30% of the preceding year's tax. Additionally, taxpayers who are required to pay their mandatory first installment at the 30% rate and are subject to the MTA surcharge are also required to calculate their estimated tax for the MTA surcharge at 30% of the preceding year's MTA surcharge. The remaining three estimated tax payments are to be adjusted so that the total payments do not exceed 100% of the estimated tax due. The mandatory first installment of estimated tax and estimated MTA surcharge remains at 25% of the preceding year's tax and tax surcharge, respectively, for those taxpayers whose preceding year's tax exceeded $1,000, but was less than or equal to $100,000.

to request a six-month extension of time to file Form CT-3-S. A banking corporation (Article 32) that has elected to be a New York S corporation by filing Form CT-6 must file Form CT-5.4 to request one six-month extension of time to file Form CT-32-S. Additional extensions beyond six months will not be granted to New York S corporations. Article 9 taxpayers, except providers of telecommunications services, must use Form CT-5.9 to request a three-month extension to file a franchise tax return and MTA surcharge return. Providers of telecommunication services must use Form CT-5.9-E, Request for Three-Month Extension to File Form CT-186-E or Form CT-186-EZ (short form), to request an extension to file Form CT-186-E, Telecommunications Tax Return and Utility Services Tax Return, or Form CT-186-EZ (short form).

Extensions of time for filing returns
A six-month extension of time for filing a franchise tax return or MTA surcharge return will be granted if Form CT-5 is properly filed and if properly estimated tax is paid on or before the original due date of the return. No late filing or late payment penalties will be imposed if you file your return by the extended due date and pay the balance of the tax due with your return. Interest applies to any tax not paid by the original due date of the return. If applicable, you must also pay the mandatory first installment of estimated tax for the next tax year shown on lines 2 and 7 on or before the original due date of the tax return.

Requirements for a valid New York State extension
You must file Form CT-5 and pay the properly estimated franchise tax and metropolitan transportation business tax (MTA surcharge) on or before the original due date of the tax return for which this extension is requested. The properly estimated franchise tax and MTA surcharge must either: Equal or exceed the franchise tax and MTA surcharge shown on your tax return for the preceding tax year (if it was a tax year of 12 months); or Equal or exceed 90% of the franchise tax and MTA surcharge as finally determined for the tax year for which this extension is requested. The preceding tax year is the tax year occurring immediately before the tax year for which this extension is requested. The franchise tax is the amount of tax computed after the deduction of any tax credits and before the addition of the MTA surcharge. The franchise tax and MTA surcharge for the preceding tax year must be adjusted as necessary to correct errors in computation or in the application of tax rate or tax base.

When to file
File Form CT-5 on or before the due date of your tax return. Type of corporation Due date of extension Businesses filing Form CT-13 ...... 4 months following the end of the tax period Taxable DISCs ............................. 8 months following the end of the tax period All others...................................... 2 months following the end of the tax period If you cannot file within the six-month extended period, you may request two additional three-month extensions by filing Form CT-5.1 for each extension.

Where to file
If you are enclosing payment with Form CT-5, mail to:
NYS CORPORATION TAX PROCESSING UNIT PO BOX 22094 ALBANY NY 12201-2094

Who may file Form CT-5
General business corporations (Article 9-A), banking corporations (Article 32), insurance corporations (Article 33), and businesses taxed under Article 13 may file Form CT-5 to request a six-month extension of time to file the appropriate tax return and MTA surcharge return. Do not use separate forms if you are requesting an extension to file both the franchise tax and MTA surcharge returns. Use lines 1 through 5 to compute the estimated franchise tax. Use lines 6 through 10 to compute the estimated MTA surcharge. Submit only one payment of the combined amount for both franchise tax and MTA surcharge. Corporations filing a combined form (Forms CT-3-A, CT-32-A, or CT-33-A) must use Form CT-5.3 to request a six-month extension of time to file. A general business corporation (Article 9-A) that has elected to be a New York S corporation by filing Form CT-6, or that is a federal S corporation that has not made the New York S election but meets the requirements of Tax Law section 660(i) (and is therefore deemed to be a New York S corporation) must file Form CT-5.4

