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Free Nyc 3L Form in PDF

The NYC-3L form is required for S Corporations operating within New York City and serves as a general corporation tax return. Its purpose is to ensure that S Corporations comply with local tax regulations, distinguishing them from C Corporations, which must use different forms (Form NYC-2, NYC-2S, or NYC-2A). It accommodates returns for both the calendar year 2021 and fiscal years beginning in 2021, with sections covering everything from basic identification and contact information to detailed financial schedules.

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Navigating the complexities of corporate taxation in New York City is a critical task for S Corporations operating within this jurisdiction, and the NYC 3L form plays a pivotal role in this process. Designed exclusively for S Corporations, this form facilitates the annual reporting and calculation of the General Corporation Tax for the calendar year 2021 or for a fiscal year that begins and ends within the specified timeframe. Corporations are required to detail their financial activities, including any changes in their corporate or contact information, providing a comprehensive overview of their taxable income, deductions, and the applicable tax rates. A distinct feature of the NYC 3L form is its attention to the allocation of income, capital, and subsidiary capital, alongside the calculation of tax credits and prepayments that may reduce the overall tax liability. Additionally, it addresses the finality of operations within NYC by including options for final and amended returns, catering to corporations that have ceased their activities or need to adjust previously submitted information. Moreover, it mandates the attachment of the federal tax return, ensuring coherence between federal and city tax obligations. The submission of this form, accompanied by any necessary schedules and documentation, is a critical compliance measure for S Corporations, enabling them to fulfill their local tax responsibilities effectively.

Nyc 3L Sample

-3L

GENERAL CORPORATION TAX RETURN 2022

To be filed by S Corporations only. All C Corporations must file Form NYC-2, NYC-2S or NYC-2A

For CALENDAR YEAR 2022 or FISCAL YEAR beginning _______________ 2022 and ending ___________________

Name		Name	n
		Change	n

In Care Of

Address (number and street)		Address	n
		Change	n
City and State	Zip Code	Country (if not US)

Business Telephone Number	Date business began in NYC

Taxpayer’s Email Address:

__________________________________________

EMPLOYER IDENTIFICATION NUMBER

BUSINESS CODE NUMBER AS PER FEDERAL RETURN

*30212291*

	n Final return - Check this box if you have ceased operations in NYC		n
APPLY				iinga	eetaxabear

THAT	n Special short period return (See Instr.)		n	prrfederareturnisattached
	n aianatedfederataxbenefitseinst		nn ter‑characterspeciacnditincdeifappicabeeinst
ALL
	n ndedreturn		nIRS change
CHECK		If the purpose of the amended return is to report a			Date of Final
		federal or state change, check the appropriate box:	nNYS change		Determination nn-nn-nnnn

SCHEDULE A Computation of Tax - BEGIN WITH SCHEDULE B ON PAGE 3. COMPLETE ALL OTHER SCHEDULES. TRANSFER APPLICABLE AMOUNTS TO SCHEDULE A.

A. Payment

Amount being paid electronically with this return

Payment Amount

catednetincrSchedueine

X .0885

2a. catedcapitarSchedueine

2a.

X .0015

2a.

2b. taacatedcapitaperativeusingrps

2b.

X .0004

2b.

2c. perativesenter

BORO

BLOCK

LOT

ternativeaxrternativeaxScheduenpage

...................................(see instructions)

nitax

einstructinsNY rssReceipts

catedsubsidiarcapita

see instructions

X .00075

6. axineabrwhicheveris

largest, PLUS ine

Paidredit

(attach Form NYC-9.7)

axafterreditineessine

9a.

Rredit

(attach Form NYC-9.5)

9a.

9b.

Lredit

(attach Form NYC-9.8)

9b.

10a.

ReaateaxatinntOpprtunitRecatinan

dIreditsttachrNY

10a.

10b.

Intentinaeftban

10b.

10c.

erPrductinredit

(attach Form NYC-9.12)

10c.

11.

Nettaxaftercreditsineess

ttafinesathrughc

11.

12.

irstinstantfestitedtaxfrperidfwingthat

cveredbthisreturn

(a) Ifappicatinfrextensinhasbeenfiedenteraunt

frinefrNY

............

12a.

(b) Ifappicatinfrextensinhas

notbeenfiedandineexceeds$enter%fi

12b.

13. tafinesaandb

13.

14.

PrepantsrPrepantsScheduepageine

...........................(see instructions)

14.

15.

ancedueine

essine

15.

16.

Overpantine

essine

16.

17a.

.................................................................Interest (see instructions)

17a.

17b.

ditinacharges

(see instructions)

17b.

17c.

Penatfrunderpantfestitedtax

(attach Form NYC-222)..

17c.

18. tafinesabandc

18.

19.

Netverpantineessine

19.

20.

untfinetbe

(a)Refunded n irectdepsit

fill out line 20c OR

n Paperchec

20a.

