Get your refund on time and avoid penalties and interest
Follow the tips below to avoid common errors when filing a:
- Form CT-3, General Business Corporation Franchise Tax Return
- Form CT-3-S, New York S Corporation Franchise Tax Return
- Form CT-4, General Business Corporation Franchise Tax Return
- Form CT-5.4, Request for Six-Month Extension to File New York S Corporation Franchise Tax Return
- Form CT-400-MN, Estimated Tax for Corporations
- Pay estimated tax: If your corporation reasonably expects to owe more than $1,000 in franchise tax after credits, you must file Form CT-400-MN, Estimated Tax for Corporations, and make quarterly payments of all estimated tax due. We will impose a penalty on you if you don’t file a declaration of estimated tax or don’t timely pay the entire installment payment of estimated tax. For complete details, see Form CT-222, Underpayment of Estimated Tax by a Corporation .
- Don’t file a New York S Corporation return until you register as a New York S Corporation. File Form CT-6, Election by a Federal S Corporation to be Treated as a New York S Corporation.
- If you are a New York S Corporation, you don’t have to pay an MTA surcharge or file an MTA surcharge return.
- When entering amounts for payroll, receipts and assets, be sure to provide the correct information and use the appropriate fixed dollar minimum tax amount to avoid erroneous assessments.
- Use the correct return for the tax period. See our forms page for previous year returns.
- Use the correct beginning and ending dates for your filing period.
- Include the correct employer and taxpayer identification numbers on returns, reports, and extensions.
- File the correct forms to request more time to file. For example, New York S corporations, including those meeting requirements of Tax Law Section 660(i), must file Form CT-5.4, Request for Six-Month Extension to File New York S Corporation Franchise Tax Return and not Form CT-5, Request for Six-Month Extension to File.
- Don’t be late: File your return or extension request before its due date.
Note: Most franchise tax returns or extensions, including subchapter S returns, are due 2 ½ months after the end of a filing period. However, income tax returns for some subchapter S shareholders are not due until 3 ½ months after the end of the filing period. Refer to your return’s instructions for more information regarding when to file returns and reports.
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Last Modified: April 24, 2008
