In order to complete your company's income tax return, you will need to fill out Form Cr Q1. This form is used to report all of your business income and expenses for the first quarter of the year. It is important to include accurate information on this form, as it will be used to determine how much tax you owe. Make sure to consult with a tax professional if you have any questions about how to complete this form.
You'll discover information about the type of form you would like to fill out in the table. It can show you the span of time you'll need to complete form cr q1, what fields you will have to fill in, etc.
| Question | Answer |
|---|---|
| Form Name | Form Cr Q1 |
| Form Length | 3 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 45 sec |
| Other names | crq1, fillable nyc cr q1, form cr q1, cr q1 form |
NEW YORK CITY DEPARTMENT OF FINANCE |
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FIRST QUARTER |
COMMERCIAL RENT TAX RETURN |
2020/21 Applicable for the tax period June 1, 2020 toAugust 31, 2020 ONLY
PLEASE PRINT OR TYPE:
Name:
_________________________________________________________________________________
Address (number and street):
_________________________________________________________________________________
City and State: |
Zip: |
_________________________________________________________________________________ |
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Business Telephone Number: |
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Employer
Identification
Number .............................
OR
Social
Security
Number....................
ACCOUNT TYPE |
COMMERCIAL RENT TAX |
PERIOD BEGINNING |
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PERIOD ENDING |
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DUE DATE |
Federal Business Code .
PLEASE READ THE INSTRUCTIONS CAREFULLY SO THAT YOU PAY ONLY THE RIGHT AMOUNT OF TAX. COMPLETE THIS RETURN BY BEGINNING WITH PAGES 2 AND 3, BUT DO NOT MAIL PAGE 2 AND 3 OR OTHER ATTACHMENTS
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COMPUTATION OF TAX |
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t Payment Enclosed t |
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A. Payment - |
Pay amount shown on line 4 - Make check payable to: NYCDepartmentofFinance |
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LINE |
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RATE |
NO. OF PREMISES |
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TOTAL |
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TAX |
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TAX DUE: |
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CLASS |
FOR EACH RATE CLASS |
BASE RENT |
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RATE |
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TOTAL BASE RENT X TAX RATE |
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1. |
$0 to $62,499 (from page 2, ine 13) |
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.00 |
0% |
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2. |
$62,500 and over (from page 2, line 14) |
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.00 |
6% |
2. |
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3. |
.........Tax Credit (from page 2, line 16) (see instructions) |
3. |
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4. |
Small Business Tax Credit (from page 2, line 17) (see instr.). 4. |
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5. |
Total credits (line 3 plus line 4) |
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5. |
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6. |
Total Remittance Due (line 2 minus line 5). Enter payment amount on lineA, above |
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6. |
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DO NOT ATTACH PAGE 2 OR PAGE 3 TO THIS PAGE. ATTACH REMITTANCE ONLY.
DID YOUR MAILING ADDRESS CHANGE?
If so, please visit us at nyc.gov/finance and select “Business” in the left column. Select “Update/Change Business
Name or Address” from the Online Tools. Update as required.
Mail this return with your payment to:
NYC Dept. of Finance, P.O. Box 3931, New York, NY
Make remittance payable to the order of “NYC DEPARTMENT OF FINANCE”. Payment must be made in U.S. dol- lars, drawn on a U.S. bank.
To receive proper credit, you must enter your correct Employer Identification Number or Social Security Number on your tax return and remittance.
ELECTRONIC FILING
Register for electronic filing. It is an easy, secure and convenient way to file and pay taxes
For more information log on to nyc.gov/eservices
Form |
Page 2 |
YOU MAY FILE ELECTRONICALLY AT NYC.GOV/ESERVICES. IF YOU ARE FILING ON PAPER, USE THIS PAGE IF YOU HAVE THREE OR LESS PREM- ISES/SUBTENANTS OR MAKE COPIES OF THIS PAGE IF YOU HAVE ADDITIONAL PREMISES/SUBTENANTS. IF YOU CHOOSE TO USE A SPREADSHEET, YOU MUST USE THE CRA.FINANCE SUPPLEMENTAL SPREADSHEET WHICH YOU CAN DOWNLOAD FROM OUR WEBSITE AT WWW.NYC.GOV/CRTINFO.
EACH LINE MUST BE ACCURATELY COMPLETED. YOUR DEDUCTION WILL BE DISALLOWED IF INACCURATE INFORMATION IS SUBMITTED.
