Nyc 400 Form – Fill Out and Use This PDF

Form NYC-400 - 2014 - Instructions	Page 2

WHOMUSTFILE

Every corporation subject to the NewYork City General CorporationTax (Title 11, Chapter 6, Subchapter 2 of theAdministrative Code) must file a declaration (NYC-400) if its estimated tax for the current year can reasonably be expected to exceed $1,000. The term “esti- matedtax”meanstheamountoftaxthetaxpayerestimatestobeimposedbysection11-603oftheAdministrativeCodelessthesumofthe creditsestimatedtobeallowableagainstthetax. Foragroupfilingacombinedreturn, thisformshouldbefiledbythegroupmemberfil- ing the return and paying the tax.

NOTE:Ifthecurrentyear’staxisreasonablyestimatedtoexceed$1,000,anestimatedpaymentisrequiredevenifthisisthefirstyearofbusi- nessinNewYorkCityforthetaxpayerorthetaxpayerpaidonlytheminimumtaxfortheprecedingyear.Failuretopayorunderpayment ofestimatedtaxinthesecircumstanceswillresultinpenalties.

LINE1 - DECLARATIONOFESTIMATEDTAXFORCURRENTYEAR

Corporationswhosetaxliabilityfortheprecedingyearexceeds$1,000arerequiredtopay,withthetaxreportfortheprecedingyearorwith theapplicationforextensionoftimeforthefilingofsuchreport,25%ofthetaxliabilityfortheprecedingyearasafirstinstallmentofes- timatedtaxforthecurrentyear. Aftertakingcreditforthat25%paymentandfortheamountofanyoverpaymentshownonlastyear’sre- turnwhichthetaxpayerelectedtohaveappliedasacreditagainstthecurrentyear’stax,taxpayersfilingestimatedtaxarerequiredtopay the balance of estimated tax in fractional installments.

ESTIMATEDTAXDUEDATES

Iftherequirementsforfilingestimatedpayments	Filetheformonorbeforethe:	Thebalanceofestimatedtaxisdueasfollows:
arefirstmetduringthetaxableyear:
Before the first day of the 6th month	15th day of the 6th month	l 1/3 by the 15th day of the 6th month
		l 1/3 by the 15th day of the 9th month
		l 1/3 by the 15th day of the 12th month
On or after the first day of the 6th month and before the	15th day of the 9th month	l 1/2 by the 15th day of the 9th month
first day of the 9th month		l 1/2 by the 15th day of the 12th month
On or after the first day of the 9th month and before the	15th day of the 12th month. In lieu of this form,	Pay in full
first day of the 12th month	a completed tax report, with payment of any unpaid
	balance of tax, may be filed on or before the 15th day
	of the 2nd month of the following year.

If any of the above dates fall on a Saturday, Sunday or legal holiday, the due date is the next business day.

AMENDMENTS

Anamendedformshouldbefiled,ifnecessary,tocorrectthetaxestimateandrelatedpayments.UsetheNYC-400orNoticeofEstimated TaxPaymentDueformakingamendment. Iftheamendmentismadeafterthe15thdayofthe9thmonthofthetaxableyear,anyincrease in tax must be paid with the amendment.

LATEFILING

IftheNYC-400isfiledafterthetimeprescribedinthechartabove,allinstallmentsofestimatedtaxdueonorbeforesuchtimearepayable at once and the remaining installments are due as if the form were timely filed.

PENALTY

The law imposes penalties for failure to pay or underpayment of estimated tax. (Refer to Section 11-676, Subdivisions 3 and 4 of the Admin-

istrative Code.)

ELECTRONICFILING

Note: Register for electronic filing. It is an easy, secure and convenient way to file and pay an extension on-line.

For more information log on to NYC.gov/eservices