Form It-370-Pf - Application For Automatic Extension Of Time To File For Partnerships And Fiduciaries - Department Of Taxation And Finance - 2016
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2IT-370-PF
Department of Taxation and Finance
Application for Automatic Extension of Time to
File for Partnerships and Fiduciaries
( with instructions )
Instructions
New for 2016
which you are requesting an extension of time to file. Form IT-205 filers -
Form IT-370-PF must be filed with payment for any tax owed on or before the
Partnerships – The filing deadline for partnership returns is moving from
due date of the return (see the worksheet instructions on the back).
the fifteenth day of the fourth month to the fifteenth day of the third month
following the close of the partnership year (now March 15 for calendar-year
Penalties
filers instead of April 15). Form IT-370-PF now automatically extends the due
Estates and trusts late payment penalty – If an estate or trust does not
date for partnerships filing Form IT-204, Partnership Return, for six months
pay the income tax liability when due (determined with regard to any valid
instead of five. Since large electing partnerships are already allowed an
extension of time to pay), it will have to pay a penalty of ½ of 1% of the
automatic six-month extension, they no longer need to enter a special
unpaid amount for each month or part of a month it is not paid, up to a
condition code when filing Form IT-370-PF.
maximum of 25%. The penalty will not be charged if reasonable cause for
paying late can be shown. This penalty is in addition to the interest charged
Estates and trusts – While the filing deadline has not changed from
the fifteenth day of the fourth month (April 15 for calendar-year filers),
for late payments.
Form IT-370-PF now automatically extends the due date for filing
Reasonable cause will be presumed with respect to the addition to tax for late
Form IT-205, Fiduciary Income Tax Return, for five and one-half months
payment of income tax if the requirements relating to extensions of time to file
instead of five.
have been complied with, the balance due shown on the income tax return,
reduced by any sales or use tax that is owed, is no greater than 10% of the
General information
total New York State, New York City, and Yonkers tax shown on the income
Purpose – File Form IT-370-PF on or before the due date of the return to get
tax return, and the balance due shown on the income tax return is paid with
an automatic extension of time to file Form IT-204 or IT-205.
the return.
Note: We no longer accept a copy of the federal extension form in place of
Estates and trusts late filing penalty – If you do not file Form IT-205 when
Form IT-370-PF.
due (determined with regard to any extension of time to file), or if you do not
file Form IT-370-PF on time and obtain an extension of time to file, you will
If you have to file Form Y-206, Yonkers Nonresident Fiduciary Earnings
have to pay a penalty of 5% of the income tax due for each month, or part of
Tax Return, the time to file is automatically extended when you file
a month, the return is late up to a maximum of 25%.
Form IT-370-PF. For more information on who is required to file Form Y-206,
see the instructions for the form.
However, if the return is not filed within 60 days of the time prescribed for
filing a return (including extensions), this penalty will not be less than the
You may file Form IT-204 or Form IT-205 any time before the extension
lesser of $100 or 100% of the amount required to be shown as income tax
period ends. An extension of time to file Form IT-204 or IT-205 will not
due on the return reduced by any income tax paid and by any credit that may
extend the time for filing New York State income tax returns of partners of a
be claimed. The penalty will not be charged if reasonable cause for filing late
partnership or the beneficiaries of an estate or trust.
is shown.
When to file – File a completed Form IT-370-PF on or before the filing
Partnerships – A partnership that is required to file Form IT-204 and:
deadline for the return (extension applications filed after the filing deadline for
(1) fails to file that return on time, including any extension of time, or (2) files
the return are invalid). Generally, the filing deadline is:
a return that is incomplete and fails to show the information required under
• Partnerships – the fifteenth day of the third month following the close of
section 658(c), will have to pay a penalty. The penalty will be imposed for
your tax year (for calendar-year filers, March 15, 2017)
each month or part of a month, up to a maximum of 5 months, that the failure
• Estates and trusts – the fifteenth day of the fourth month following the
continues. The amount of the penalty for each month will be calculated by
close of your tax year (for calendar-year filers, April 18, 2017).
multiplying $50 by the total number of partners in the partnership during any
part of the partnership’s tax year who were also subject to New York personal
However, you may file Form IT-370-PF on or before June 15, 2017, if you
income tax during any part of the tax year. The penalty will not be charged if
are a nonresident alien estate or trust and you qualify to file your federal
reasonable cause for filing late is shown.
and New York State income tax returns on June 15, 2017. See Special
condition codes on the back.
Interest – Interest will be charged on any income tax or sales or use tax that
is not paid on or before the due date of your return, even if you received an
How to file – Complete a separate Form IT-370-PF for each partnership
extension of time to file your return. Interest is a charge for the use of money
(including limited liability companies (LLCs), limited liability investment
and in most cases may not be waived. Interest is compounded daily and the
companies (LLICs), and limited liability trust companies (LLTCs) treated as
rate is adjusted quarterly.
partnerships), each limited liability partnership and each estate or trust for
Detach (cut) here
Do not submit with your return.
▼
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IT-370-PF
Department of Taxation and Finance
Application for Automatic Extension of
Mark an X in one box for the form you will be filing:
Time to File for Partnerships and Fiduciaries
Form IT-204
Form IT-205
Paid preparer? Mark an X in the box and complete the back ............
Enter your 2-character special condition code
Partnership, estate or trust ID number (EIN)
Date fiscal year begins
Date fiscal year ends
if applicable (see instructions) ..........................................
Mark an X in the box for each tax that the estate or trust is subject to:
Name of partnership, estate, or trust
New York State tax
New York City tax
Yonkers tax
Name and title of fiduciary
Dollars
Cents
Mailing address (number and street or PO box) of partnership or fiduciary
Apartment number
0 0
1 Sales and use tax .......
City, village, or post office
State
ZIP code
0 0
(see instructions)
2 Total payment ...........
E-mail:
3711160094
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