(b)reditedtestitedtax

20b.

20c. Routing Number

Account

Number

ACCOUNT TYPE

Checking n Savings n

21. TOTAL REMITTANCE DUE (see instructions)		21.
30212291	SEE PAGE 7 FOR MAILING INSTRUCTIONS		NYL

Form NYC-3L - 2022 NAME: ______________________________________ EIN: __________________________________ Page 2

SCHEDULE A - Continued Computation of Tax - BEGIN WITH SCHEDULE B ON PAGE 3. COMPLETE ALL OTHER SCHEDULES. TRANSFER APPLICABLE AMOUNTS TO SCHEDULE A.

22.	IssuersacatinpercentagerSchedueine			22.
23.	NYrentdeductednfederataxreturnrNYrentfrSchedue	Part	(See instructions)	23.
24.	rssreceiptsrsaesfrfederareturn			24.
25.	N fParentrpratin
25.	N fParentrpratin

26.	taassetsfrfederareturn			26.
27.	NfnParentrpratin			28.
27.	NfnParentrpratin

28.	ensatinfstcdersrSchedine

COMPOSITION OF PREPAYMENTS SCHEDULE

	PREPAYMENTS CLAIMED ON SCHEDULE A, LINE 14					DATE			AMOUNT
ndatrfirstinstantpaidwithprecedingarstax
PantwithecaratinrNY
PantwithNticefitedaxue
PantwithNticefitedaxue
PantwithextensinrNY
Overpantfrprecedingarcreditedtthisar
G. TOTAL fthrughnternSchedueine

ALTERNATIVE TAX SCHEDULE					Refer to page 6 of instructions before computing the alternative tax

Net income/loss einstructins							1.	$	__________________________
Enter 100% of salaries and compensation for the taxable year paid to stockholders owning more than 5% of the taxpayer’s stock. (See instr.)							2.	$	__________________________
Totalinepusine							3.	$	__________________________
Statutory exclusion - Enter $40,000. freturndesntcveranentirearexcusinstbeprrate					dbasedntheperidcveredbthereturn		4.	$	__________________________
Net amount inenusine							5.	$	__________________________
15% of net amount inex%							6.	$	__________________________
Investment income to be allocated untnSchedueinebx%ntenterreth					antheauntnineabve
ter	ifntappicabe						7.	$	__________________________
Business income to be allocated inenusine							8.	$	__________________________
Allocated investment income inexinvestntacatin%frSchedueine							9.	$	__________________________
Allocated business income inexbusinessacatin%frSchedueine							10.	$	__________________________
Taxable net incomeinepusine							11.	$	__________________________
Tax rate							12.		%
Tax rate							12.		__________________________
Alternative tax ine		xine	ransferaunttpage	Schedueine			13.	$	__________________________

*30222291* 30222291

Form NYC-3L - 2022

NAME: ______________________________________ EIN: __________________________________

Page 3

SCHEDULE B

Computation and Allocation of Entire Net Income

ederataxabeincbefrenetperatingssdeductina

ndspeciadeductins

(see instructions)

Interestnfederastatenicipaandtherbigatin

sntincudedinineabve

(see instructions)

eductinsdirectattributabetsubsidiarcapita

(attach list) (see instructions)

eductinsindirectattributabetsubsidiarcapita

(attach list) (see instructions)

5a.

NYSranchiseaxincudingtaxesandtherbusinesstaxesded

uctednthefederareturn

ttachridereinstr

5a.

5b.

NYenerarpratinaxdeductednfederareturn

(see instructions)

5b.

5c.

NYSPasshrughtitaxandsiartaxesfrtherurisdicti

nsdeductedfrederaaxabeInceinstr

.. 5c.

5d.

NYPasshrughtitaxdeductedfrederaaxabeInc

einstructins

5d.

NewYritadustntsreatingt

(see instructions)

(antpprtunitrecatincstscreditandIcredit

6a.

(b)Reaestatetaxescaatincredit

6b.

(attach Form NYC-399 and/or NYC-399Z)

6c.

ditins

(a) Pantfrusefintangibes

.............................................................................................................

7a.

(b) IntentinaOtted

7c.

tafinesthrughc

9a.

ividendsfrsubsidiarcapita

(itemize on rider) (see instr.)

9a.

9b.

Interestfrsubsidiarcapita

..............................(itemize on rider) (see instructions)

9b.

9c.

ainsfrsubsidiarcapita

9c.

10.

%fdividendsfrnnsubsidiarcrpratins

(see instructions)

10.

11.

NewYritnetperatingssdeductin

(attachFormNYC-NOLD-GCT)(seeinstr.)

11.

12.

ainnsaefcertainprpertacquiredprirt

(see instructions)

12.

13.

NYandNYStaxrefundsincudedinSchine

(see instructions)

13.

14.

