Form Nyc-5ub - Partnership Declaration Of Estimated Unincorporated Business Tax - 2007 Page 2
Download a blank fillable Form Nyc-5ub - Partnership Declaration Of Estimated Unincorporated Business Tax - 2007 in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Form Nyc-5ub - Partnership Declaration Of Estimated Unincorporated Business Tax - 2007 with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2Form NYC-5UB - 2007 - Instructions
Page 2
Make remittance payable to NYC DEPARTMENT OF FINANCE. All remittances must
NOTE
If any due date falls on Saturday, Sunday or legal holiday, filing will be timely
be payable in U.S. dollars drawn on a U.S. bank. Checks drawn on foreign banks will
if made by the next day which is not a Saturday, Sunday or holiday.
be rejected and returned. A separate check for the declaration will expedite processing
of the payment.
PURPOSE OF DECLARATION
AMENDED DECLARATION
This declaration form provides a means of paying Unincorporated Business Tax on a
If, after a declaration is filed, the estimated tax increases or decreases because of a
current basis for partnerships, joint ventures and similar entities (other than
change in income, deductions, or allocation, you should file an amended declaration on
individuals, estates and trusts) engaged in carrying on an unincorporated business or
or before the next date for payment of an installment of estimated tax. This is done by
profession, as defined in Section 11-502 of the Administrative Code. Individuals, estates
completing the amended schedule of the Notice of Estimated Tax Payment Due (Form
and trusts use Form NYC-5UBTI for filing their declarations.
NYC-B100). This notice will be automatically mailed to you.
Every unincorporated business must file an income tax return after the close of its
taxable year and pay any balance of tax due. If the tax has been overpaid, adjustment
CHARGE FOR UNDERPAYMENT OF INSTALLMENTS OF ESTIMATED TAX
will be made only after the return has been filed.
A charge is imposed for underpayment of an installment of estimated tax for 2007. For
information as to the applicable rate of interest, call Taxpayer Assistance at: (212) 504-
WHO MUST MAKE A DECLARATION
4034. The Administrative Code follows provisions similar to the Internal Revenue Code
A 2007 declaration must be made by every partnership carrying on an unincorporated
with respect to underpayments of estimated tax. Form NYC-221 may be used to
business or profession in New York City if its estimated tax (line 6 of tax computation
determine if any charge for underpayment is due or if any exceptions apply. If it
schedule) can reasonably be expected to exceed $1,800 for the calendar year 2007 (or,
appears that there was an underpayment of any installment of estimated tax, a
in the case of a fiscal year taxpayer, for the partnership fiscal year beginning in 2007).
completed copy of Form NYC-221 may be attached to the return explaining why an
additional charge should not be made.
WHEN AND WHERE TO FILE DECLARATION
You must file the declaration for the calendar year 2007 on or before April 16, 2007, or
PENALTIES
on the applicable later dates specified in these instructions.
The law imposes penalties for failure to make a declaration or pay estimated tax due or
- Declarations with remittances -
- All other declarations -
for making a false or fraudulent declaration or certification.
NYC Department of Finance
NYC Department of Finance
P. O. Box 5070
P. O. Box 5080
FISCAL YEAR TAXPAYERS
Kingston, NY 12402-5070
Kingston, NY 12402-5080
In the case of a partnership that files its Unincorporated Business Tax Return on a
fiscal year basis, substitute the corresponding fiscal year months for the months
Fiscal year taxpayers, read instructions opposite regarding filing dates.
specified in the instructions. For example, if the fiscal year begins on April 1, 2007, the
HOW TO ESTIMATE UNINCORPORATED BUSINESS TAX
Declaration of Estimated Unincorporated Business Tax will be due on July 16, 2007,
The worksheet on the front of this form will help you in estimating the tax for 2007.
together with payment of first quarter estimated tax. In this case, equal installments
will be due on or before September 17, 2007, December 17, 2007, and April 15, 2008.
