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Form NYC-5UBTI - 2016 - Instructions

Page 2

PENALTIES

NOTE

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

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

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

making a false or fraudulent declaration or certification.

PURPOSE OF DECLARATION

FISCAL YEAR TAXPAYERS

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

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

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

tute the corresponding fiscal year months for the months specified in the instructions. For ex-

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

ample, if the fiscal year begins on April 1, 2015, the Declaration of Estimated Unincorporated

NYC-5UB for filing their declarations.

Business Tax will be due on July 15, 2015, together with payment of first quarter estimated

tax. In this case, equal installments will be due on or before September 15, 2015, December 15,

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

2015, and April 15, 2016.

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

after the return has been filed.

CHANGES IN INCOME

WHO MUST MAKE A DECLARATION

Even though on April 15, 2015, you do not expect your unincorporated business tax to exceed

$3,400, a change in income, allocation or exemption may require that a declaration be filed

A 2016 declaration must be made by every individual, estate and trust carrying on an unincor-

later. In this event the requirements are as follows:

porated business 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

Installment

File

Amount of

case of a fiscal year taxpayer, for the fiscal year beginning in 2015).

If requirement for filing occurs:

payment

declaration by:

estimated

WHEN AND WHERE TO FILE DECLARATION

dates

tax due

You must file the declaration for the calendar year 2016 on or before April 15, 2015, or on the

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

applicable later dates specified in these instructions.

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

June 15, 2016

1/3

(1) June 15, 2016

Mail your declaration form with or without remittance to:

(2) Sept. 15, 2016

NYC Department of Finance

(3) Jan. 15, 2017

Unincorporated Business Tax

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

Sept. 15, 2016

1/2

(1) Sept. 15, 2016

P. O. Box 3923

(2) Jan. 15, 2017

New York, NY 10008-3923

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

Jan. 15, 2017

100%

None

Fiscal year taxpayers, read instructions opposite regarding filing dates.

HOW TO ESTIMATE UNINCORPORATED BUSINESS TAX

If you file your 2016 Unincorporated Business Tax Return by February 16, 2016, and pay the

The worksheet on the

front of this form will help you in estimating the tax for 2015.

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

otherwise due for the first time on January 15, 2016, or (b) pay the last installment of estimated

LINE 1 -

tax otherwise due and payable on January 15, 2016.

The term “net income from business expected in 2015” means the amount estimated to be the

2016 net income from business, including professions, before the unincorporated business ex-

CAUTION

emption. See Schedule A, line 14 of the 2014 Unincorporated Business Tax Return and related

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

instructions (Form NYC-202 or NYC-202EIN).

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

LINE 2 - EXEMPTION

ELECTRONIC FILING

For the amount of the allowable exemption, see the instructions for the 2014 Form NYC-202

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

or NYC-202EIN, Schedule A, line 15.

extension on-line. For more information log on to NYC.gov/eservices

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) (sales

15, 2016, or filing a tax return by February 16, 2016, will not satisfy the filing requirements if

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

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

on line 4 of the tax computation schedule.

LINE 5b - OTHER CREDITS

PRIVACY ACT NOTIFICATION

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

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

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

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

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

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

(REAP) credit, 11-503(l) (lower Manhattan REAP Credit) 11-503(n) (Industrial Business Zone

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

Credit) and 11-503(o) (Biotechnology Credit). (For additional details concerning these credits,

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

refer to instructions for Forms NYC-114.5, NYC-114.6, NYC-114.8 and NYC-114.10)

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

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

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

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

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

ten authorization to the Department of Finance for another department, person, agency or entity to have ac-

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

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

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 automatically mailed

to you.

CHARGE FOR UNDERPAYMENT OF INSTALLMENTS OF ESTIMATED TAX

A charge is imposed for underpayment of an installment of estimated tax for 2015. For infor-

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

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 any exceptions

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

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

charge should not be made.

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

Form Nyc-5ubti Draft - Declaration Of Estimated Unincorporated Business Tax (For Individuals, Estates And Trusts) - 2016 Page 2

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