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SALT Questions NYS CT 3M Not subject to tax under $1,000,0000

  • 1.  SALT Questions NYS CT 3M Not subject to tax under $1,000,0000

    Posted 10-08-2018 19:18
    in reading the instructions for the CT-3m  , It says a corp with receipts under  $1,000,000 is not subject to the tax.
    Lacerte and Drake  generate a tax on it..

    do i have it wrong,  is there an exemption for Corps with sales under $1,000,000


    any help appreciated.



    Abby

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    Abby Alhante
    KURCIAS & ALHANTE, CPAs LLC
    Melville NY
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  • 2.  RE: SALT Questions NYS CT 3M Not subject to tax under $1,000,0000

    Posted 10-09-2018 10:36
    Abby,
    You are referring to the Economic Nexus Rule, meaning if you are not located in the state (or MTA area) you can be taxed if your sales in the jurisdiction are more than 1 mil (This may not apply to sales of TPP (P.L.86-272).

    If you are located - doing business - in the state or MTA area, there is no $ million threshold.  You pay tax on any amount of income if you are physically present.

    Brian
    State Tax Audit Representation, Inc.