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Form NameFill Out Ct 6 Form
Form Length2 pages
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Avg. time to fill out30 sec
Other namesNYS, form ct 6 instructions, CT-6, ct 6

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New York State Department of Taxation and Finance

Instructions for Form CT-6

Election by a Federal S Corporation to be Treated as a New York S Corporation

CT-6-I

(7/96)

General Information

A federal S corporation may elect to be taxed as a New York

S Corporation (Tax Law section 660(a)). This election is made by filing Form CT-6.

Once the NYS Tax Department has approved the filing of Form CT-6:

The corporation will be treated as a New York S corporation under Article 9-A, section 208.1-A, of the Tax Law and file its New York S Corporation Franchise Tax Return on Form CT-4-S or

Form CT-3-S.

Each shareholder of the New York S corporation will include his or her share of the New York S corporation’s items of income, loss and deductions under Article 22, section 660, of the Tax Law and file an individual income tax return on Form IT-201,Resident Income Tax Return, or Form IT-203, Nonresident and Part-Year Resident Income Tax Return.

For additional information, see section 660 of the Tax Law and/or Publication 35, New York Tax Treatment of S Corporations and Their Shareholders.

A federal S corporation that elects to be a New York S corporation must file Form CT-3-S or CT-4-S on or before the fifteenth day of the third month following the end of each tax year. If the New York S corporation fails to file Form CT-3-S or CT-4-S on time or fails to include the required shareholder information, it must pay a penalty of $50 per shareholder per month or fraction of a month that the failure continues, for up to five months. Any individual who was a shareholder during any part of the year and is subject to the New York State personal income tax will be included in the shareholder information on this form.

Corporate Franchise Tax

For periods beginning on or after January 1, 1990, a New York S corporation is required to pay a corporate franchise tax that is the larger of the following:

-the tax on entire net income base; or

-the fixed dollar minimum tax.

Who May Elect

To elect to treat the corporation as a New York S corporation, you must meet the following requirements:

-The corporation must be a federal S corporation. If your federal election is pending, file your New York election and indicate that your federal election is pending. When you receive federal approval, forward a copy to the Tax Department at the address on the back of these instructions.

-The corporation must be a general business corporation taxable under Article 9-A of the New York State Tax Law. A corporation cannot elect to be a New York S corporation if taxable under Articles 9, 32, or 33 of the Tax Law.

-All of the corporation’s shareholders must consent to the New York S election.

When to Make the Election

Use Form CT-6 to make an election to treat the corporation as a New York S corporation. To be effective for the tax year, the election must be made at any time during the preceding tax year, or on or before the fifteenth day of the third month of the tax year

to which the election will apply. However, an election made on or before the fifteenth day of the third month of the tax year to which the election will apply, will not be effective until the following tax year if:

a)The corporation did not qualify as a federal S corporation, under section 1361(b) of the Internal Revenue Code on one or more days of the tax year prior to the date the election was made; or

b)One or more of the shareholders who held stock before the date of election did not consent to the corporation being a New York S corporation.

If the corporation is organized within New York State and anticipates being a New York State S corporation for its first tax year, it must file Form CT-6 on or before the fifteenth day of the third month following the effective date of its certificate of incorporation.

If the corporation is organized outside New York State, begins to do business in New York State, and anticipates being a New York S corporation for its first tax year, it must file Form CT-6 on or before the fifteenth day of the third month following the date it began doing business in New York State.

Examples:

A corporation was a New York C corporation for the tax year 1/1/95 - 12/31/95. The corporation anticipates being a New York S corporation for the tax year 1/1/96 - 12/31/96. The corporation must file Form CT-6 on or before March 15, 1996, to be a New York S corporation for the tax year 1/1/96 - 12/31/96.

A corporation’s effective date of incorporation in New York State is 6/13/96. The corporation anticipates being a New York

S corporation for its first tax year 6/13/96 - 12/31/96. The corporation must file Form CT-6 on or before August 28, 1996, to be a New York S corporation for the tax year 6/13/96 - 12/31/96.

A corporation’s date of incorporation outside New York State is 2/6/96. The corporation anticipates being a New York

S corporation for its first tax year 2/6/96 - 12/31/96. The corporation began doing business in New York State on 3/23/96. The corporation must file Form CT-6 on or before June 7, 1996, to be a New York S corporation for the New York tax year 3/23/96 - 12/31/96.

It is your responsibility to mail the election on time. The date of the US postmark will be considered the date of delivery. If sent by registered or certified mail, the date of registration or certification will be considered the date of delivery.

Approval of Election

You will be notified if your election is approved, and if approved, the date the election will take effect. Until then, do not file

Form CT-3-S or CT-4-S. If you are now required to file Form CT-3, or CT-4, continue filing it until your election takes effect.

If you do not receive confirmation of your election before your return is due, you should write to the Registration Section. See the address and special instructions at the end of these instructions.

Years for Which Election is Effective

The election will be effective for the entire corporate tax year for which it is made and for all succeeding tax years until terminated.

