Form Ct 6 1 PDF Details

Understanding the CT-6.1 form is crucial for corporations that have previously elected to be treated as a New York S corporation and are now looking to terminate this election. This form, issued by the Department of Taxation and Finance, is an essential document for businesses undergoing this transition. Essentially, it serves as a formal notification to the New York State Tax Department, indicating the company's decision to cease its status as an S corporation within the state. The reasons for termination could vary, including a termination of the federal S election, a revocation by shareholders owning more than 50% of the corporation's shares, or a refusal by a new shareholder to consent to S corporation status. The form requires detailed information, including the company's employer identification number, legal and trade names, mailing address, and the effective date of termination. Additionally, it mandates the affirmation of revoking shareholders or the new shareholder, as applicable, underscoring the collective decision behind the termination. Completing and submitting this form accurately is vital, as it influences the corporation's tax obligations and its shareholder's income reporting under New York State law. The intricacies of this process highlight the importance of understanding each section of the form and adhering to its submission requirements, ensuring a smooth transition from a New York S corporation status.

QuestionAnswer
Form NameForm Ct 6 1
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other namesct 6 1 termination election s corporation, pdf of ct 6 1, ct 6 termination s corporation form, nys ct 6

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Department of Taxation and Finance

CT-6.1

Termination of Election to be Treated

As a New York S Corporation

(12/19)

 

Employer identification number

Legal name of corporation

address

 

 

 

 

DBA or trade name (if any)

 

 

 

 

 

Mailing

Mailing name (if different from legal name)

 

c/o

 

 

 

 

 

 

Number and street or PO box

 

 

 

 

 

 

 

City

State

ZIP code

 

 

 

 

Business telephone number

Effective date of termination (see instructions)

 

( )

For office use only

Date received

The corporation is terminating its election to be treated as a New York S corporation under New York State Tax Law, Article 22, section 660(c) for the following reason (mark an X in the appropriate box):

1 Termination of federal S election

2 Revocation of election by shareholders owning more than 50% of the shares of stock of the corporation

3 New shareholder refusal

If you marked box 2, all revoking shareholders must complete the Shareholder individual affirmation. If you marked box 3, only the new shareholder must complete the Shareholder individual affirmation.

Shareholder individual affirmation - By signing below, the shareholder(s) of the above corporation revokes the election to be treated as an S corporation or, in the case of a new shareholder, refuses to consent to the election to be treated as an S corporation under Tax Law, Article 22, section 660(c). The shareholder(s) also certifies that the personal information given below is to the best of the shareholder’s knowledge and belief true, correct, and complete.

See instructions if a continuation sheet or a separate consent statement is needed.

A

B

 

C

D

Name and address

Social Security

Stock owned or percentage of

Shareholder’s signature (see instructions)

of each revoking shareholder

number or employer

ownership (see instructions)

For this termination of election to be valid, all

(include ZIP code)

identification number

 

 

revoking shareholders must signify consent by

Number of shares

Date

 

 

signing below.

 

 

or percentage of

acquired

 

 

 

ownership

 

 

Certification: I certify that this termination of election and any attachments are to the best of my knowledge and belief true, correct, and complete.

 

Printed name of authorized person

 

Signature of authorized person

 

 

Official title

 

Authorized

 

 

 

 

 

 

 

 

 

 

 

 

 

person

Email address of authorized person

 

 

 

 

Telephone number

 

 

Date

 

 

 

 

 

 

(

)

 

 

 

 

 

 

Paid

Firm’s name (or yours if self-employed)

 

 

 

Firm’s

EIN

 

 

 

 

Preparer’s PTIN or SSN

 

 

 

 

 

 

 

 

 

 

 

 

 

preparer

 

 

 

 

 

 

 

 

 

Signature of individual preparing this election

Address

 

City

 

State

ZIP code

use

 

 

 

 

 

 

 

 

 

 

 

 

 

only

 

 

 

 

 

 

 

 

 

 

Email address of individual preparing this election

 

 

Preparer’s NYTPRIN

 

or

Excl. code

Date

 

(see instr.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fax form to: 518-435-8605 (see instructions)

Page 2 of 2 CT-6.1 (12/19)

Instructions

 

General information

 