WagesandsaariessubecttIR§deductindisawa

nce (see instr.)

14.

15.

epreciatinandradustntcacuatedunderpreRSrpre

rues

(attach Form NYC-399 and/or NYC-399Z) (see instr.)

..............................................

15.

16a. ntributinsfcapitabgvernntaentitiesrcivicgrup

s (seeinstructions).

16a.

..........................................16b. Otherdeductins (see instructions) (attach rider)

16b.

17.

tadeductinsddinesathrughb

17.

18.

tirenetincineessine

(see instructions)

18.

19.

Iftheauntnineisntcrrectentercrrectaunth

ereandexpaininrider

(see instr.)

19.

20.

Investntinceteinesathrughhbew

(see instructions)

(a)

ividendsfrnnsubsidiarstchedfrinvestnteinstructin

20a.

(b) Interestfrinvestntcapitancudefederastateandn

icipabigatins

(itemize in rider)

20b.

(c)Netcapitagainssfrsaesrexchangesfnnsubsidiarsecu

ritieshedfrinvestnt

tezenriderrattachederaSchedue

20c.

(d)

IncfrassetsincudedninefSchedue

20d.

(e)

dinesathrughdincusive

20e.

(f)

eductinsdirectrindirectattributabetinvestntinc

ttachisteinstructins

20f.

(g)

anceineeessinef

20g.

(h)

Interestnbanaccuntsincudedinincreprtednine

20h.

21.	NewYritnetperatingssdeductinapprtinedti		nvestntinc	(attach rider)(see instr.)			21.
22a. Investntincinegessine							22a.
22b. Investntinctbeacated		(see instructions)					22b.
23.	sinessinctbeacatedinerineessine		b				23.
24.	catedinvestntinc	tipinebbtheinvestntacatinpercentagen		SchedueLine		(see instr.)...	24.
25a. catedbusinessinctipinebthebusinessaca			tinpercentagenSchedueLine				25a.
25b. Iftheauntnineaisntcrrectentercrrectaunt			hereandexpaininrider		(see instructions)		25b.
26.	taacatednetincinepusinearine		bnteratSchedueine				26.

*30232291* 30232291

ATTACH ALL PAGES OF FEDERAL RETURN

Form NYC-3L - 2022

NAME: ____________________________________ EIN: ___________________________________

Page 4

SCHEDULE C

Subsidiary Capital and Allocation

RIPIONOSIY

%fVting

verage

LiabiitiesirectrIn

NetverageVaue

Issuer

Vauecated

LISI

OYIIIION

Stc

Vaue

directtributabet

unus

catin

tNY

SRIINY

Owned

Subsidiarapita

Percentage

xcu

1.	tasandncudingitenrider	1.

2.	taucatedsubsidiarcapitaransferthistt		atSchedueine	2.

SCHEDULE D

Investment Capital and Allocation

RIPIONOINV

rssInc

NfShares

verage

Liabiitiesirectr

NetverageVaue

Issuer

Vauecated

LISSOSRIY

runtf

Vaue

Indirecttributabe

unuscu

catin

tNY

Securities

tInvestntapita

Percentage

xcu

Investnt

SRIINY

tasncudingitenrider

Investntacatinpercentage

inedividedbinerundedtthenearestnehun

dredthfapercentagepint

ash

(To treat cash as investment capital,

you must include it on this line.)

InvestntcapitatafinesandenternSchedu

eine

SCHEDULE E		Computation and Allocation of Capital
sisusedtdeterneaveragevaueincu			Checkone.(Attachdetailedschedule.)
n - Annually	n - Semi-annually		n - Quarterly	COLUMN A	COLUMN B

n - Monthly	n - Weekly		n - Daily
				Beginning of Year	End of Year

1.taassetsfrfederareturn

2.Reaprpertandrtabesecuritiesincudedinine

3.	Subtractinefrine
4.	Reaprpertandrtabesecuritiesat		fair market value
5.	ustedttaassetsddinesand
6.	taiabiities	(seeinstructions)	...................................................

7.tacapitauineesscuine

8. Subsidiarcapitaeduecuine

	9.	sinessandinvestntcapitaineessine		(seeinstructions)
	10.	Investntcapitaedueine		(seeinstructions)
30242291	11.	sinesscapitaineessine
30242291	12.	catedinvestntcapita	tipinebtheinvestntacatinpercentagen				SchedueLine
	12.	catedinvestntcapita	tipinebtheinvestntacatinpercentagen				SchedueLine
	13.	catedbusinesscapita	tipinebthebusinessacatinpercentagenSche				dueLine
	14.	taacatedbusinessandinvestntcapita		inepusinenteratSchedueinearb
	15.	IssuersacatinpercentagefSchineandSch				cine	÷Schine
		rundedtthenearesthundredthfapercentnternpag			e	line22. SeeInstr.
			Certain Stockholders
	SCHEDULE F		Certain Stockholders
	Incudeastcderswninginexcessf		5%ftaxparsissuedcapitastcwhreceivedancensatini				ncudingcssins
		Name, Country and US Zip Code (Attach rider if necessary)				SciaSecuritNuer	Officiaite
		Name, Country and US Zip Code (Attach rider if necessary)				SciaSecuritNuer	Officiaite

COLUMN C

Average Value

10.

