Federal Tax

NYC Corp Tax

  • 1.  NYC Corp Tax

    Posted 02-01-2016 11:38 AM

    Have a client who runs an S-Corp that owns real property on Long Island.  The corp receives rent and has a few expenses, all paid by client from his home.  He moved his residence from Westchester to NYC.  Is the corp. now subject to NYC Corp tax?

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    Daniel Levine
    CPA
    Scottsdale AZ
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  • 2.  RE: NYC Corp Tax

    Platinum Most Valuable Member
    Posted 02-01-2016 01:19 PM

    i would think not.  at least as far as Corp Taxes.    The corp is not doing business where it books are, but rather where the property is situated.

    However, the individual has now moved to NYC and if it an ":S" corp, and it produces a profit, the income would be subject to tax on their individual return.

    if it is a "C" corp and i hope not, then no to NYC taxes.

    Abby

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    Abby Alhante
    KURCIAS & ALHANTE, CPAs LLC
    Melville NY



  • 3.  RE: NYC Corp Tax

    Posted 02-01-2016 01:30 PM

    I suppose this issue is whether writing checks and paying payroll taxes. etc constitutes doing business in the City.

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    Daniel Levine
    CPA
    Scottsdale AZ



  • 4.  RE: NYC Corp Tax

    Platinum Most Valuable Member
    Posted 02-03-2016 11:46 AM

    I believe you do have to file. You can apportion all of the income outside of the city.

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    Robert Brown
    ROBERT N. BROWN, CPA
    Jericho NY



  • 5.  RE: NYC Corp Tax

    Platinum Most Valuable Member
    Posted 02-03-2016 01:01 PM
    you can file a NYC -145 activities report
     
    Andrea M. Parness, CPA
    A. Parness Company CPA
    171 Beach 131 Street, Belle Harbor, NY, 11694

    Office:(718)-318-2677  ---  Fax: (718)-318-2672
    Andrea@AParnessCPA.com
    http://www.aparnesscpa.com
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