Form Nyc-245 Draft - Activities Report Of Business And General Corporations

Instructions

Form NYC-245 - 2017

Page 2

for

This report must be filed by any corporation

4) the corporation is a Real Estate Mortgage

local tax returns filed by the organization for

that has an officer, employee, agent, or rep-

Investment Conduit (REMIC); or

the three most recent preceding years.

resentative in the City and claims not to be

subject to the New York City General Cor-

5) the corporation is exempt from Federal

All of the above information should be sent

poration Tax or Business Corporation Tax.

income tax under IRC section 501(c)(2)

to:

For taxable years beginning in 1996 and

or (25).

NYC Department of Finance

thereafter, entities taxable as corporations for

WHEN TO FILE

Exemption Processing Unit

federal income tax purposes under IRC

§7701 (a) (3) and §7704 are considered cor-

Any S corporation required to file this report

59 Maiden Lane, 20th Floor

New York, NY 10038

porations for purposes of the General Corpo-

must do so annually, on or before March 15th

A corporation subject to

ration Tax.

if it reports on a calendar year basis for fed-

General Corporation Tax or Business Cor-

eral income tax purposes, or on or before the

There is no prescribed application form and

poration Tax cannot use this form; it must

15th day of the 3rd month following the close

no application fee.

file a General Corporation Tax return, Form

of its fiscal year if it reports on a fiscal year

LINE 6

NYC-4S, NYC-4S-EZ or NYC-3L or a Busi-

basis.

ness Corporation Tax return, Form NYC-2 or

If you answer "yes" to any question other

NYC-2S. See "Corporations Subject to Tax"

Any C corporation required to file this report

than 6h, the corporation may be subject to

below. The filing of this form does not con-

must do so annually, on or before April 15th

General Corporation Tax or Business Corpo-

stitute the filing of a return by the corpo-

if it reports on a calendar year basis for fed-

ration Tax. See "Corporations Subject to

ration sufficient to start the running of the

eral income tax purposes, or on or before the

Tax" for more information. Corporations

limitations period for assessments of tax.

15th day of the 4th month following the close

subject to tax cannot use this form.

To obtain the protection of the limitations

of its fiscal year if it reports on a fiscal year

period, a General Corporation Tax return

LINE 6g

basis.

or Business Corporation Tax return must

If the answer to question 6g is “yes,” state on

be properly filed. A corporation that has

LINE 5b

a rider what activities take place elsewhere

ceased doing business in the City during the

Every corporation claiming exemption from

in New York State that do not also take place

taxable year cannot use this form. Such a

General Corporation Tax or Business Corpo-

in New York City, or other reasons for filing

corporation must file a final return or request

ration Tax as a nonstock, nonprofit corpora-

a State Franchise Tax Report.

an extension of time to file a final return on

tion (except for corporations exempt from

or before the 15th day after the date that

LINE 6i

federal income tax under IRC Section

the corporation ceases to be subject to the

501(c)(2) and (25)) must apply for an ex-

If the answer is "yes," see section 11-

General Corporation Tax or Business Cor-

emption from the Department of Finance by

04(b)(11) of Title 19 of the Rules of the City

poration Tax. See Form NYC-EXT and in-

submitting an application for exemption con-

of New York for information regarding the

structions for further information.

taining an affidavit setting forth the following

application of P.L. 86-272 to activities in

information about the corporation:

New York City.

A corporation is not required to file this re-

CORPORATIONS SUBJECT TO TAX

port if it falls under one of the following:

1) the purposes for which it is organized,

A corporation subject to General Corpo-

1) the corporation is exempt from the Gen-

2) its actual activities,

ration Tax or Business Corporation Tax

eral Corporation Tax under Section 11-

603.4 or the Business Corporation Tax

3) the source and disposition of its income,

cannot use this form; it must file either Form

under Section 11-653(4) of the Adminis-

NYC-4S, NYC-4S-EZ or NYC-3L (GCT) or

trative Code;

4) whether any of its income is credited to

Form NYC-2 or Form NYC-2S (Business

surplus or may inure to any private stock-

Corporation Tax). Sections 11-603.1 and 11-

2) the corporation has received a letter from

holder or individual, and

653(1) of the Administrative Code provide

the Department of Finance exempting it

that a corporation is subject to tax if it is:

from tax as a nonstock, nonprofit corpo-

5) such other facts that may affect its right

1) doing business in New York City,

ration (see instructions for line 5b below),

to exemption.

provided there has been no change in its

2) employing capital in New York City,

The affidavit must be supplemented by: a

character, activities or federal tax status

since the date of that letter;

copy of the articles of incorporation or arti-

3) owning or leasing property in New York

cles of association, a copy of the bylaws,

City, in a corporate or organized capacity,

3) the corporation’s only tie with New York

copies of statements showing the corpora-

City is that one or more of the corpora-

tion's assets and liabilities and receipts and

tion’s officers, employees, agents or rep-

disbursements for the most recent year, a

4) maintaining an office in New York City.

resentatives reside in the City or come

photostatic copy of a letter from the United

into the City infrequently in connection

States Treasury Department granting the cor-

The term “doing business” is used in a com-

with isolated transactions of the corpora-

poration an exemption from federal income

prehensive sense and includes all activities

tion;

taxation and photocopies of federal, state and

Form Nyc-245 Draft - Activities Report Of Business And General Corporations - 2017 Page 2

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