Nex York
| Tax Type | LLC (not taxed as corp) | S Corporation | C Corporation |
|---|---|---|---|
| Filing Fee | $200 | $125 | $125 |
| Franchise Tax | Combined with revenue tax | Combined with revenue tax | Combined with revenue tax |
| Annual Report | $9 (Biennial) | $9 (Biennial) | $9 (Biennial) |
| State Income Tax | None | None | up to 7.25% |
| Revenue Tax | None | $19 - $200,000 | $19 - $200,000 |
| Tax Return Due Date | Form IT-204 March 15 if taxed as partnership | Form CT-3-S-1 March 15 | Form CT-3-1 April 15th |
To register an entity in New York first register with the secretary of the state https://appext20.dos.ny.gov/ecorp_public/f?p=2201%3A17 The process will take few days. The annual renewal must be filed through the same portal. Tax payments can be made either through an e-file provider or through https://www.tax.ny.gov/bus/
Pass-Through Entities: New York is the only state that requires a separate state election for S corporations after an S corp approval was received from IRS. To make the New York S corp election, file Form CT-6.
The Pass-Through Entity Tax (PTET) is an optional tax that partnerships or New York S corporations may annually elect to pay on certain income for tax years beginning on or after January 1, 2021. That will allow shareholders and partners.
New York also has a minimum tax rate based on corporations’ revenue size. Both C and S corps are subject to the same rates. The corporation will pay the greater of the revenue based and net income tax but not both. The rates of the revenue tax can be found at the following link: https://www.tax.ny.gov/bus/ct/def_art9a.htm#eni