Suffolk New York Form Instructions 2553 2020-2024

Suffolk New York Form Instructions 2553: What You Should Know

Business Entity. In other words, to be considered as a state tax-paying business entity, you must submit to the New York State Department of Taxation and Finance an amended filing (Form 2553-EZ) containing: An adjusted gross income or net profit of 10 million or more (or 12 million or more if the S corporation paid 10 million in state or local income taxes last year, or 20 million if the S corporation paid 12 million in state or local income taxes last year) OR An amended Form C/S (if not filing as a small business entity) with an adjusted gross Income of 500,000 or more. In the case of a corporation or partnership, the combined adjusted gross income and net profit can be no higher than 20 million for tax year 2024 or less and 10 million for tax year 2024 or more. Any other additional business income (such as dividends or interest) from the corporation or partnership, including capital gains or business income, would all have to be added to the corporation's current gross income or net profit. When filing the amended Form 2553-EZ you must provide the information that the federal government requests in the updated S corporation return. A taxpayer who does not file Form 2553-EZ as described above, may still qualify as an S corporation because the New York State Department of Taxation and Finance may claim an exemption for the failure to file Form 2553-EZ. New York State's tax laws include provisions that allow S corporations to have deductions on their income taxes (or gross income from business activities) based on their net profits rather than the size of their gross income, if at all. New York State has a formula to determine net profit for determining income tax. The formula is based on the weighted average of: the S corporation's total of their current taxable income, gross operating income (gross profit less the income used to calculate taxable costs, expenses, and depreciation), plus their excess tax deductions (i.e. deductions for itemized deductions, as well as charitable contributions). This formula is available for download on this website, in the “Forms and Publications” area of the New York State Treasury Department website. New York State is currently in the process of revising the formula, which could result in a significant reduction in net profits.

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