If you are not enclosing payment, mail to:
NYS CORPORATION TAX PROCESSING UNIT PO BOX 22102 ALBANY NY 12201-2102

Private delivery services If you choose, you may use a private delivery service, instead of the U.S. Postal Service, to mail in your return and tax payment. However, if, at a later date, you need to establish the date you filed your return or paid your tax, you cannot use the date recorded by a private delivery service unless you used a delivery service that has been designated by the U.S. Secretary of the Treasury or the Commissioner of Taxation and Finance. (Currently designated delivery services are listed in Publication 55, Designated Private Delivery Services. See Need help? for information on obtaining

Page 2 of 3 CT-5-I (2008) forms and publications.) If you have used a designated private delivery service and need to establish the date you filed your return, contact that private delivery service for instructions on how to obtain written proof of the date your return was given to the delivery service for delivery. If you use any private delivery service, whether it is a designated service or not, send the forms covered by these instructions to: State Processing Center, 431C Broadway, Albany NY 12204-4836. Line 2 -- If the total franchise tax on line 1 exceeds $1,000, you must pay a first installment of estimated tax for the next tax year. If the franchise tax on line 1 exceeds $1,000, but does not exceed $100,000, multiply the amount on line 1 by 25% (.25) and enter the result. If the franchise tax on line 1 exceeds $100,000, multiply the amount on line 1 by 30% (.30) and enter the result. Life insurance corporations -- The mandatory first installment of estimated tax for life insurance corporations is 40% of the preceding year's tax. If you are not required to pay the first installment of estimated tax for the next tax year, enter 0 on line 2. Line 7 -- If the total franchise tax on line 1 exceeds $1,000, you must also pay a first installment of the estimated MTA surcharge for the next tax year. If the franchise tax on line 1 exceeds $1,000, but does not exceed $100,000, multiply the amount on line 6 by 25% (.25) and enter the result. If the franchise tax on line 1 exceeds $100,000, multiply the amount on line 6 by 30% (.30) and enter the result. Life insurance corporations -- The mandatory first installment of estimated MTA surcharge for life insurance corporations is 40% of the preceding year's MTA surcharge. If you are not required to pay the first installment of estimated MTA surcharge for the next tax year, enter 0 on line 7.

Reporting period
Use this tax form for calendar year 2008 and fiscal years that begin in 2008 and end in 2009. You can also use the 2008 form if: you have a tax year of less than 12 months that begins and ends in 2009, and the 2009 form is not yet available at the time you are required to file the form. In this case you must show your 2009 tax year on the 2008 form and take into account any tax law changes that are effective for tax years beginning after December 31, 2008. All filers must complete the beginning and ending tax year boxes in the upper right corner on page 1 of the form.

Entering dates
Unless you are specifically directed to use a different format, enter dates in the mm-dd-yy format (using dashes and not slashes).

Composition of prepayments
If you need more space, write see attached in this section, and attach a separate sheet showing all relevant prepayment information. Transfer the total(s) to line 16, column A and B. Line 14 -- Include overpayments credited from prior years. You may also include from last year's return any amount of refundable tax credits you chose to be credited as an overpayment.

Line instructions
Line A -- Make your check or money order payable in United States funds. We will accept a foreign check or foreign money order only if payable through a United States bank or if marked Payable in U.S. funds. Lines 1 and 6 -- Use the worksheet below to properly estimate the franchise tax and the MTA surcharge.

