NYC Corporations & NYS issues

[michaelmars]

Warning to any of you outside of NY that are doing a NYC corp this year.  They decided last April to change the forms and how the taxes are calculated.  Being this is NYC, 8 months wasn't enough time for them to issue the forms.  They put out a press release suggesting all returns go on extension.

In the past NYC C-corps and S-corps filed the same form since they don't recognize an S status.  Now they will be on different forms. 

NYS and NYC also have revamped how they treat NOL's, totally different method as a tax credit instead of an income deduction.  These NEW forms are also not available yet.  They say next week but I guess then the software people have to figure them out too. 

My problem is if I efile the federal and even the state I will forget to file the city return once the forms are available.  So I am putting all of them on extension.

Since I like to get paid during February and March, I have been printing the returns and getting the efile authorizations from clients and billing them now.  I transmit the extensions and will transmit the returns when available. 

[Gail in Virginia]

On 2/26/2016 at 9:24 AM, michaelmars said:

Since I like to get paid during February and March, I have been printing the returns and getting the efile authorizations from clients and billing them now.  I transmit the extensions and will transmit the returns when available. 

I may be misunderstanding you, but it sounds like you are stockpiling returns to file later.  I thought that was against the rules - that once we had the signed 8879, we had something like 48 hours to file the return.  Is that not the case?

[michaelmars]

yeah, I will fight them on that if I had too, If the forms become available 3/12 like expected how the heck can I then get 100's of signatures.