11.

12.

13.

14.

15.%

SaarOtherensatin

Receivedfrrpratin

fnneenter

1. taincudinganauntnriderternSchedueine1.

30242291	ATTACH ALL PAGES OF FEDERAL RETURN

Form NYC-3L - 2022

NAME: ______________________________________ EIN: ____________________________________

Page 5

SCHEDULE G

Locations of Places of Business Inside and Outside New York City

taxparsstceteScheduePartsand

Part 1 - List location for each place of business INSIDE New York City (see instructions; attach rider if necessary)

	etedress			Rent	Naturefivities	Nfes	WagesSaariesc	uties

N	SR

IY		S	ZIP

N	SR

IY		S	ZIP

N	SR

IY		S	ZIP

N	SR

IY		S	ZIP

ta

Part 2 - List location for each place of business OUTSIDE New York City (see instructions; attach rider if necessary)
	etedress			Rent	Naturefivities	Nfes	WagesSaariesc	uties

N	SR

IY		S	ZIP

N	SR

IY		S	ZIP

N	SR

IY		S	ZIP

N	SR

IY		S	ZIP

ta

SCHEDULE H

Business Allocation - see instructions before completing this schedule

Taxpayers must report their Business Allocation Percentage in this schedule for this return to be accepted

axparswhdntacatebusinessincutsideNewYr		itstenter%nSchedueine
axparswhacatebusinessincbthinsideandutside		NewYritstceteSchedueandenterpercentagen			Schedueine


			COLUMN A - NEW YORK CITY	COLUMN B - EVERYWHERE
	Receipts in the regular course of business from:
1.	Saesftangibepersnaprpert	1.		1.
2.	Servicesperfrd	2.		2.
2.	Servicesperfrd	2.	______________________________________________________________________
3.	Rentasfprpert	3.		3.
3.	Rentasfprpert	3.	______________________________________________________________________
4.	Rties	4.		4.
5.	Otherbusinessreceipts	5.		5.
6.	ta	6.		6.
7.	sinesscatinPercentageinecudividedbine	curundedtthenearesthundredthfapercent
	IfusingSchedueIenterpercentagefrPartinerPa	rtineSeeinstructins		7.		%

*30252291*

30252291

ATTACH ALL PAGES OF FEDERAL RETURN

Form NYC-3L - 2022

NAME: ______________________________________ EIN: ___________________________________

Page 6

SCHEDULE I

Business Allocation for Aviation Corporations and Corporations Operating Vessels

Part 1		sinessacatinfraviatincrpratins
					AVERAGE FOR THE YEAR
					COLUMN A - NEW YORK CITY		COLUMN B - EVERYWHERE
1.	rcraftarrivasanddepartures			1.
2.	NewYritpercentageudividedbcu			2.					%
2.	NewYritpercentageudividedbcu			2.					%
3.	Revenuetnshanded			3.
4.	NewYritpercentageudividedbcu			4.					%
5.	Originatingrevenue			5.
6.	NewYritpercentageudividedbcu			6.					%
6.	NewYritpercentageudividedbcu			6.					%
7.	tafinesand			7.					%
8.	catinpercentageinedividedbthreerundedtth		enearestnehundredthfapercentagepintnternSche			dueine		8.	%

Part 2		sinessacatinfrcrpratinsperatingvessesinfreignc			rce

1.	gregatenuerfwrngda		1.
2.	catinpercentage	udividedbcurundedtthenearestnehundre

COLUMN A -	NEW YORK CITY	COLUMN B	EVERYWHERE
	TERRITORIAL WATERS

dthfapercentagepintnternSchedueine		2.	%

SCHEDULE J

The following information must be entered for this return to be complete. (REFER TO INSTRUCTIONS BEFORE COMPLETING THIS SECTION.)

