Instructions For Form It-204 - Partnership Return - New York State Department Of Taxation And Finance - 2004
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IT-204-
New York State Department of Taxation and Finance
Instructions for Form IT-204
Partnership Return
number. Additional details will be announced
In the case of an underpayment of estimated
Highlights for 2004
by the department as they become available
tax by the partnership, a penalty as
Partnerships may now establish college
and will be posted on our Web site at
determined under Tax Law section 685(c) will
tuition savings plan accounts
.
be added to the estimated tax required to be
paid. For more information, see the
Partnerships may now establish college tuition
instructions for Form IT-2659, Estimated Tax
General information
savings plan accounts. For more information
Penalties for Partnerships and New York
on college tuition savings plan accounts,
Limited liability companies and limited
S Corporations.
check the Web site at
liability partnerships
Purpose of form
Sale or transfer of shares of stock in a
New York State allows for the formation of
cooperative housing corporation
limited liability companies and limited liability
Form IT-204 is used to report income,
partnerships in New York State (domestic
deductions, gains, losses, and credits from the
The gain from the sale, transfer, or other
LLCs and LLPs). In addition, New York
operation of a partnership for the calendar
disposition of shares of stock in a cooperative
recognizes LLCs and LLPs formed under the
year 2004 or other fiscal year beginning in
housing corporation in connection with the
laws of other states and foreign countries
2004. All items reported on Form IT-204 or on
grant or transfer of a proprietary leasehold
(foreign LLCs and LLPs). Any domestic or
attachments to it are subject to verification,
when the real property comprising the units of
foreign LLC or LLP that is required to file a
audit, and revision by the New York State Tax
such cooperative housing corporation is
New York State partnership return must also
Department.
located in New York State is now considered
complete and file Form IT-204-LL . For more
New York source income. For more
information regarding LLCs and LLPs, see
Penalties
information, see Income from New York State
Form IT-204-LL-I.
sources includes: on page 2 of these
Partnership — A penalty is imposed against
instructions.
Effective August 8, 1995, certain investment
the partnership if the partnership is required to
companies, that are established and regulated
file a partnership return and (1) fails to file the
Long-term care insurance credit
under Article 12 of the New York State
return on time, including extensions, (2) files a
increased
Banking Law, are able to organize themselves
return that fails to show all the information
as limited liability investment companies
required, or (3) fails to file an amended
The long-term care insurance credit has been
(LLICs). The LLIC option is available only to
partnership return within 90 days of the date
increased from 10% to 20% of the premiums
Article 12 investment companies that serve as
the final federal determination or disallowance
paid during the tax year for the purchase of a
holding companies for foreign banking
is issued or when the federal amended
qualified long-term care insurance policy. For
operations. Also, effective July 21, 1998,
partnership return is filed, unless the failure is
more information, see Form IT-249, Claim for
certain trust companies, that are established
due to reasonable cause and not due to willful
Long-Term Care Insurance Credit.
and regulated under section 102-A of the
neglect.
Empire State film production credit
New York State Banking Law, are able to
The amount of the penalty for each month or
organize themselves as limited liability trust
The Empire State film production credit is a
fraction of a month (for a maximum of five
companies (LLTCs). The LLTC option is
new New York State credit that is available for
months) that the failure continues is $50
available only to Article 3 trust companies that
qualified film production costs. For additional
multiplied by the total number of persons who
do not receive deposits from the general
information, see Form IT-248, Claim for
were partners in the partnership during any
public and are exempt from obtaining
Empire State Film Production Credit . In
part of the partnership’s tax year for which the
insurance of deposits and share accounts. Any
addition, the city of New York has been given
return is due. In counting the number of
LLIC or LLTC that is required to file a New York
the authority to enact a city of New York film
partners for purposes of this penalty, include
State partnership return must also complete
production credit. At the time these
only individuals, estates, and trusts subject to
and file Form IT-204-LL. For more information
instructions were prepared for printing, the city
tax under Article 22. Do not include
regarding LLICs and LLTC’s, see
of New York had not yet enacted its film
corporations or partnerships.
Form IT-204-LL-I.
production credit. For more information
Requirements for paid preparers — A
concerning the city of New York film
Estimated tax for nonresident
penalty of $50 per return or claim for refund
production credit and other up-to-date
individuals and corporate partners,
will be assessed a paid preparer for failure to
information, visit our Web site at
members, and shareholders
comply with any of the following requirements:
.
Tax Law section 658 was amended for 2003 to
— Sign the tax return or claim for refund.
require the following entities that have income
Alternative fuels credit
— Include the identifying number of the paid
derived from New York sources to make
The alternative fuels credit has been extended
preparer (if an individual paid preparer is
estimated tax payments on behalf of partners
to qualified property placed in service on or
an employee of an employer or a partner in
or shareholders who are nonresident
before December 31, 2004. Under prior law,
a partnership that is a paid preparer, the
individuals or C corporations (any corporation
the credit expired for property placed in
return or claim for refund must also include
other than a federal S corporation):
service after December 31, 2003. The credit
the identifying number of the employer or
• New York S corporations
applies to electric vehicles, qualified hybrid
partnership).
vehicles, clean-fuel vehicle property, and
• partnerships (other than publicly traded
— Furnish a completed copy of the tax return
clean-fuel vehicle refueling property.
partnerships as defined in Internal Revenue
to the taxpayer not later than the time the
Code section 7704)
return is presented for the taxpayer’s
New for 2005
• limited liability companies (LLCs) or limited
signature.
Forms redesign
liability partnerships (LLPs) that are treated
— Keep a completed copy of the return
as partnerships for federal income tax
As the 2004 forms go to print, the Tax
prepared for each taxpayer, or keep the
purposes
Department is planning a major redesign of
name and identification number of each
many personal income tax forms for 2005. The
The new law applies to tax years 2003 and
taxpayer for whom a return was prepared
forms you use next year may look different
after. For more information, see the
on a list, and make the copy or list available
from the forms you currently use and, in some
instructions for Form IT-2658.
for inspection upon request.
cases, may carry a completely new form
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