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Instructions for Form NYC-222 - 2017

Page 4

AUTOMATIC EXTENSION

PAGE 2

tion made an estimated tax payment

FILERS

COMPUTATION OF

of at least 90% of the amount it

PENALTY

would owe if its estimated tax were a

Corporations who filed an Application

tax computed on annualized taxable

for Automatic Extension (Form NYC-

If no exception applies, complete

income for the months preceding an

EXT) for the previous year or who

lines 14 through 36 to determine the

installment date.

were required to make less than four

amount of the penalty for each

payments on account of estimated tax

installment. If you made more than

A corporation may annualize its

for the current year may find that the

one payment for a given installment,

income:

stated percentages on the Exception

attach a separate computation for

Worksheet on page 1 do not accurate-

each payment. The penalty is com-

a) for the first 3 months, or for the

ly reflect the computation of the

puted for the period of underpay-

first 5 months if the installment

exceptions. Such taxpayers should

ment, line 15, at a rate set periodical-

was required to be paid in the

compute these exceptions on a sepa-

ly by the New York City Department

6th month;

rate rider and attach it to this form.

of Finance.

b) for the first 6 months, or for the

first 8 months if the installment

LINE 8

For information regarding interest

was required to be paid in the

AMOUNT OF

rates, call 311. If calling from out-

9th month; and

INSTALLMENTS DUE

side of the five NYC boroughs,

Divide the amount on line 7 by the

please call 212-NEW-YORK (212-

c) for the first 9 months, or for the

number of remaining installments

639-9675), or consult the Finance

first 11 months if the install-

required for the year. Enter the result

website at:

ment was required to be paid

nyc.gov/finance

in the appropriate columns, 2

in the 12th month.

through 4.

LINE 35

To annualize, multiply taxable

LINE 9

PENALTY FOR

income for the period by 12 and

UNDERPAYMENT OF

C corporations should enter any

divide the resulting amount by the

ESTIMATED TAX

amounts paid with Form NYC-300

number of months in the period (3, 5,

(Mandatory First Installment by

In columns 1 through 4 of line 35,

6, 8, 9 or 11 as the case may be).

Business C Corporations). S corpo-

for those installment payments (line

(Refer to Section 11-676.4(c).

rations enter any amount paid with

11) that equal 80% or more of line 3

Exception 4

Forms NYC-3L, NYC-3A or NYC-

divided by 4, multiply the penalty

EXT.

shown on line 34 in each applicable

Additional Exception for

column by 75%. Enter this result in

Recurring Seasonal Income

LINE 10

the applicable column on line 35.

This exception applies to a corpora-

OVERPAYMENT OF

Combine these revised amounts with

tion with recurring seasonal income.

the remaining amounts on line 34 for

Under this exception, income may

INSTALLMENT

any quarter for which no amount

be annualized by assuming that

An overpayment on line 12 in excess

appears on line 35 and enter the total

income earned in the current year is

of prior underpayments is to be

on line 36.

earned in the same seasonal pattern

applied as a credit against the next

as in the 3 preceding tax years. (For

installment. A payment of estimated

information about computing this

tax on any installment date is consid-

exception, refer to Section 11-

ered a payment of any previous

676.4(d) of the NYC Administrative

underpayment only to the extent of

Code. Attach your computation to

the excess of the payment over the

this form.)

amount of the installment as comput-

ed on line 12.

Form Nyc-222 - Underpayment Of Estimated Tax By Business And General Corporations - 2017 Page 4

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