1a.	NewYritprincipabusinessactivit____________________	_____________________________________________________________________
1b.	Othersignificantbusinessactivities (attach schedule, see instructions__________________________________________________ _______________
2.	radenafreprtingcrpratinifdifferentfrnaen	terednpage___________________________________
3.	Isthiscrpratinincudedinacnsidatedfederareturn	n YES	n NO

	Ifgiveparentsna		______________________________________________			N	___________________________
							enterhereandnpageine
4.	Isthiscrpratinaerfacntredgrupfcrpratin			sasdefinedinIRsectin				n YES
	disregardinganexcusinbreasnfparagraphfthatsect			in				n YES
	If	givecnparentcrpratin’snaifan ________________			_______________	N	_______________________________
							enterhereandnpageine
5.	astheInternaRevenueServicertheNewYrStateepartn			tfaxatinandinance				n YES
	crrectedantaxabeincrthertaxbasereprtedinaprir			arrareucurrentunderaudit				n YES
	Ifbwh		n Internal Revenue Service		Stateperid		g________________	d________________
							YY	YY
			n New York State Department of Taxation and Finance		Stateperid		g________________	d________________
							YY	YY

6.If“Ytquestin

6a.rarsprirthasrNYeprtfedera

Statehangeinaxsebeenfied

n YES

6b. rarsbeginningnrafterhasanandedreturn

beenfied

n YES

idthiscrpratinanpantstreatedasinterestinthe

cutatinfentirenetinctsharehders

wningdirectr

indirectindividuarintheaggregaterethan%

fthecrpratin’sissuedandutstandingcapitastcIf

“Y

n YES

cetethefwingfrethanneattachseparatesh

eet

Sharehder’sna___________________________________

______SSNN________________________________

InterestpaidtSharehder

_______________

taIndebtednesstsharehderdescribedabve

________________

tainterestpaid

_______________

Wasthiscrpratinaerfapartnershiprintventured

uringthetaxar

n YES

IfattachschedueistingnaandrIdentificatin

Nuer

antiduringthetaxabeardidthecrpratinhave

aninterestinreaprpert

ncudingaeasehdinterest

n YES

catedinNYracntringinterestinanentitwnin

gsuchreaprpert

*30262291*

10.

attachascheduefsuchprpertindicatingthenaturef

theinterestandincudingthestreet

addressbrughbcandtnuer

b) WasanNYreaprpertncudingaeasehdinterestrcnt

ringinterestinanentitwningNYrea

n YES

prpertacquiredrtransferredwithrwithutcnsiderati

Wasthereapartiarceteiquidatinfthecrprati

n YES

d) Was%rrefthecrpratin’swnershiptransferredduring

thetaxarverathreearperidraccrdingtapa

n YES

11.

IftbcrdwasaReaPrpertransferaxReturn

rNYPfied

n YES

12.

IfOtexpain______________________________

____________________________________________

13.

esthecrpratinhavenerrequaifiedsubchapterSsub

sidiaries

n YES

If“YtachaschedueshwingthenaaddressandNif

anfeachQSSSandindicatewhether

theQSSSfiedrwasrequiredtfieaitbusinessincta

xreturn (see instructions)

14.

terthenuerfedreturnsattached________________

______________________

15.

esthistaxparparentgreaterthan$franprese

sinNYinthebrughfnhattansuth

n YES

fthStreetfrthepurpsefcarrngnantradebusine

ssprfessinvcatinrcrciaactivit

16.

IfwerearequiredrciaRentaxReturnsfied

n YES

30262291

PeaseenterrIdentificatinNuerwhichwasusednth

erciaRentaxReturn ____________________________

nNO

Form NYC-3L - 2022

NAME: ______________________________________ EIN: ___________________________________

Page 7

SCHEDULE K

Federal Return Information

The following information must be entered for this return to be complete.

Enter on lines 1 through 10 in the Federal Amount column the amounts reported on your federal Form 1120S. (See instructions)

Federal 1120S			t Federal Amount t
			____________________________________________
1.	ividends	1.	____________________________________
2.	Interestinc	2.	____________________________________
3.	apitagainnetinc	3.	____________________________________
4.	Otherinc	4.	____________________________________
5.	tainc	5.	____________________________________
6.	ddebts	6.	____________________________________
7.	Interestexpense	7.	____________________________________
8.	Otherdeductins	8.	____________________________________
9.	tadeductins	9.	____________________________________
10.	Netperatingssdeductin	10.	____________________________________

CERTIFICATION OF AN ELECTED OFFICER OF THE CORPORATION

I hereby certify that this return, including any accompanying rider, is, to the best of my knowledge and belief, true, correct and complete. I authorize the Dept. of Finance to discuss this return with the preparer listed below. (See instructions) ......YES n

irsidress

_______________________________________

SIGN

Signatureffficer

ite

ate

PreparersSciaSecuritNuerrPIN

HERE:

PREPARER'S

PreparersPreparer’s

hecifsef

USE

’

signatureprinted

ate

✔

ONLY

irrIdentificatinNuer

s irsna

rursifsefd

s dress

s Zipde

MAILING INSTRUCTIONS

ATTACH COPY OF ALL PAGES OF YOUR FEDERAL TAX RETURN 1120S.

Make remittance payable to the order of NYC DEPARTMENT OF FINANCE. Payment must be made in U.S. dollars and drawn on a U.S. bank.

To receive proper credit, you must enter your correct Employer Identification Number on your tax return and remittance.

The due date for the calendar year 2022 return is on or before March 15, 2023.

