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Quick guide to completing Form CT-3, General Business Corporation ...

Quick guide to completing Form CT-3, General Business Corporation ... 2025

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The document is the CT-3 form, a Franchise Tax Return for General Business Corporations in New York State, applicable for tax periods starting January 1, 2022. It outlines the necessary information and computations required for filing, including general corporate details, tax calculations based on business income and capital bases, and various sections for claiming tax credits. The form emphasizes compliance with specific instructions to avoid penalties and interest.

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Click ‘Get Form’ to open it in the editor.
Begin with Part 1, where you will enter your corporation's legal name, trade name, and mailing address. Ensure that all information is accurate to avoid processing delays.
In Part 2, compute your balance due or overpayment. Carefully follow the instructions for calculating taxes based on business income and capital base.
Proceed to Part 3 and Part 4 for detailed computations of tax on business income and capital base. Input figures from your federal return as required.
Complete Part 5 by calculating your investment capital for the current tax year. Make sure to include all relevant financial data.
In Part 6, determine your business apportionment factor by marking applicable receipts and sales accurately.
Finally, summarize any tax credits claimed in Part 7. Attach necessary forms for each credit to ensure they are processed correctly.

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Who is considered a New York City employee?

Who is considered a New York City employee? You are considered an employee of the City of New York if you are employed by the NYPD, FDNY, the Department of Finance, Department of Sanitation, or any of the other New York City government agencies.

Who needs to file NYC 4S?

FILE FORM NYC-4S Corporations (as defined in Section 11- 602.1 of the New York City Administra- tive Code) doing business, employing capital, or owning or leasing property in a corporate or organized capacity, or main- taining an office in New York City must file a General Corporation Tax return.

What is the capital base tax rate in NY?

New York State Income/Franchise Tax The legislation also extends the capital base tax rate of 0.1875% for tax years ending before January 1, 2027; the rate will decrease to 0% for tax years starting on or after January 1, 2027.

Who must file a New York corporate tax return?

If your business is incorporated in New York State or does business or participates in certain other activities in New York State, you may have to file an annual New York State corporation tax return to pay a franchise tax under the New York State Tax Law.

What is the form number for corporate tax return?

About Form 1120, U.S. Corporation Income Tax Return. Internal Revenue Service.

Who needs to file CT-3?

All New York C corporations subject to tax under Tax Law Article 9-A must file using the following returns, as applicable: Form CT-3, General Business Corporation Franchise Tax Return.

Who is required to file a New York City tax return?

New York City residents must pay a personal income tax, which is administered and collected by the New York State Department of Taxation and Finance. Most New York City employees living outside of the five boroughs (hired on or after January 4, 1973) must file form NYC-1127.

Do I need to file a corporate tax return in New York?

For tax years beginning on or after January 1, 2015, a new corporate tax applies to corporations and banks, other than federal S-corporations, that do business in New York City. Starting in 2022, corporations that derive receipts of $1 million or more are also subject to tax.

Quick guide to completing Form CT-3, General Business Corporation ... 2025

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