Form Cr Q1 PDF Details

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.

QuestionAnswer
Form NameForm Cr Q1
Form Length3 pages
Fillable?Yes
Fillable fields145
Avg. time to fill out29 min 49 sec
Other namesfillable nyc cr q1, form commercial rent tax, cr q1 commercial rent tax, cr q1

Form Preview Example

CR-Q1

NEW YORK CITY DEPARTMENT OF FINANCE

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:

_________________________________________________________________________________

Business Telephone Number:

 

Employer

Identification

Number .............................

OR

Social

Security

Number....................

ACCOUNT TYPE

COMMERCIAL RENT TAX

PERIOD BEGINNING

06-01-20

PERIOD ENDING

08-31-20

DUE DATE

09-20-20

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

 

COMPUTATION OF TAX

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

t Payment Enclosed t

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A. Payment -

Pay amount shown on line 4 - Make check payable to: NYCDepartmentofFinance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LINE

 

RATE

NO. OF PREMISES

 

TOTAL

 

TAX

 

 

TAX DUE:

CLASS

FOR EACH RATE CLASS

BASE RENT

 

RATE

 

TOTAL BASE RENT X TAX RATE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.

$0 to $62,499 (from page 2, ine 13)

 

 

 

.00

0%

1.

0

00

2.

$62,500 and over (from page 2, line 14)

 

 

 

.00

6%

2.

 

 

 

 

3.

.........Tax Credit (from page 2, line 16) (see instructions)

3.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4.

Small Business Tax Credit (from page 2, line 17) (see instr.). 4.

 

 

 

 

 

 

 

 

5.

Total credits (line 3 plus line 4)

 

 

 

 

 

5.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6.

Total Remittance Due (line 2 minus line 5). Enter payment amount on lineA, above

 

 

6.

 

 

 

 

 

 

 

 

 

 

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 10008-3931.

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 on-line.

For more information log on to nyc.gov/eservices

CR-Q1 FIRST QUARTER 2020/21

Form CR-Q1 for the tax period June 1, 2020 to August 31, 2020 ONLY

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

 

DESCRIPTION

 

PREMISES 1

 

PREMISES 2

 

PREMISES 3

1a.

Street Address ................................................................ 1a.

 

 

 

 

 

 

1b.

Zip Code ..........................................................................1b.

________________________________________________________________________________________

1c/d. Block and Lot Number ...............................................1c/1d. ________________________________________________________________________________________

 

 

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

 

 

 

(if more than one subtenant, see instructions)

4a1.

________________________________________________________________________________________

4a2. Employer Identification Number (EIN) for

 

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

 

 

 

(if more than one subtenant, see instructions)

4c.

___________________________________________________________________________________________________

5a.

Other Deductions (attach schedule)

5a.

________________________________________________________________________________________

5b.

Commercial Revitalization Program

 

 

 

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 three-month period, proceed to line 10, or

NOTE 4If the line 7 amount plus the line 5b amount is $62,499 or less and represents rent for a full three-month period, transfer line 9 to line 13, or 4If the line 7 amount plus the line 5b amount is $62,500 or more and represents rent for a full three-month period, transfer line 9 to line 14

COMPLETE LINES 10 THROUGH 12 ONLY IF YOU RENTED PREMISES FOR LESS THAN THE THREE-MONTH PERIOD

10.Tenants whose rent is not paid on a monthly basis,

check box and see instructions. Others complete

lines 10a through 12

10. __________________________________________________________________________________________

10a. Number of Months at Premises during the tax period

10b. From:

10a. # of months

10b. From:

10a. # of months

10b. From:

 

 

 

 

 

 

 

 

 

 

10c. To:

 

10c. To:

 

 

10c. To:

 

 

_________________________________________________________________________________________________________________

 

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

 

 

RATE CLASS

 

TAX RATE

 

TRANSFER THE AMOUNTS FROM LINES 13 THROUGH 17 TO THE CORRESPONDING LINES ON PAGE 1

13. ($0 - 62,499)

0%

13.________________________________________________________________________________________

14. ($62,500 or more)

6%

14.________________________________________________________________________________________

15.Tax Due before credit (line 14 multiplied by 6%).............15.________________________________________________________________________________________

16.

Tax Credit (see worksheet below)

.................................................

16.________________________________________________________________________________________

17.