For fiscal years beginning in 2022, file on or before the 15th day of the 3rd month following the close of the fiscal year.

ALLRETURNSEXCEPTREFUNDRETURNS

NYOIN

ORPORION

POX

NONNY

REMITTANCES

PAY ONLINE WITH FORM NYC-200V

AT NYC.GOV/ESERVICES

Mail Payment and Form NYC-200V ONLY to:

NYOIN

POX

NYORNY

RETURNS CLAIMING REFUNDS

NYOIN

ORPORION

POX

NONNY

*30272291*

30272291

⇩ Nyc 3L

File Overview

#	Fact Name	Description
1	Form Type	NYC 3L General Corporation Tax Return for 2021
2	Filing Requirement	To be filed by S Corporations; C Corporations file different forms (NYC-2, NYC-2S, or NYC-2A)
3	Applicable Periods	For Calendar Year 2021 or Fiscal Year beginning in 2021
4	Need to Indicate Address Change	Options to indicate change in address are included
5	Business Telephone Number & Email	Required to provide both business telephone number and taxpayer’s email address
6	Tax Payment and Credits	Sections to report computed tax, payments made electronically, and various tax credits
7	Final and Amendment Options	Options to file as a final return or amend a previous return due to federal or state changes
8	Governing Law	State-specific form governed by New York City tax law

Nyc 3L: Usage Guidelines

Filing the NYC-3L form is an essential step for S Corporations operating in New York City, focusing on their General Corporation Tax Return for the 2021 tax year. The process demands attention to detail and the accurate presentation of financial data related to income, deductions, and tax credits. Following these organized steps will streamline the filing process, ensuring compliance with NYC’s Department of Finance requirements.

Start with the "General Information" section at the top of the form. Fill in the fiscal year or calendar year covered by the return, your corporation’s name, address (include any changes), city, state, zip code, and country if not the U.S. Also, provide your business telephone number, the date business began in NYC, and the taxpayer’s email address.
Enter your corporation's Employer Identification Number (EIN) and the Business Code Number as per federal return in the designated spaces.
Check the appropriate boxes that apply to your return status, such as “Final return” if ceasing operations in NYC, “Special short period return,” or if an amended return, specifying the reason.
Proceed to Schedule A and begin with the computation of tax by first completing Schedule B (found on page 3) and all other required schedules, transferring applicable amounts to Schedule A as instructed.
Calculate and enter your payments and computed tax amounts in the fields provided from lines 1 through 21, including electronic payment information if applicable.
Fill out Schedules B through H in sequential order, carefully following the specific instructions for each section to compute entire net income, subsidiary capital, investment capital, and allocations as necessary.
On Schedule I, if applicable, detail your business's allocation percentage based on the instructions provided, ensuring to accurately reflect the portion of business conducted within and outside of New York City.
If your return includes any credits from Forms NYC-9.7, NYC-9.5, NYC-9.8, or NYC-9.12, make sure these are correctly calculated and entered on Schedule A as these can impact the total tax due or overpayment to be refunded or credited.
Review all completed sections for accuracy and completeness. Attach all pages of your federal return as required.
Sign and date the form. If prepared by someone other than the taxpayer, the preparer must also sign and provide their information at the designated section.
Follow the mailing instructions provided on Page 7 of the form to send your completed NYC-3L form to the NYC Department of Finance by the filing deadline.

Ensuring that every piece of information is accurate and every required document is attached is crucial for the timely processing of your General Corporation Tax Return. Double-check your work before submission to avoid any potential delays or issues.

FAQ

Below addresses frequently asked questions regarding the NYC-3L General Corporation Tax Return for the year 2021.

Who needs to file the NYC-3L form?

The NYC-3L form is specifically designed for S Corporations operating within New York City. C Corporations, on the other hand, must file using Form NYC-2, NYC-2S, or NYC-2A depending on their specific circumstances.
What period does the 2021 NYC-3L form cover?

This form covers either the calendar year of 2021 or a fiscal year that begins in 2021 and ends in the following year. Filers must specify their applicable tax year on the form.
Can the NYC-3L form be used for amended returns?

Yes, there is an option to mark the return as amended if there are revisions to be made to a previously filed return due to federal or state changes, among other reasons.
What are the key schedules within the NYC-3L form?

The form includes various schedules to be completed, starting with Schedule B on page 3. These schedules cover the computation of tax, subsidiary and investment capital, business and investment income allocation, and more. Completing all relevant schedules is necessary for accurately determining tax liability.
How is the tax calculated on the NYC-3L form?

Tax calculation begins with Schedule B and involves detailed computations that include, but are not limited to, allocated entire net income, subsidiary capital, and investment income. Specific rates and percentages are applied to the computed base amounts to determine the tentative tax before credits and other deductions.
What are the attachment requirements for the NYC-3L form?