LINE |
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DESCRIPTION |
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PREMISES 1 |
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PREMISES 2 |
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PREMISES 3 |
● 1a. |
Street Address ................................................................ 1a. |
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1b. |
Zip Code ..........................................................................1b. |
________________________________________________________________________________________ |
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1c/d. Block and Lot Number ...............................................1c/1d. ________________________________________________________________________________________ |
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1c. BLOCK |
1d. LOT |
1c. BLOCK |
1d. LOT |
1c. BLOCK |
1d. LOT |
● 2. |
Gross Rent Paid (see instructions) |
2. |
________________________________________________________________________________________ |
3. |
Rent Applied to Residential Use |
3. |
________________________________________________________________________________________ |
4a1. |
SUBTENANT'S NameifPartnershiporCorporation |
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(if more than one subtenant, see instructions) |
4a1. |
________________________________________________________________________________________ |
●4a2. Employer Identification Number (EIN) for
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partnerships or corporations |
4a2. |
● EIN ________________________ ● EIN ________________________ ● EIN _______________________ |
4b1. |
SUBTENANT'S NameifIndividual |
4b1. |
________________________________________________________________________________________ |
4b2. |
Social Security Number (SSN) for individuals |
4b2. |
● SSN _______________________ ● SSN _______________________ ● SSN _______________________ |
4c. |
RentreceivedfromSUBTENANT |
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(if more than one subtenant, see instructions) |
4c. |
___________________________________________________________________________________________________ |
5a. |
Other Deductions (attach schedule) |
5a. |
________________________________________________________________________________________ |
5b. |
Commercial Revitalization Program |
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special reduction (see instructions) |
5b. |
________________________________________________________________________________________ |
6. |
Total Deductions (add lines 3, 4c, 5a and 5b) |
6. |
________________________________________________________________________________________ |
7.Base Rent Before Rent Reduction (line 2 minus line 6)...7. ________________________________________________________________________________________
8. |
35% Rent Reduction (35% X line 7) |
8. ________________________________________________________________________________________ |
9. |
Base Rent Subject to Tax (line 7 minus line 8) |
9. ________________________________________________________________________________________ |
4If the line 7 amount represents rent for less than the full
NOTE 4If the line 7 amount plus the line 5b amount is $62,499 or less and represents rent for a full
COMPLETE LINES 10 THROUGH 12 ONLY IF YOU RENTED PREMISES FOR LESS THAN THE
10.Tenants whose rent is not paid on a monthly basis,
check box and see instructions. Others complete |
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lines 10a through 12 |
10. __________________________________________________________________________________________ |
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10a. Number of Months at Premises during the tax period |
10b. From: |
10a. # of months |
10b. From: |
10a. # of months |
10b. From: |
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10c. To: |
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10c. To: |
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10c. To: |
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_________________________________________________________________________________________________________________ |
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11.Monthly Base Rent before rent reduction
(line 7 plus line 5b divided by line 10a) |
11. ________________________________________________________________________________________ |
12.Quarterly Base Rent before rent reduction
(line 11 X 3 months) |
12. ________________________________________________________________________________________ |
■If the line 12 amount is $62,499 or less, transfer the line 9 amount (not the line 12 amount) to line 13
■If the line 12 amount is $62,500 or more, transfer the line 9 amount (not the line 12 amount) to line 14
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RATE CLASS |
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TAX RATE |
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TRANSFER THE AMOUNTS FROM LINES 13 THROUGH 17 TO THE CORRESPONDING LINES ON PAGE 1 |
13. ($0 - 62,499) |
0% |
13.________________________________________________________________________________________ |
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14. ($62,500 or more) |
6% |
14.________________________________________________________________________________________ |
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15.Tax Due before credit (line 14 multiplied by 6%).............15.________________________________________________________________________________________
16. |
Tax Credit (see worksheet below) |
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16.________________________________________________________________________________________ |
17. |
Small Business Tax Credit |
(from pg. 3, or |
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supplemental spreadsheet) (see instructions) |
17.________________________________________________________________________________________ |
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Note: The tax credit only applies if line 7 plus line 5b (or line 12, if applicable) is at least $62,500, but is less than $75,000. All others enter zero.