Worksheet for lines 1 and 6
Complete Parts 1 and 2. However, if the corporation was not subject to franchise tax for the preceding tax year, or if the preceding tax year was less than 12 months, skip Part 1 and complete only Part 2. See the instructions below. Part 1 -- Preceding year (if it was a tax year of 12 months) A. Franchise tax from preceding tax year ............................ A B. MTA surcharge from preceding tax year ......................... B Part 2 -- Current year C. Franchise tax estimated to be due for the current tax year .............................................................. C D. MTA surcharge estimated to be due for the current tax year ......................................................... D Enter on lines 1 and 6 either: The tax from the preceding year (lines A and B); or The tax from the current year (lines C and D). Exception: The combination of lines A and D may be used on lines 1 and 6 when the corporation filed a 12-month franchise tax return for the preceding tax year, but became subject to the MTA surcharge for the tax year for which this extension is requested. Line B -- Enter the amount of MTA surcharge shown on the MTA surcharge tax return for the preceding tax year, if it was a tax year of 12 months. Enter 0 if you are not subject to the MTA surcharge for the tax year for which this extension is requested. Part 2 Line C -- Determine the franchise tax (computed after the deduction of any tax credits and before the addition of the MTA surcharge) for the tax year for which this extension is requested. Multiply the franchise tax by an amount not less than 90% and enter on line C (see Requirements for a valid New York State extension). Line D -- Determine the MTA surcharge for the tax year for which this extension is requested. Multiply the MTA surcharge by an amount not less than 90% and enter on line D (see Requirements for a valid New York State extension). Enter 0 if not subject to the MTA surcharge for the tax year for which this extension is requested. Form CT-3M/4M filers only: If the fixed dollar minimum tax applies for the current year and you were not subject to the MTA surcharge for the preceding year, compute the MTA surcharge as follows: Multiply the fixed dollar minimum by the MTA allocation percentage of 100%; and Multiply the result by the MTA surcharge rate of 17% (.17). See the applicable MTA surcharge return and instructions for information on the computation of the MTA surcharge. It may be necessary to complete the applicable MTA surcharge return to compute the estimated MTA surcharge for the tax year for which this extension is requested.

Worksheet instructions
Part 1 Line A -- Enter the amount of franchise tax (computed after the deduction of any credits and before the addition of the MTA surcharge) shown on the franchise tax return for the preceding tax year, if it was a tax year of 12 months.

CT-5-I (2008) Page 3 of 3

Need help?
Internet access: www.nystax.gov (for information, forms, and publications) Fax-on-demand forms: Forms are available 24 hours a day, 7 days a week. 1 800 748-3676 Telephone assistance is available from 8:00 A.M. to 5:00 P.M. (eastern time), Monday through Friday. To order forms and publications: 1 800 462-8100 Corporation Tax Information Center: 1 888 698-2908 From areas outside the U.S. and outside Canada: (518) 485-6800 Text Telephone (TTY) Hotline (for persons with hearing and speech disabilities using a TTY): If you have access to a TTY, contact us at 1 800 634-2110. If you do not own a TTY, check with independent living centers or community action programs to find out where machines are available for public use. Persons with disabilities: In compliance with the Americans with Disabilities Act, we will ensure that our lobbies, offices, meeting rooms, and other facilities are accessible to persons with disabilities. If you have questions about special accommodations for persons with disabilities, please call 1 800 972-1233.

Privacy notification The Commissioner of Taxation and Finance may collect and maintain personal information pursuant to the New York State Tax Law, including but not limited to, sections 5-a, 171, 171-a, 287, 308, 429, 475, 505, 697, 1096, 1142, and 1415 of that Law; and may require disclosure of social security numbers pursuant to 42 USC 405(c)(2)(C)(i). This information will be used to determine and administer tax liabilities and, when authorized by law, for certain tax offset and exchange of tax information programs as well as for any other lawful purpose. Information concerning quarterly wages paid to employees is provided to certain state agencies for purposes of fraud prevention, support enforcement, evaluation of the effectiveness of certain employment and training programs and other purposes authorized by law. Failure to provide the required information may subject you to civil or criminal penalties, or both, under the Tax Law. This information is maintained by the Director of Records Management and Data Entry, NYS Tax Department, W A Harriman Campus, Albany NY 12227; telephone 1 800 225-5829. From areas outside the United States and outside Canada, call (518) 485-6800.

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