CT-6-I (7/96) (back)

Termination of New York S Election

An election to treat the corporation as a New York S corporation will cease to be effective:

-on the day the federal election to be treated as an S corporation ceases;

-where shareholders owning more than 50% of the shares of stock revoke the New York S election, on the date specified under Revocation of Election, below; or

-on the day an individual who refuses to consent to the New York S corporation treatment becomes a new shareholder.

Note: When the termination date is other than the first day of a tax year, the corporation will be considered a New York S corporation from the first day of the tax year to the day immediately preceding the termination day and a New York C corporation from the termination day to the last day of the tax year.

Revocation of Election

The revocation is effective:

-on the first day of the tax year, if Form CT-6.1 is filed on or before the fifteenth day of the third month of the tax year; or

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

Shareholders of a New York S corporation should file

Form CT-6.1, Termination of Election to be Treated as a New York S Corporation, to report the termination of the election to be taxed as a New York S corporation.

Specific Instructions

Enter the taxpayer’s name exactly as it appears in the records of the New York State Department of State.

Enter the business name that appears on the Trade Name Certificate filed with the New York State Department of State, if different.

Enter the number of shares of stock issued and outstanding (from federal Form 2553) — The number of shares of stock entered in this box should be the number of shares of stock that have been issued to shareholders and have not been reacquired by the corporation. It should equal the total shares of stock owned by all shareholders, as reported in column C.

Column A — Enter the name and address of each shareholder.

Column B — Enter the social security number of each shareholder.

Column C — Enter the number of shares of stock each shareholder owns and the dates the stock was acquired. Do not list the shares of stock for those shareholders who sold or transferred all of their stock before the election was made but who still must consent to the election for it to be effective for the tax year. For more information, see the instructions for column D below.

Column D — Each shareholder at the time the election is made must consent to the election by signing in column D or by signing a separate consent statement, described below.

If the election is made during the corporation’s first tax year for which it is to be effective, any former shareholder who held stock at any time on or before the fifteenth day of the third month of the

electing year must also consent to the election. If the former shareholder does not consent, the election will not be effective until the following tax year.

If a husband and wife have a community interest in the stock or the income from it, both must consent. Likewise, each tenant in common, joint tenant, or tenant by the entirety must also consent.

A minor’s consent is made by the minor or the legal guardian. If no legal guardian has been appointed, the natural guardian makes the consent (even if a custodian holds the minor’s stock under a law patterned after the Uniform Gifts to Minors Act).

Continuation Sheet or Separate Consent Statement — If you need a continuation sheet or use a separate consent statement, attach it to Form CT-6. 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.

If you wish, you may combine all the shareholders’ consents in one statement.

Where to File

Mail Form CT-6 to: NYS Tax Department, Corporation Tax Registration, Building 8, Room 409, W A Harriman Campus, Albany NY 12227.

If you do not receive confirmation of your election within three months of the date filed (date mailed), you should write to the address shown above.

Need Help?

For information, forms or publications, call the Business Tax Information Center at 1 800 972-1233. The call is toll free from anywhere in the U.S. (including Alaska and Hawaii) and Canada. For information, you can also call toll free (from New York State only) 1 800 CALL TAX (1 800 225-5829). From areas outside New York State, call (518) 438-8581. For forms or publications, you can also call toll free (from New York State only)

1 800 462-8100. From areas outside New York State, call (518) 438-1073.

Telephone assistance is available from 8:30 a.m. to 4:25 p.m., Monday through Friday.

Hotline for the Hearing and Speech Impaired - If you have a hearing or speech impairment and have access to a telecommunications device for the deaf (TDD), you can get answers to your New York State tax questions by calling 1 800 634-2110 toll free from anywhere in the U.S. (including Alaska and Hawaii) and Canada. Hours of operation are from 8:30 a.m. to

4:15 p.m., Monday through Friday. If you do not own a TDD, 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 the information numbers listed above.

If you need to write, address your letter to: NYS Tax Department, Taxpayer Assistance Bureau, W A Harriman Campus, Albany NY 12227.

Privacy Notification

The right of the Commissioner of Taxation and Finance and the Department of Taxation and Finance to collect and maintain personal information, including mandatory disclosure of social security numbers in the manner required by tax regulations, instructions and forms, is found in Articles 8, 9,

9-A, 13, 19, 27, 32, 33 and 33-A of the Tax Law and 42 USC 405(c)(2)(C)(i).

The Tax Department will use this information primarily to determine and administer corporate tax liabilities under the Tax Law, for certain tax refund offsets, and for any other purpose authorized by law.

Failure to provide the required information may result in civil or criminal penalties, or both, under the Tax Law.

This information will be maintained by the Director of the Data Management Services Bureau, NYS Tax Department, Building 8 Room 905, W A Harriman Campus, Albany NY 12227; telephone (from New York State only) 1 800 CALL TAX (1 800 225-5829); from areas outside New York State, call (518) 438-8581.

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