All pages of the federal return must be attached along with other required documents, such as Form NYC-9.7 for tax credits and NYC-222 for penalties for underpayment of estimated taxes, if applicable.
How can a refund or overpayment be processed through the NYC-3L form?

Taxpayers can direct the New York City Department of Finance to either refund the overpayment or credit it towards estimated taxes for the following period. They must indicate their preference on the form and provide the necessary bank account information if they choose a direct deposit refund.
What information is required for the business allocation schedule?

Schedule H requires businesses to report their Business Allocation Percentage, which is a measure of the amount of business income attributable to New York City. This involves reporting receipts, payroll, and other factors both within and outside the city.
Where should the completed NYC-3L form be mailed?

The last page of the instructions for the form provides the mailing address for the NYC Department of Finance. Filers must ensure that all pages of the form and attachments are included in their submission.

Common mistakes

When filling out the NYC-3L form, which is specific to S Corporations operating within New York City, individuals often encounter several areas that are prone to errors. Recognizing and avoiding these mistakes can streamline the filing process and potentially save businesses from penalties and additional scrutiny. Distilling these experiences, here are key pitfalls to watch out for:

Not confirming the eligibility for filing the NYC-3L form can lead to incorrect filings. It's critical to ensure that your business qualifies as an S Corporation under NYC's specific tax definitions, as opposed to C Corporations which are required to file different forms (NYC-2, NYC-2S, or NYC-2A).
Incorrectly marking the status checkboxes at the beginning of the form, such as 'Final return' or 'Special short period return,' can cause significant processing delays. Each box reflects a unique filing circumstance and must be selected with care to convey accurate information about the tax period and corporate status.
Business code numbers assigned based on the federal return can often be entered inaccurately. Matching the right business code number as per the federal return is crucial for the NYC-3L form since it determines the classification of your business's primary activity, affecting tax calculations.
Calculation errors in the Computation of Tax section, especially in Schedules A, B, and C, are common. These schedules involve detailed financial data and tax rate applications. Misinterpretations or miscalculations can lead to either underpayment or overpayment of taxes.
Omitting or incorrectly calculating deductions and credits, as outlined in the various sections and schedules of the form, particularly in Deductions (Schedule B) and Credits (Schedule A), is a frequent oversight. Accurately claiming all eligible deductions and credits is crucial for an accurate tax return.
Failing to attach all required documentation, such as pages from the federal return or documentation for claimed credits and deductions, can invalidate or delay the processing of the return. The NYC-3L form requires comprehensive supporting documentation to substantiate the reported figures.
Incorrectly detailing payroll expenses and allocation of income in the Computation and Allocation of Entire Net Income can lead to discrepancies. Businesses must carefully allocate payroll and income between New York City and other jurisdictions, if applicable, to correctly compute their tax obligations.
Not utilizing the precise percentages for allocated business income, investment income, and subsidiary capital as required in the allocation schedules could result in mathematical and compliance errors. Ensuring accuracy in these percentages is crucial for the correct allocation of income and tax liabilities.

Understanding these common mistakes can significantly affect the accuracy and compliance of the NYC-3L tax return. Businesses are encouraged to pay careful attention to each section of the form, seek clarification when in doubt, and consider professional assistance to navigate the complexities of NYC's corporation tax requirements. Ensuring accuracy in filing not only aids in avoiding penalties but also in harnessing potential tax benefits."

Documents used along the form

The Form NYC-3L is a vital document for S Corporations operating within New York City, guiding them on how to report and pay their general corporation tax. Alongside the NYC-3L form, there are several other forms and documents that businesses may need to complete their tax obligations fully. Understanding these additional documents can help ensure compliance with all tax requirements and avoid potential issues.

Form NYC-2: Used by C Corporations to file their general corporation tax return. It differs from the NYC-3L form, which is specifically for S Corporations.
Form NYC-2S: Filed by C Corporations that meet specific criteria, offering a simplified reporting method.
Form NYC-2A: Allows C Corporations to report and calculate their tax based on an alternative base.
Form NYC-9.7: Used to claim any paid credits that a business might be eligible for. It needs to be attached to the main form if applicable.
Form NYC-9.5: Another form for claiming specific tax credits, depending on the nature of the business and its operations.
Form NYC-9.8: Used by businesses to claim certain credits related to utilities or energy consumption.
Form NYC-222: This form is required if the business is paying penalties due to underpayment of estimated tax.
Form NYC-399 and NYC-399Z: These forms are used for adjusting depreciation and amortization deductions on the return.
Form NYC-NOLD-GCT: Filed to carryover or carryback net operating losses for general corporation tax purposes.
Schedule B, C, D, E, F, G, H, and I: Various schedules that may need to be completed as part of the NYC-3L return, depending on the specific revenues, capital, and business activities of the S Corporation.