Tax Credit Computation Worksheet
■If the line 7 amount represents rent for the full 3 month period, your credit is calculated as follows:
Amount on line 15 X ($75,000 minus the sum of lines 7 and 5b) = _____________ = your credit
$12,500
■If the line 7 amount represents rent for less than the full 3 month period, your credit is calculated as follows: Amount on line 15 X ($75,000$12,500minus line 12) = _____________ = your credit
Form |
Page 3 |
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IF YOU ARE FILING ON PAPER, USE THIS PAGE IF YOU HAVE THREE OR LESS PREMISES OR MAKE COPIES IF YOU HAVE ADDITIONAL PREMISES. IF YOU CHOOSE TO USE A SPREADSHEET, YOU MUST USE THE SUPPLEMENTAL SMALL BUSI- NESS TAX CREDIT WORKSHEET WHICH YOU CAN DOWNLOAD FROM OUR WEBSITE AT WWW.NYC.GOV/CRTINFO.
SMALL BUSINESS TAX CREDIT WORKSHEET
A. |
Is your "total income" as defined by Ad. Code Section |
■ YES |
■ NO |
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If your answer to Question A is NO, you are not eligible for this credit. |
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B. |
Is your "Base Rent Before Rent Reduction" (page 2, line 7) for any premises at least $62,500 but less than $137,500? ... |
■ YES |
■ NO |
If the answer to this Question is NO for any of the premises, you are not eligible for this credit for those premises whose Base Rent BeforeReductioniseitherlessthan$62,500orequaltoorgreaterthan$137,500andyoushouldnotcompletethisworksheetforthosepremises.
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INCOME FACTOR CALCULATIONS - Complete either lines 1a and 1b OR lines 2a and 2b |
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1a. |
Enter amount of total income, if total income is $5,000,000 or less (see instructions) |
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1a. |
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1b. |
Income factor (see instructions) |
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1b. |
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2a. Enter amount of total income if total income is more than $5,000,000 |
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but less than $10,000,000 (see instructions) |
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2a. |
______________________________________ |
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2b. |
If total income is more than $5,000,000 but less than $10,000,000: |
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Income Factor is (10,000,000 - line 2a) / 5,000,000 |
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2b. |
______________________________________ |
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RENT FACTOR CALCULATIONS - Complete either lines 3a and 3b OR lines 4a and 4b |
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PREMISES |
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PREMISES |
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PREMISES |
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3a. Enter amount of base rent, if base |
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rent from Page 2, line 7 is less |
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than $125,000 |
3a. |
_________________________________________________________________________________________ |
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3b. |
Rent factor (see instructions) |
3b. |
_________________________________________________________________________________________KEEP THIS PAGE |
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4a. Enter amount of base rent if base rent |
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from Page 2, line 7 is at least |
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FOR YOUR RECORDS. |
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$125,000 but less ..............................................than $137,500 |
4a. |
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(see instructions). |
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4b. |
If base rent from Page 2, line 7 is at least |
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_________________________________________________________________________________________DO NOT FILE |
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$125,000 but less than $137,500: |
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Rent Factor is ($137,500 - line 4a) / 12,500 |
4b. |
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CREDIT CALCULATION |
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5a. Page 2, line 15 (Tax at 6%) ...............................5a. |
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5b. |
Page 2, line 16 (Tax Credit from Tax |
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Credit Computation Worksheet on Page 2).......5b. |
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5c. (line 5a - line 5b) X (line 1b or 2b) X (line 3b or 4b). |
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Enter here and on Page 2, line 17.....................5c. |
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WORKSHEET FOR TENANTS WHO PAY RENT FOR A PERIOD OTHER THAN ONE MONTH (SEE INSTRUCTIONS)
To determine the quarterly base rent before rent reduction, divide the rent paid during the tax period by the number of days for which the rent was paid, multiply the result by the number of days in the tax year and divide that result by 4. Enter the result on line 5 here and Page 2, line 12.
1. |
Amount of rent paid for the period |
1. |
2. |
Number of days in the rental period for which |
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rent was paid |
2. |
3. |
Rent per day (divide line 1 by line 2. |
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Round to the nearest whole dollar) |
3. |
4. |
Annualized rent (multiply rent per day, line 3 |
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by 365. In case of a leap year, multiply by 366. |
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Round to the nearest whole dollar) |
4. |
5.Quarterly Base Rent before rent reduction (divide the result on line 4 by 4.
Round to the nearest whole dollar) |
5. |
PREMISES |
PREMISES |
PREMISES |
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