Looking for a New York City Department Of Finance Forms And Templates? Download it for free!

Form NYC-5UB - 2016 - Instructions

Page 2

any exceptions apply. If it appears that there was an underpayment of any installment of es-

NOTE

If any due date falls on Saturday, Sunday or legal holiday, filing will be timely if made

timated tax, a completed copy of Form NYC-221 may be attached to the return explaining

by the next day which is not a Saturday, Sunday or holiday.

why an additional charge should not be made.

PURPOSE OF DECLARATION

PENALTIES

This declaration form provides a means of paying Unincorporated Business Tax on a current

The law imposes penalties for failure to make a declaration or pay estimated tax due or for

basis for partnerships, joint ventures and similar entities (other than individuals, estates and

making a false or fraudulent declaration or certification.

trusts) engaged in carrying on an unincorporated business or profession, as defined in Sec-

tion 11-502 of the Administrative Code. Individuals, estates and trusts use Form NYC-5UBTI

FISCAL YEAR TAXPAYERS

for filing their declarations.

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 specified in the in-

Every unincorporated business must file an income tax return after the close of its taxable year

structions. For example, if the fiscal year begins on April 1, 2016, the Declaration of Esti-

and pay any balance of tax due. If the tax has been overpaid, adjustment will be made only

mated Unincorporated Business Tax will be due on July 15, 2016, together with payment of

after the return has been filed.

first quarter estimated tax. In this case, equal installments will be due on or before Septem-

WHO MUST MAKE A DECLARATION

ber 15, 2016, December 15, 2016, and April 15, 2017.

A 2016 declaration must be made by every partnership carrying on an unincorporated busi-

CHANGES IN INCOME

ness or profession in New York City if its estimated tax (line 6 of tax computation schedule)

can reasonably be expected to exceed $3,400 for the calendar year 2016 (or, in the case of a

Even though on April 18, 2016, a partnership does not expect its unincorporated business tax

fiscal year taxpayer, for the partnership fiscal year beginning in 2016).

to exceed $3,400, a change in income, allocation or exemption may require that a declaration

be filed later. In this event the requirements are as follows:

WHEN AND WHERE TO FILE DECLARATION

You must file the declaration for the calendar year 2016 on or before April 18, 2016, or on

File

Amount of

Installment

the applicable later dates specified in these instructions.

If requirement for filing occurs:

declaration

estimated

payment

by:

tax due

dates

Mail your declaration form with or without remittance to:

after ............................but before

NYC Department of Finance

Unincorporated Business Tax

April 1, 2016 ................June 2, 2016

June 15, 2016

1/3

(1) June 15, 2016

P. O. Box 3923

.......................................

(2) Sept. 15, 2016

New York, NY 10008-3923

.......................................

(3) Jan. 17, 2017

Fiscal year taxpayers, read instructions opposite regarding filing dates.

June 1, 2016 ..................Sept. 2, 2016

Sept. 15, 2016

1/2

(1) Sept. 15, 2016

.......................................

(2) Jan. 17, 2017

HOW TO ESTIMATE UNINCORPORATED BUSINESS TAX

Sept. 1, 2016..................Jan. 1, 2017

Jan. 17, 2017

100%

None

The worksheet on the front of this form will help you in estimating the tax for 2016.

LINE 1 -

If the partnership files its 2016 Unincorporated Business Tax Return by February 16, 2017,

The term “net income from business expected in 2016” means the amount the partnership es-

and pays the full balance of tax due, it need not: (a) file an amended declaration or an origi-

timates to be its income for 2016 computed before the specific exemption. Refer to Sched-

nal declaration otherwise due for the first time on January 17, 2017, or (b) pay the last in-

ule A, line 14 of the 2015 Partnership Return (Form NYC-204) and related instructions.

stallment of estimated tax otherwise due and payable on January 17, 2017.

LINE 2 - EXEMPTION

CAUTION

The amount of the allowable exemption may be determined by referring to the instructions

An extension of time to file your federal tax return or New York State partnership informa-

for the 2015 Form NYC-204, Schedule A, line 15.

tion return does NOT extend the filing date of your New York City tax return.

LINE 4 - UNINCORPORATED BUSINESS TAX

NOTE

If you expect to receive a refund or credit in 2016 of any sales or compensating use tax for

Filing a declaration or an amended declaration, or payment of the last installment on January

which a credit was claimed in a prior year under Administrative Code Section 11-503 (k)

15, 2017, or filing a tax return by February 16, 2017, will not satisfy the filing requirements if

(sales and use tax credit), the amount of the estimated refund or credit must be added to the

the partnership failed to file or pay an estimated tax which was due earlier in the taxable year.

tax shown on line 4 of the tax computation schedule.

LINE 5b - OTHER CREDITS

ELECTRONIC FILING

Enter on line 5b the amount estimated to be the sum of any credits allowable for 2016 under

Note: Register for electronic filing. It is an easy, secure and convenient way to file and pay an

Administrative Code Sections 11-503(e) (real estate tax escalation credit), 11-503(f) (em-

extension on-line.

ployment opportunity relocation costs credit), 11-503(i) (relocation and employment assis-

For more information log on to NYC.gov/eservices.

tance program (REAP) credit, 11-503(j) (UBT paid credit), 11-503(l)(lower Manhattan REAP

Credit) and 11-503(n) (Industrial Business Zone Credit,) 11-503(o) (Biotechnology Credit).

(For additional details concerning these credits, refer to instructions for Forms NYC-114.5,

NYC-114.6, NYC-114.7, NYC-114.8 and NYC-114.10.)

Make remittance payable to NYC DEPARTMENT OF FINANCE. All remittances must be

payable in U.S. dollars drawn on a U.S. bank. Checks drawn on foreign banks will be rejected

and returned. A separate check for the declaration will expedite processing of the payment.

AMENDED DECLARATION

If, after a declaration is filed, the estimated tax increases or decreases because of a change in

income, deductions, or allocation, you should file an amended declaration on or before the

next date for payment of an installment of estimated tax. This is done by completing the

amended schedule of the Notice of Estimated Tax Payment Due. This notice will be auto-

matically mailed to you.

CHARGE FOR UNDERPAYMENT OF INSTALLMENTS OF ESTIMATED TAX

A charge is imposed for underpayment of an installment of estimated tax for 2016. For in-

formation regarding interest rates, call 311. If calling from outside of the five NYC bor-

oughs, please call 212-NEW-YORK (212-639-9675). The Administrative Code follows

provisions similar to the Internal Revenue Code with respect to underpayments of estimated

tax. Form NYC-221 may be used to determine if any charge for underpayment is due or if

To receive proper credit, you must enter your correct Employer Identification Number on your declaration and remittance.

Form Nyc-5ub - Partnership Declaration Of Estimated Unincorporated Business Tax - 2016 Page 2

Related Articles

Related forms

Related Categories