Ensuring accuracy and completeness when filing the NYC-3L form and its accompanying documents is essential for S Corporations to meet their tax obligations. By familiarizing themselves with these forms, S Corporations can navigate the tax filing process more smoothly, avoid potential fines for non-compliance, and optimize their tax positions. Business owners and tax professionals should carefully review all instructions and requirements specific to each form and schedule to ensure compliance with New York City's tax regulations.

Similar forms

The NYC 3L form, focused on General Corporation Tax Return for S Corporations within New York City, shares similarities with the IRS Form 1120S, utilized on a federal level. Both documents are designed specifically for S Corporations, detailing income, losses, deductions, and credits to determine the entity's tax liability. The fundamental purpose of these forms is to ensure the accurate reporting of financial activities within the specified tax year, thereby calculating the tax dues or refunds appropriately. They also accommodate deductions and credits unique to S Corporations, reflecting the distinct tax treatment these entities receive under the law. Furthermore, they provide spaces for reporting payments and prepayments, which are integral to settling the corporation's tax obligations efficiently.

Comparable to the NYC 3L form is the Schedule K-1 (Form 1120S), an essential document for reporting a shareholder's share of income, deductions, and credits from an S Corporation. While the NYC 3L form compiles the overall tax information for the corporation within New York City, the Schedule K-1 is vital for individual shareholders to report their share of the corporation's income or loss on their personal tax returns. This delineation is crucial as it allows the IRS and state taxing authorities to ensure that the income reported by the S Corporation is accurately reflected in the income of the shareholders, maintaining the flow-through taxation principle that underpins S Corporations. Additionally, like the NYC 3L, the Schedule K-1 includes specifics on various types of income and tax deductions that are critical for accurately determining each shareholder's tax liability.

Another document that shares similarities with the NYC 3L form is the Form NYC-2, meant for C Corporations filing within New York City. While targeting a different classification of corporations, both forms serve as a means to report income, calculate tax liability, and outline payment information specific to their operational framework within the city. The primary difference lies in their applicability—NYC-2 addresses the tax responsibilities of C Corporations, subject to double taxation (on both corporate earnings and shareholder dividends), as opposed to the single-level taxation applicable to S Corporations via the NYC 3L form. Despite this distinction, both forms necessitate detailed financial disclosures and support the accurate imposition of taxes based on the corporation’s economic activities in New York City.

Furthermore, the NYC 3L form mirrors the function of the Form 1040 Schedule C used by sole proprietors and single-member LLCs on a federal level. While the latter is used by individuals to report profits and losses from a business they solely own, both documents share the underlying goal of assessing tax based on business income. They require detailed income statements, expense reports, and the calculation of net profit or loss to determine the taxable amount. Though serving different types of business entities, each form plays a critical role in the fiscal compliance and tax planning of the entity it’s designed for. This ensures that whether a business operates as a sole proprietorship or an S Corporation, there exists a structured process for tax reporting and payment in alignment with legal requirements.

Dos and Don'ts

When it comes to filling out the NYC-3L form, precision and accuracy are your best friends. Here are some key dos and don'ts you should always bear in mind to avoid common pitfalls and ensure a smooth process:

Do double-check the tax year and fiscal year dates you're reporting for to avoid misfiling.
Do thoroughly review the form instructions, as they provide critical guidance tailored to different sections of the form.
Do ensure that all applicable sections and schedules are accurately filled out; missing information can lead to unnecessary delays or scrutiny.
Don't leave any sections that apply to your corporation blank. If a section doesn't apply, clearly mark it as "N/A" or "0" if figures are requested.
Don't overlook the requirement to attach all pages of your federal return, as well as any other required documentation, such as forms NYC-9.7 and NYC-9.8 if claiming credits.
Don't forget to include the proper signatures and dates on the form. Unsigned or undated forms are considered incomplete and can lead to processing delays.

Accuracy, attention to detail, and a thorough understanding of your corporation's operations within the designated tax year or fiscal year can significantly streamline your NYC-3L form submission process. Armed with these tips, you're well on your way to successfully navigating your corporation's tax obligations in New York City.

Misconceptions

There are several misconceptions about the Form NYC-3L, which is the General Corporation Tax Return for the City of New York, specifically designed for use by S Corporations. Understanding these will help ensure accurate completion and submission. Here are five common misconceptions explained:

Only applicable to businesses located within New York City: While Form NYC-3L is for businesses operating in New York City, it's a common misconception that it only applies to companies with a physical presence within the city limits. In reality, any S Corporation deriving income from New York City sources is required to file this form, regardless of whether they have a physical location in NYC.
It's the same as the state return: Another misunderstanding is equating the NYC-3L with New York State corporate tax returns. Though both are tax documents, the NYC-3L specifically deals with city taxes, which operate independently from state taxes. This means an S Corporation must file separate returns for state and city tax obligations.
Applicable to C Corporations: The language on the form clearly states that it is to be filed by S Corporations only. