Nyc 245 2025

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The document is an Activities Report (Form NYC-245) required by the New York City Department of Finance for corporations claiming exemption from the General Corporation Tax or Business Corporation Tax. It outlines the necessary information and certifications that corporations must provide, including details about their business activities, locations, officers, and any claims for tax refunds. The form emphasizes that filing this report does not constitute a tax return and specifies conditions under which corporations are exempt from taxation.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

At what point is an S corp worth it?

The right time to convert your LLC to S-Corp From a tax perspective, it makes sense to convert an LLC into an S-Corp, when the self-employment tax exceeds the tax burden faced by the S-Corp. In general, with around $40,000 net income you should consider converting to S-Corp.

Does New York City recognize S corp?

Please note that New York City does not have an S corporation election and does not recognize a New York State S corporation election. In general, federal subchapter S corporations and qualified subchapter S subsidiaries are subject to the GCT.

What is the minimum tax for an S corporation in New York City?

A minimum tax based on the S corporations NYC gross receipts which is determined as follows: $100,000 or less = $25 minimum tax. More than $100,000 but not more than $250,000 = $75. More than $250,000 but not more than $500,000 = $175.

What are the benefits of an S corp in NY?

S-Corps 101. S-corps are the King of Entities for US Small Businesses. Advantage: Payroll and income tax savings. Advantage: Additional pre-tax savings for retirement contributions. Disadvantage: State and local taxes. Disadvantage: Less ability to borrow from creditors.

What is form NYC 245?

What is NYC DoF NYC-245? NYC DoF NYC-245 is a form required by the New York City Department of Finance for property owners to report various information related to their properties, including assessments and any changes in ownership or use.

Is an S Corp worth it in NYC?

One of the key advantages of an S Corp in New York is the potential for tax savings. While S Corps, like LLCs, benefit from pass-through taxation (where income is passed through to shareholders and taxed at their individual rates), S Corps do not pay corporate income tax like C-corporations do.

Who pays the NYC UBT tax?

Sole proprietors, partnerships, LLCs, and other unincorporated businesses conducting business in New York City are generally subject to the Unincorporated Business Tax (UBT). This includes income earned from activities such as selling goods or services within the city.

Who must file a NYC corporate tax return?

Who has to pay this tax? Corporations that do business, employ capital, or own or lease property, or maintain an office in the city in a corporate or organized capacity must pay this tax.

Nyc 245 2025

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