LINE 1 -
The term “net income from business expected in 2007” means the amount the
partnership estimates to be its income for 2007 computed before the specific
CHANGES IN INCOME
exemption. Refer to Schedule A, line 14 of the 2006 Partnership Return (Form NYC-
Even though on April 16, 2007, a partnership does not expect its unincorporated
204) and related instructions.
business tax to exceed $1,800, a change in income, allocation or exemption may
require that a declaration be filed later. In this event the requirements are as follows:
LINE 2 - EXEMPTION
The amount of the allowable exemption may be determined by referring to the
Installment
File
Amount of
instructions for the 2006 Form NYC-204, Schedule A, line 15.
If requirement for filing occurs:
payment
declaration by:
estimated
dates
tax due
LINE 4 - UNINCORPORATED BUSINESS TAX
after .........................but before
If you expect to receive a refund or credit in 2007 of any sales or compensating use tax
April 1, 2007 ................June 2, 2007
June 15, 2007
1/3
(1) June 15, 2007
for which a credit was claimed in a prior year under Administrative Code Sections 11-
503 (k) (sales and use tax credit), the amount of the estimated refund or credit must be
(2) Sept. 17, 2007
added to the tax shown on line 4 of the tax computation schedule.
(3) Jan. 15, 2008
June 1, 2007 ..................Sept. 2, 2007
Sept. 17, 2007
1/2
(1) Sept. 17, 2007
LINE 5b - OTHER CREDITS
(2) Jan. 15, 2008
Enter on line 5b the amount estimated to be the sum of any credits allowable for 2007
under Administrative Code Sections 11-503(e) (real estate tax escalation credit), 11-
Sept. 1, 2007 .................Jan. 1, 2008
Jan. 15, 2008
100%
None
503(f) (employment opportunity relocation costs credit), 11-503(i) (relocation and
employment assistance program (REAP) credit, 11-503(j) (UBT paid credit), 11-
If the partnership files its 2007 Unincorporated Business Tax Return by February 15,
503(l)(lower Manhattan REAP Credit,) 11-503(m) (NYC Film Production Credit) and
2008, and pays the full balance of tax due, it need not: (a) file an amended declaration
11-503(n) (Industrial Business Zone Credit). (For additional details concerning these
or an original declaration otherwise due for the first time on January 15, 2008, or (b)
credits, refer to instructions for Forms NYC-114.5, NYC-114.6, NYC-114.7, NYC-114.8
pay the last installment of estimated tax otherwise due and payable on January 15,
and NYC-114.9.)
2008.
DECLARATION
CAUTION
On line 1a of the declaration (line 7a of the Estimated Tax Worksheet), enter the
An extension of time to file your federal tax return or New York State partnership
amount the partnership reported on line 25 of its 2006 Form NYC-204. On line 1b (line
information return does NOT extend the filing date of your New York City tax return.
7b of the Estimated Tax Worksheet) enter the amount from line 6 of the tax
computation schedule. This is the amount the partnership estimates as its 2007
NOTE
Unincorporated Business Tax liability.
Filing a declaration or an amended declaration, or payment of the last installment on
January 15, 2008, or filing a tax return by February 15, 2008, will not satisfy the filing
PAYMENT OF ESTIMATED TAX
requirements if the partnership failed to file or pay an estimated tax which was due
Except as specified elsewhere in these instructions, the estimated tax on line 1b of the
earlier in the taxable year.
declaration is payable in equal installments on or before April 16, 2007, June 15, 2007,
September 17, 2007 and January 15, 2008
.
The first installment payment must accompany
ELECTRONIC FILING
the declaration. However, the estimated tax may be paid in full with the declaration.
Note: Register for electronic filing. It is an easy, secure and convenient way to file and
pay an extension on-line.
If there was an overpayment on the 2006 Partnership Tax Return and on line 32b of the
NYC-204 or line 13 of the NYC-204EZ you elected to have that overpayment applied as
For more information log on to
a credit toward your 2007 estimated tax, enter the amount from line 32b of the NYC-
204 or line 13 of the NYC-204EZ on line 3 of the declaration. (Line 9 of the Estimated
Tax Worksheet)
To receive proper credit, you must enter your correct Employer Identification Number on your declaration and remittance.
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial