Instructions For Form It-204 - Partnership Return - New York State Department Of Taxation And Finance - 2003
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IT-204-
New York State Department of Taxation and Finance
Instructions for Form IT-204
Partnership Return
companies, that are established and
Highlights for 2003
Related member expense modifications
regulated under section 102-A of the
An individual or an entity may be required
New addition and subtraction
New York State Banking Law, are able to
to add back or subtract certain royalty
modification for Internal Revenue Code
organize themselves as limited liability trust
payments or certain interest payments
(IRC) section 168(k) property
companies (LLTCs). The LLTC option is
made during the tax year to a related
As a result of new legislation, New York
available only to Article 3 trust companies
member or members, or received by a
that do not receive deposits from the
State does not follow federal depreciation
related member or members, for the use of
general public and are exempt from
deductions for IRC section 168(k) property
intangible property (such as, trademarks or
obtaining insurance of deposits and share
(except resurgence zone property and
patents) and interest payments made to a
accounts. Any LLIC or LLTC that is required
New York liberty zone property described in
related member or members, to the extent
to file a New York State partnership return
IRC section 1400L(b)(2)) placed in service
the payments were deducted or included in
inside or outside New York State beginning
must also complete and file Form IT-204-LL.
computing federal adjusted gross income.
For more information regarding LLICs and
on or after June 1, 2003. For more
For more information, see pages 6 and 9 of
LLTC’s, see Form IT-204-LL-I.
information, see Form IT-398, New York
these instructions.
State Depreciation Schedule for IRC
Purpose of form
Section 168(k) Property.
Changes to LLC/LLP filing fees and filing
due date and new filing fee for single
Form IT-204 is used to report income,
New addition and subtraction
deductions, gains, losses, and credits from
member disregarded entities
modifications for sport utility vehicles
the operation of a partnership for the
For tax years beginning in 2003, the
For the amount deducted by a taxpayer
calendar year 2003 or other fiscal year
amount of the filing fee for LLCs/LLPs that
(except an eligible farmer) under IRC
beginning in 2003. All items reported on
have income from New York sources, and
section 179 for a sport utility vehicle (SUV)
Form IT-204 or on attachments to it are
the minimum and maximum filing fee
that weighs more than 6000 pounds, a new
subject to verification, audit, and revision by
amounts have increased. In addition, an
addition modification has been provided in
the New York State Tax Department.
LLC or an LLP can no longer attach
section 612(b) of the Tax Law to compute
Form IT-204-LL, Limited Liability
your New York adjusted gross income. A
Penalties
Company/Limited Liability Partnership Filing
corresponding subtraction modification
Partnership — A penalty is imposed
Fee Payment Form, to the front of
under section 612(c) of the Tax Law has
against the partnership if the partnership is
Form IT-204. Form IT-204-LL must be filed
also been provided for any recapture
required to file a partnership return and
within 30 days after the last day of the tax
amount included in federal adjusted gross
(1) fails to file the return on time, including
year of the LLC, LLP, or single member LLC
income that is attributable to the deduction.
extensions, (2) files a return that fails to
disregarded entity. Full remittance of any
For more information, see pages 6 and 9 of
show all the information required, or (3) fails
filing fee due must be attached to the form.
these instructions.
to file an amended partnership return within
Every single member LLC that is a
Estimated tax for nonresident
90 days of the date the final federal
disregarded entity for federal income tax
individuals and corporate partners,
determination or disallowance is issued or
purposes must file Form IT-204-LL and will
members, and shareholders
when the federal amended partnership
be subject to a filing fee of $100. For more
return is filed, unless the failure is due to
I
information, see Form IT-204-LL-
,
Tax Law section 658 was amended for
reasonable cause and not due to willful
Instructions for Form IT-204-LL.
2003 to require the following entities that
neglect.
have income derived from New York
General information
sources to make estimated tax payments
The amount of the penalty for each month
on behalf of partners or shareholders who
New York State allows for the formation of
or fraction of a month (for a maximum of
are nonresident individuals or
limited liability companies and limited
five months) that the failure continues is
C corporations (any corporation other than
liability partnerships in New York State
$50 multiplied by the total number of
a federal S corporation):
(domestic LLCs and LLPs). In addition,
persons who were partners in the
• New York S corporations
New York recognizes LLCs and LLPs
partnership during any part of the
• Partnerships (other than publicly traded
formed under the laws of other states and
partnership’s tax year for which the return is
partnerships as defined in Internal
foreign countries (foreign LLCs and LLPs).
due. In counting the number of partners for
Revenue Code section 7704)
Any domestic or foreign LLC or LLP that is
purposes of this penalty, include only
required to file a New York State
individuals, estates, and trusts subject to
• Limited liability companies (LLCs) or
partnership return must also complete and
tax under Article 22. Do not include
limited liability partnerships (LLPs) that
file Form IT-204-LL . For more information
corporations or partnerships.
are treated as partnerships for federal
regarding LLCs and LLPs, see
income tax purposes
Requirements for paid preparers — A
Form IT-204-LL-I.
The new law applies to tax years 2003 and
penalty of $50 per return or claim for refund
Effective August 8, 1995, certain investment
after. For more information, see the
will be assessed a paid preparer for failure
companies, that are established and
instructions for Form IT-2658.
to comply with any of the following
regulated under Article 12 of the New York
requirements:
In the case of an underpayment of
State Banking Law, are able to organize
— Sign the tax return or claim for refund.
estimated tax by the partnership, a penalty
themselves as limited liability investment
as determined under Tax Law
— Include the identifying number of the
companies (LLICs). The LLIC option is
section 685(c) will be added to the
paid preparer (if an individual paid
available only to Article 12 investment
estimated tax required to be paid. For more
preparer is an employee of an employer
companies that serve as holding
information, see the instructions for
or a partner in a partnership that is a
companies for foreign banking operations.
Form IT-2659, Estimated Tax Penalties for
paid preparer, the return or claim for
Also, effective July 21, 1998, certain trust
Partnerships and New York S Corporations.
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