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NY S-corp filing with Indiana issues

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    NY S-corp filing with Indiana issues

    New client is an IT consulting specialist who created S-corp in Indiana in 2018. Has not filed the 2018 S-corp return or his 2018 individual. He was an Indiana resident for 2018. He moved to Brooklyn in early 2019 and became a NY resident. Trying to get 2018 and 2019 corporate and individual returns filed. Federal returns are complete and ready as is the 2018 Indiana return. The question is the s-corporation state tax return for 2019. I would think that a NY s-corp return should be filed even though the corporation continues to be registered with the Indiana Secretary of State. Is this correct? Looking for some quick guidance before researching. It appears that the NY CT-3-S should be filed for 2019. Haven't filed NY s-corporation tax return to this point and looking for areas to be aware of that would typically not be a part of filing the Indiana s-corp return. The client did not file an federal extension so not sure what happens with the late NY filing. Any thoughts or suggestions to help with the research and prep much appreciated. I'll be doing my own research but hoping for some pointers that might be easily missed otherwise.

    #2
    You need to get the corporation registered with dos.ny.gov, register the corp. with NYS Corp Tax, NYS Withholding Tax & Unemployment Insurance, file a CT-6 (NY version of Form 2553) and file a NYC Corp tax return as well.
    Uncle Sam, CPA, EA. ARA, NTPI Fellow

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      #3
      I have not filed a NYS business tax return lately, but if I recall from past experience if a out of state registered business derives income sourced in NYS they need to register with the state as a non-resident business and pay the franchise tax based on NYS income. Also the shareholders are taxed on NYS sourced income. My client failed to pay the NYS Franchise tax and received a penalty notice and after much pleading the penalty was abated because the NYS sourced income was not much compared to the income from MA.

      Did this business derive any NYS sourced income?
      Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR

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        #4
        If you are looking for filing 2019, find out the latest:

        https://www.tax.ny.gov/bus/
        Last edited by TAXNJ; 09-14-2020, 04:29 PM.
        Always cite your source for support to defend your opinion

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