Instructions For Form Ct-5.4 - Request For Six-Month Extension To File New York S Corporation Franchise Tax Return - 2004

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CT-5.4 (2004) (back)
Instructions
General information
Publication 55, Designated Private Delivery Services. See
Need help? below for information on ordering forms and
Requirements for a valid New York State extension
publications.) If you use any private delivery service, whether it
1) You must file Form CT-5.4 and pay the properly estimated
is a designated service or not, address your return to: State
franchise tax on or before the original due date of the tax
Processing Center, 431C Broadway, Albany NY 12204-4836.
return for which this extension is requested.
Employer identification number, file number, and other
2) The properly estimated franchise tax must either:
identifying information
– equal or exceed the franchise tax shown on your tax return
for the preceding tax year (if the preceding tax year was a
For us to process your corporation tax forms, it is important that
tax year of 12 months); or
we have the necessary identifying information. Keep a record of
that information and include it on each corporation tax form
– equal or exceed 90% of the franchise tax as finally
mailed.
determined for the tax year for which this extension is
requested (this is the 90% rule).
If you use a paid preparer or accounting firm, make sure they
use your complete and accurate identifying information when
The franchise tax is the amount of franchise tax computed after
completing all forms.
the deduction of any tax credits.
Specific instructions
The preceding tax year is the tax year occurring immediately
before the tax year for which this extension is requested.
Reporting period
The franchise tax for the preceding tax year must be adjusted as
Your tax year for New York State must be the same as your
necessary to correct errors in computation or in the application
federal tax year. Use this tax return for both calendar and fiscal
of tax rate or tax base.
tax years beginning in 2004, and for short periods beginning in
2005 and ending before December 31, 2005. Complete the
Extensions of time for filing returns
beginning and ending tax period boxes in the upper right corner
A six-month extension of time for filing a franchise tax return will
of the front of the form.
be granted if Form CT-5.4 is properly filed and the properly
Line A -
Make your payment in United States funds. We will
estimated tax is paid on or before the original due date of the
accept a foreign check or foreign money order only if payable
return.
through a United States bank or if marked Payable in U.S.
No late filing or late payment penalties will be imposed if you file
funds.
your return by the extended due date and pay the balance of the
Attach your check or money order. Detach all check stubs.
tax due with your return.
Line 1 -
To determine the properly estimated tax, enter the
Interest applies to any tax not paid by the original due date of
amount determined under (a) or (b) below. However, if your
the return. A New York S corporation shareholder penalty may
S corporation was not subject to tax for the preceding tax year,
be imposed if the return is filed after the due date or valid
or if the preceding tax year was less than 12 months, skip (a)
extended due date, regardless if the tax is paid on time.
and use the amount determined under (b).
If applicable, you must also pay the mandatory first installment
(a) 100% of the franchise tax (computed after the deduction of
of estimated tax for the next tax year shown on line 2 on or
any special additional mortgage recording tax credit) shown
before the original due date of the tax return.
on your franchise tax return for the preceding year if it was a
tax year of 12 months. Do not include any tax amount of a
Who may file Form CT-5.4
qualified subchapter S subsidiary (QSSS) that previously
A general business corporation (Article 9-A) or banking
filed a separate franchise tax return.
corporation (Article 32) that has elected to be a New York
(b) Determine the estimated franchise tax (computed after the
S corporation by filing Form CT-6 may file Form CT-5.4 to
deduction of any special additional mortgage recording tax
request one six-month extension of time to file Form CT-3-S,
credit) for the tax year for which this extension is requested.
Form CT-4-S, or Form CT-32-S. Additional extensions of time
If you are the parent of a QSSS, include all items of income,
(beyond six months) will not be granted to New York
deduction, and other economic activity related to the QSSS.
S corporations.
Multiply the estimated franchise tax by an amount not less
than 90%.
A group of S corporations filing on a combined basis on
Form CT-3-S-A, New York S Corporation Combined Franchise
Line 2 -
If the total franchise tax on line 1 exceeds $1,000, but
Tax Return, must use Form CT-5.3, Request for Six-Month
does not exceed $100,000, enter 25% of the total franchise tax
Extension to File (Combined Franchise Tax Return, or
shown on line 1. If the total franchise tax on line 1 exceeds
Combined MTA Surcharge Return, or Both) , to request an
$100,000, enter 30% of the total franchise tax shown on line 1.
extension.
If you are not required to pay the first installment of estimated
tax for the next tax year, enter 0 on line 2.
When to file
File Form CT-5.4 on or before the due date of your tax return
Line 8 -
Include overpayments credited from prior years. You
(2½ months following the end of the tax year).
may also include from last year’s return any amount of
refundable tax credits you chose to be credited as an
Private delivery services
overpayment.
If you choose, you may use a private delivery service, instead of
the U.S. Postal Service, to file your return and pay tax.
Need help?
However, if, at a later date, you need to establish the date you
Internet access:
filed your return or paid your tax, you cannot use the date
(for information, forms, and publications)
recorded by a private delivery service unless you used a
delivery service that has been designated by the U.S. Secretary
Fax-on-demand forms:
1 800 748-3676
of the Treasury or the Commissioner of Taxation and Finance.
(Currently designated delivery services are listed in
Business Tax Information Center:
1 800 972-1233
From areas outside the U.S. and outside Canada:
(518) 485-6800
Hearing and speech impaired (telecommunications device for the
deaf (TDD) callers only): 1 800 634-2110
45702040099

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