Small Business Tax Credit

(from pg. 3, or

 

 

supplemental spreadsheet) (see instructions)

17.________________________________________________________________________________________

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 CR-Q1 for the tax period June 1, 2020 to August 31, 2020 ONLY

Page 3

 

 

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 11-704.4(a) less than $10,000,000?

YES

NO

 

If your answer to Question A is NO, you are not eligible for this credit.

 

 

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.

 

INCOME FACTOR CALCULATIONS - Complete either lines 1a and 1b OR lines 2a and 2b

1a.

Enter amount of total income, if total income is $5,000,000 or less (see instructions)

 

1a.

______________________________________

1b.

Income factor (see instructions)

 

 

 

 

1b.

______________________________________

2a. Enter amount of total income if total income is more than $5,000,000

 

 

 

 

 

 

 

but less than $10,000,000 (see instructions)

 

 

 

 

2a.

______________________________________

2b.

If total income is more than $5,000,000 but less than $10,000,000:

 

 

 

 

 

 

 

Income Factor is (10,000,000 - line 2a) / 5,000,000

 

 

 

 

2b.

______________________________________

 

 

 

 

 

 

 

 

 

 

 

 

 

RENT FACTOR CALCULATIONS - Complete either lines 3a and 3b OR lines 4a and 4b

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PREMISES

 

 

PREMISES

 

 

PREMISES

 

 

3a. Enter amount of base rent, if base

 

 

 

 

 

 

 

 

 

 

 

rent from Page 2, line 7 is less

 

 

 

 

 

 

 

 

 

 

 

than $125,000

3a.

_________________________________________________________________________________________

3b.

Rent factor (see instructions)

3b.

_________________________________________________________________________________________KEEP THIS PAGE

4a. Enter amount of base rent if base rent

 

 

 

 

 

 

 

 

 

 

 

from Page 2, line 7 is at least

 

FOR YOUR RECORDS.

 

$125,000 but less ..............................................than $137,500

4a.

 

(see instructions).

_________________________________________________________________________________________

4b.

If base rent from Page 2, line 7 is at least

 

_________________________________________________________________________________________DO NOT FILE

 

$125,000 but less than $137,500:

 

 

Rent Factor is ($137,500 - line 4a) / 12,500

4b.

 

 

 

 

 

 

 

 

 

 

 

 

 

CREDIT CALCULATION

 

 

 

 

 

 

 

 

 

 

5a. Page 2, line 15 (Tax at 6%) ...............................5a.

_________________________________________________________________________________________

5b.

Page 2, line 16 (Tax Credit from Tax

 

 

 

 

 

 

 

 

 

 

 

Credit Computation Worksheet on Page 2).......5b.

_________________________________________________________________________________________

5c. (line 5a - line 5b) X (line 1b or 2b) X (line 3b or 4b).

 

 

 

 

 

 

 

 

 

 

Enter here and on Page 2, line 17.....................5c.

_________________________________________________________________________________________

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

 

 

rent was paid

2.

3.

Rent per day (divide line 1 by line 2.

 

 

Round to the nearest whole dollar)

3.

4.

Annualized rent (multiply rent per day, line 3

 

 

by 365. In case of a leap year, multiply by 366.

 

 

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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Fill out the next segments to fill in the form:

part 1 to filling in new york commercial rent tax return

Fill out the LINE, tofrompageine, andoverfrompageline, and NYCDeptofFinancePOBoxNewYorkNY fields with any particulars that is demanded by the application.

new york commercial rent tax return LINE, tofrompageine, andoverfrompageline, and NYCDeptofFinancePOBoxNewYorkNY fields to fill

You should be asked for some relevant information so you can complete the DESCRIPTION, PREMISES, PREMISES, PREMISES, cBLOCK, dLOT, cBLOCK, dLOT, cBLOCK, dLOT, and aEmployerIdentificationNumberEINfor segment.

Entering details in new york commercial rent tax return part 3

The aofmonthsbFrom, aofmonthsbFrom, cTo, cTo, cTo, MonthlyBaseRentbeforerentreduction, linepluslinebdividedbylinea, lineXmonths, RATECLASS, and TAXRATE section is the place to add the rights and obligations of both parties.

step 4 to entering details in new york commercial rent tax return

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Finishing new york commercial rent tax return part 5

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