Form Nyc-5ub - Partnership Declaration Of Estimated Unincorporated Business Tax - 2014 Page 2
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1
2Form NYC-5UB - 2014 - Instructions
Page 2
Make remittance payable to NYC DEPARTMENT OF FINANCE. All remittances must be
NOTE
If any due date falls on Saturday, Sunday or legal holiday, filing will be timely if made
payable in U.S. dollars drawn on a U.S. bank. Checks drawn on foreign banks will be rejected
by the next day which is not a Saturday, Sunday or holiday.
and returned. A separate check for the declaration will expedite processing of the payment.
AMENDED DECLARATION
PURPOSE OF DECLARATION
If, after a declaration is filed, the estimated tax increases or decreases because of a change in
This declaration form provides a means of paying Unincorporated Business Tax on a current
income, deductions, or allocation, you should file an amended declaration on or before the
basis for partnerships, joint ventures and similar entities (other than individuals, estates and
next date for payment of an installment of estimated tax. This is done by completing the
trusts) engaged in carrying on an unincorporated business or profession, as defined in Section
amended schedule of the Notice of Estimated Tax Payment Due (Form NYC-B100). This no-
11-502 of the Administrative Code. Individuals, estates and trusts use Form NYC-5UBTI for
tice will be automatically mailed to you.
filing their declarations.
Every unincorporated business must file an income tax return after the close of its taxable year
CHARGE FOR UNDERPAYMENT OF INSTALLMENTS OF ESTIMATED TAX
and pay any balance of tax due. If the tax has been overpaid, adjustment will be made only
A charge is imposed for underpayment of an installment of estimated tax for 2014. For in-
after the return has been filed.
formation 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
WHO MUST MAKE A DECLARATION
similar to the Internal Revenue Code with respect to underpayments of estimated tax. Form
A 2014 declaration must be made by every partnership carrying on an unincorporated busi-
NYC-221 may be used to determine if any charge for underpayment is due or if any excep-
ness or profession in New York City if its estimated tax (line 6 of tax computation schedule)
tions apply. If it appears that there was an underpayment of any installment of estimated tax,
can reasonably be expected to exceed $3,400 for the calendar year 2014 (or, in the case of a
a completed copy of Form NYC-221 may be attached to the return explaining why an addi-
fiscal year taxpayer, for the partnership fiscal year beginning in 2014).
tional charge should not be made.
WHEN AND WHERE TO FILE DECLARATION
PENALTIES
You must file the declaration for the calendar year 2014 on or before April 15, 2014, or on
The law imposes penalties for failure to make a declaration or pay estimated tax due or for
the applicable later dates specified in these instructions.
making a false or fraudulent declaration or certification.
- Declarations with remittances -
- All other declarations -
NYC Department of Finance
NYC Department of Finance
FISCAL YEAR TAXPAYERS
Unincorporated Business Tax
Unincorporated Business Tax
In the case of a partnership that files its Unincorporated Business Tax Return on a fiscal year
P. O. Box 5070
P. O. Box 5080
basis, substitute the corresponding fiscal year months for the months specified in the instruc-
Kingston, NY 12402-5070
Kingston, NY 12402-5080
tions. For example, if the fiscal year begins on April 1, 2014, the Declaration of Estimated
Unincorporated Business Tax will be due on July 15, 2014, together with payment of first
Fiscal year taxpayers, read instructions opposite regarding filing dates.
quarter estimated tax. In this case, equal installments will be due on or before September 16,
HOW TO ESTIMATE UNINCORPORATED BUSINESS TAX
2014, December 16, 2013, and April 15, 2015.
The worksheet on the front of this form will help you in estimating the tax for 2014.
CHANGES IN INCOME
LINE 1 -
Even though on April 15, 2014, a partnership does not expect its unincorporated business tax
The term “net income from business expected in 2014” means the amount the partnership es-
to exceed $3,400, a change in income, allocation or exemption may require that a declaration
timates to be its income for 2014 computed before the specific exemption. Refer to Schedule
be filed later. In this event the requirements are as follows:
A, line 14 of the 2013 Partnership Return (Form NYC-204) and related instructions.
LINE 2 - EXEMPTION
File
Amount of
Installment
If requirement for filing occurs:
declaration
estimated
payment
The amount of the allowable exemption may be determined by referring to the instructions
by:
tax due
dates
for the 2013 Form NYC-204, Schedule A, line 15.
after ............................but before
LINE 4 - UNINCORPORATED BUSINESS TAX
April 1, 2014 ................June 2, 2014
June 17, 2014
1/3
(1) June 17, 2014
If you expect to receive a refund or credit in 2014 of any sales or compensating use tax for
.......................................
(2) Sept. 16, 2014
which a credit was claimed in a prior year under Administrative Code Sections 11-503 (k)
.......................................
(3) Jan. 15, 2015
(sales and use tax credit), the amount of the estimated refund or credit must be added to the
June 1, 2014 ..................Sept. 2, 2014
Sept. 16, 2014
1/2
(1) Sept. 16, 2014
tax shown on line 4 of the tax computation schedule.
.......................................
(2) Jan. 15, 2015
LINE 5b - OTHER CREDITS
Sept. 1, 2014..................Jan. 1, 2015
Jan. 15, 2015
100%
None
Enter on line 5b the amount estimated to be the sum of any credits allowable for 2014 under
Administrative Code Sections 11-503(e) (real estate tax escalation credit), 11-503(f) (employ-
If the partnership files its 2014 Unincorporated Business Tax Return by February 18, 2015,
ment opportunity relocation costs credit), 11-503(i) (relocation and employment assistance
and pays the full balance of tax due, it need not: (a) file an amended declaration or an original
program (REAP) credit, 11-503(j) (UBT paid credit), 11-503(l)(lower Manhattan REAP
declaration otherwise due for the first time on January 15, 2015, or (b) pay the last installment
Credit,) 11-503(m) (NYC Film Production Credit) and 11-503(n) (Industrial Business Zone
of estimated tax otherwise due and payable on January 15, 2015.
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, NYC-114.9
CAUTION
and NYC-114.10.)
An extension of time to file your federal tax return or New York State partnership information
DECLARATION
return does NOT extend the filing date of your New York City tax return.
On line 1a of the declaration (line 7a of the Estimated Tax Worksheet), enter the amount the
NOTE
partnership reported on line 25 of its 2013 Form NYC-204. On line 1b (line 7b of the Esti-
Filing a declaration or an amended declaration, or payment of the last installment on January
mated Tax Worksheet) enter the amount from line 6 of the tax computation schedule. This is
15, 2015, or filing a tax return by February 18, 2015, will not satisfy the filing requirements if
the amount the partnership estimates as its 2014 Unincorporated Business Tax liability.
the partnership 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 declaration
ELECTRONIC FILING
is payable in equal installments on or before April 15, 2014, June 17, 2014, September 16, 2014
Note: Register for electronic filing. It is an easy, secure and convenient way to file and pay an
.
and January 15, 2015
The first installment payment must accompany the declaration. However,
extension on-line.
the estimated tax may be paid in full with the declaration.
For more information log on to nyc.gov/nycefile.
If there was an overpayment on the 2013 Partnership Tax Return and on line 32b of the NYC-
204 or line 13 of the NYC-204EZ you elected to have that overpayment applied as a credit
toward your 2014 estimated tax, enter the amount from line 32b of the NYC-204 or line 13
of the NYC-204EZ on line 3 of the declaration. (Line 9 of the Estimated Tax Worksheet).
To receive proper credit, you must enter your correct Employer Identification Number on your declaration and remittance.
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