Form Nyc-5ubti - Declaration Of Estimated Unincorporated Business Tax

Form NYC-5UBTI - 2014 - Instructions

Page 2

AMENDED DECLARATION

NOTE

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

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

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

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

PURPOSE OF DECLARATION

schedule of the Notice of Estimated Tax Payment Due (Form NYC-B100). This notice will be

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

automatically mailed to you.

basis for individuals, estates and trusts engaged in carrying on an unincorporated business or

CHARGE FOR UNDERPAYMENT OF INSTALLMENTS OF ESTIMATED TAX

profession, as defined in Section 11-502 of the Administrative Code. Partnerships use Form

NYC-5UB for filing their declarations.

A charge is imposed for underpayment of an installment of estimated tax for 2014. For infor-

mation regarding interest rates, call 311. If calling from outside of the five NYC boroughs,

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

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

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

similar to the Internal Revenue Code with respect to underpayments of estimated tax. Form

after the return has been filed.

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

WHO MUST MAKE A DECLARATION

apply. If it appears that there was an underpayment of any installment of estimated tax, a com-

A 2013 declaration must be made by every individual, estate and trust carrying on an unincor-

pleted copy of Form NYC-221 may be attached to the return explaining why an additional

porated business or profession in New York City if its estimated tax (line 6 of tax computation

charge should not be made.

schedule) can reasonably be expected to exceed $3,400 for the calendar year 2014 (or, in the

PENALTIES

case of a fiscal year taxpayer, for the fiscal year beginning in 2014).

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

WHEN AND WHERE TO FILE DECLARATION

making a false or fraudulent declaration or certification.

You must file the declaration for the calendar year 2014 on or before April 15, 2014, or on the

FISCAL YEAR TAXPAYERS

applicable later dates specified in these instructions.

A taxpayer filing its Unincorporated Business Tax Return on a fiscal year basis should substitute

- Declarations with remittances -

- All other declarations -

the corresponding fiscal year months for the months specified in the instructions. For example,

NYC Department of Finance

if the fiscal year begins on April 1, 2014, the Declaration of Estimated Unincorporated Business

Unincorporated Business Tax

Tax will be due on July 15, 2014, together with payment of first quarter estimated tax. In this

P.O. Box 5070

P.O. Box 5080

case, equal installments will be due on or before September 16, 2014, December 16, 2014, and

Kingston, NY 12402-5070

Kingston, NY 12402-5080

April 15, 2015.

Fiscal year taxpayers, read instructions opposite regarding filing dates.

CHANGES IN INCOME

HOW TO ESTIMATE UNINCORPORATED BUSINESS TAX

The worksheet on the

Even though on April 15, 2014, you do not expect your unincorporated business tax to exceed

front of this form will help you in estimating the tax for 2014.

$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:

LINE 1 -

The term “net income from business expected in 2014” means the amount estimated to be the

Installment

File

Amount of

If requirement for filing occurs:

2014 net income from business, including professions, before the unincorporated business ex-

payment

declaration by:

estimated

dates

emption. See Schedule A, line 14 of the 2013 Unincorporated Business Tax Return and related

tax due

instructions (Form NYC-202).

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

April 1, 2014 ................June 2, 2014

June 17, 2014

1/3

(1) June 17, 2014

LINE 2 - EXEMPTION

(2) Sept. 16, 2014

For the amount of the allowable exemption, see the instructions for the 2013 Form NYC-202,

(3) Jan. 15, 2015

Schedule A, line 15.

June 1, 2014 ..................Sept. 2, 2014

Sept. 16, 2014

1/2

(1) Sept. 16, 2014

LINE 4 - UNINCORPORATED BUSINESS TAX

(2) Jan. 15, 2015

If you expect to receive a refund or credit in 2014 of any sales or compensating use tax for

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

Sept. 1, 2014..................Jan. 1, 2015

Jan. 15, 2015

100%

None

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

on line 4 of the tax computation schedule.

If you file your 2014 Unincorporated Business Tax Return by February 18, 2015, and pay the

full balance of tax due, you need not: (a) file an amended declaration or an original declaration

LINE 5b - OTHER CREDITS

otherwise due for the first time on January 15, 2015, or (b) pay the last installment of estimated

Enter on line 5b the amount estimated to be the sum of any credits allowable for 2014 under Ad-

tax otherwise due and payable on January 15, 2015.

ministrative Code Sections 11-503(e) (real estate tax escalation credit), 11-503(f) (employment

opportunity relocation costs credit) 11-503(i) (relocation and employment assistance program

CAUTION

(REAP) credit, 11-503(l) (lower Manhattan REAP Credit) 11-503(m) (NYC Film Production

An extension of time to file your federal tax return or New York State personal income tax

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

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

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

114.6, NYC-114.8, NYC-114.9 and NYC-114.10)

ELECTRONIC FILING

DECLARATION

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

On line 1a of the declaration (line 7a of the Estimated Tax Worksheet), enter the amount the un-

extension on-line. For more information log on to nyc.gov/nycefile

incorporated business reported as tax on line 23 of its 2012 Form NYC-202 or line 8 of its 2013

NOTE

Form NYC-202S. On line 1b (line 7b of the Estimated Tax Worksheet) enter the amount from

line 6 of the Estimated Tax Worksheet. This is the amount the business estimates as its 2014

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

Unincorporated Business Tax liability.

15, 2015, or filing a tax return by February 18, 2015, will not satisfy the filing requirements if

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

PAYMENT OF ESTIMATED TAX

Except as specified elsewhere in these instructions, the estimated tax on line 1b of the declara-

PRIVACY ACT NOTIFICATION

tion is payable in equal installments on or before April 15, 2014, June 17, 2014, September 16,

The Federal Privacy Act of 1974, as amended, requires agencies requesting Social Security Numbers to in-

2014 and January 15, 2015

The first installment payment must accompany the declaration.

form individuals from whom they seek this information as to whether compliance with the request is vol-

However, the estimated tax may be paid in full with the declaration.

untary or mandatory, why the request is being made and how the information will be used. The disclosure

of Social Security Numbers for taxpayers is mandatory and is required by section 11-102.1 of the Admin-

If there was an overpayment on the 2013 Unincorporated Business Tax Return and on line 30b

istrative Code of the City of New York. Such numbers disclosed on any report or return are requested for

of the NYC-202 or line 13b of the NYC-202S you elected to have that overpayment applied as

tax administration purposes and will be used to facilitate the processing of tax returns and to establish and

a credit toward your 2014 estimated tax, enter the amount from line 30b of the NYC-202 or line

maintain a uniform system for identifying taxpayers who are or may be subject to taxes administered and

13b of the NYC-202S on line 3 of the declaration.

collected by the Department of Finance, and, as may be required by law, or when the taxpayer gives written

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

authorization to the Department of Finance for another department, person, agency or entity to have access

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

(limited or otherwise) to the information contained in his or her return.

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

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

Form Nyc-5ubti - Declaration Of Estimated Unincorporated Business Tax - 2014 Page 2

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