Column C – Enter the number of shares of stock owned and

A corporation that made the election to be treated as a New

 

the date the shares of stock were acquired by each shareholder

 

listed in column A. An entity without stock, such as a limited

York S corporation on Form CT-6, Election by a Federal

 

 

liability company (LLC), should enter the percentage of

S Corporation to be Treated as a New York S Corporation,

 

 

ownership for each member and date acquired.

must file Form CT-6.1 to terminate the election. Specifically,

 

 

 

Form CT-6.1 is used to report:

 

Column D – Each shareholder listed in column A must signify

the termination of the corporation’s taxation as a New York

 

consent to the termination or revocation by signing their name

S corporation under Tax Law Article 9-A; and

 

in column D or by signing their name on a separate consent

– the termination of the shareholder’s election to include his or

statement, as described in Continuation sheet or separate

consent statement.

her share of the New York S corporation’s items of income,

loss, and deductions under the personal income tax law

 

If a married couple has a community interest in the stock or

(Article 22) or as unrelated business income for Article 13

 

the income from it, both spouses must consent. Similarly, each

taxpayers.

 

tenant in common, joint tenant, or tenant by the entirety must

When termination occurs

 

also consent.

 

A minor’s consent is made by the minor or the legal guardian.

An election to treat the corporation as a New York S corporation

If no legal guardian has been appointed, the natural guardian

will cease to be effective:

 

 

makes the consent (even if a custodian holds the minor’s stock

– on the day the federal election to be treated as an

 

 

under a law patterned after the Uniform Gifts to Minors Act).

S corporation ceases; or

 

An Article 13 shareholder’s consent is made by an elected

– where shareholders owning more than 50% of the shares of

officer or other authorized person.

stock revoke the New York S election, on the date specified

 

under Revocation of election; or

 

Signature

– on the day a person who refuses to consent to the New York

The election must be certified by the president, vice president,

S corporation treatment becomes a new shareholder.

 

 

treasurer, assistant treasurer, chief accounting officer, or other

 

 

Note: When the termination date is other than the first day of a tax

officer authorized by the taxpayer corporation.

year, the corporation will be considered a New York S corporation

The election of an association, publicly traded partnership, or

from the first day of the tax year to the day immediately preceding

business conducted by a trustee or trustees must be signed by

the termination day and a New York C corporation from the

 

 

a person authorized to act for the association, publicly traded

termination day to the last day of the tax year.

 

 

partnership, or business.

 

 

Revocation of election

 

If an outside individual or firm prepared the election, all

The revocation is effective:

 

applicable entries in the paid preparer section must be

– on the first day of the tax year, if Form CT-6.1 is filed on or

completed, including identification numbers (see Paid preparer

identification numbers in Form CT-1). Failure to sign the election

before the fifteenth day of the third month of the tax year; or

will delay the processing of any refunds and may result in

on the first day of the following tax year if Form CT-6.1 is filed

penalties.

after the fifteenth day of the third month of the tax year; or

 

 

on the date specified, if Form CT-6.1 specifies a date on or after the date it is filed.

Note: In order for the revocation to be valid, the shareholders revoking the New York S election must own more than 50% of the shares of stock in the S corporation on the day the revocation is made.

Specific instructions

Enter the legal name of the corporation exactly as it appears in the records of the New York State Department of State.

Enter the DBA or trade name that appears on the Certificate of Assumed Name filed with the New York State Department of State.

Continuation sheet or separate consent statement – If you need a continuation sheet or use a separate consent statement, attach it to Form CT-6.1. The separate consent statement must contain the name, address, and employer identification number of the corporation and the shareholder information requested in columns A through D.

Column A – If this is a revocation, enter the name and address of each shareholder consenting to the revocation who owned shares of stock in the corporation at the time of revocation. If this is a new shareholder refusal, enter the name and address of the new shareholder.

Column B – Enter the Social Security number or employer identification number of each shareholder listed in column A.

How to file

Fax Form CT-6.1 to 518-435-8605.

If you are unable to send a fax, mail Form CT-6.1 to:

NYS TAX DEPARTMENT

CT-6 PROCESSING

W A HARRIMAN CAMPUS

ALBANY NY 12227-0852

Private delivery services

See Publication 55, Designated Private Delivery Services.

Need help? and Privacy notification

See Form CT-1, Supplement to Corporation Tax Instructions.