N.Y. Tax Law § 872: Filing of return and payment of tax

§ 872. Filing of return and payment of tax. (a) General. On or before

March fifteenth following the close of the taxable year, each electing

city partnership and each electing city resident S corporation must file

a return for the taxable year reporting the information required

pursuant to this article. For each electing city partnership and each

electing city resident S corporation that has a fiscal taxable year, the

return is due on or before March fifteenth following the close of the

calendar year that contains the final day of the electing city

partnership's or electing city resident S corporation's taxable year.

(b) Certification of eligibility. Every return filed pursuant to

subsection (a) of this section shall include, in a format as prescribed

by the commissioner, a certification by an individual authorized to act

on behalf of the electing city partnership or electing city resident S

corporation that such electing city partnership or electing city

resident S corporation:

(1) Made a timely, valid election to be subject to tax pursuant to

this article; and

(2) That all statements contained therein are true.

(c) Information on the electing city partnership return. Each electing

city partnership shall report on such return:

(1) Any tax due pursuant to this article. The balance of any tax shown

on such return, not previously paid as installments of estimated tax,

shall be paid with such return;

(2) Identifying information of all partners and/or members who are

city taxpayers and eligible to receive a credit pursuant to section

eight hundred seventy of this article;

(3) Each partner's and/or member's direct share of the city

pass-through entity tax imposed on the electing city partnership;

(4) Each partner's and/or member's distributive share of the city

pass-through entity taxable income calculated pursuant to paragraph one

of subsection (b) of section eight hundred sixty-seven of this article;

(5) The classification, as applicable, of each partner and/or member

as a city resident individual for purposes of calculating the electing

city partnership's city pass-through entity taxable income; and

(6) Any other information as required by the commissioner.

(d) Information on electing city resident S corporation return. Each

electing city resident S corporation shall report on such return:

(1) Any tax due pursuant to this article. The balance of any tax shown

on such return, not previously paid as installments of estimated tax,

shall be paid with such return;

(2) Identifying information of all shareholders who are city taxpayers

and eligible to receive a credit pursuant to section eight hundred

seventy of this article;

(3) Each shareholder's direct share of the pass-through entity tax

imposed on the electing city resident S corporation;

(4) Each shareholder's distributive share of the city pass-through

entity taxable income calculated pursuant to paragraph two of subsection

(b) of section eight hundred sixty-seven of this article; and

(5) Any other information as required by the commissioner.

(e) Special rules for partners, members and shareholders that are

disregarded entities. To meet the requirements of paragraph two of

subsection (c) of this section for an electing city partnership or

paragraph two of subsection (d) of this section for an electing city

resident S corporation, the electing city partnership or electing city

resident S corporation must provide information sufficient to identify

both the disregarded entity that is a partner, member and/or shareholder

and the city taxpayer eligible for a credit under subsection (a) of

section eight hundred seventy of this article.

(f) Extensions and amendments. (1) The commissioner may grant a

reasonable extension of time for payment of tax or estimated tax (or any

installment), or for filing any return, statement, or other document

required pursuant to this article, on such terms and conditions as it

may require. No such extension for filing any return, statement or other

document, shall exceed six months.

(2) No amended returns. Once a return has been filed by an electing

city partnership or electing city resident S corporation, it may not be

amended without the consent of or otherwise authorized by the

commissioner.

(g) Information provided to partners. Each electing city partnership

subject to tax under this article shall report to each partner or member

the following:

(1) Classification, as applicable, as a city resident individual for

purposes of calculating the electing city partnership's city

pass-through entity taxable income;

(2) Direct share of the city pass-through entity tax imposed on the

electing city partnership; and

(3) Any other information as required by the commissioner.

(h) Information provided to shareholders. Each electing city resident

S corporation subject to tax under this article shall report to each

shareholder the following:

(1) The shareholder's direct share of the pass-through entity tax

imposed on the electing city resident S corporation; and

(2) Any other information as required by the commissioner.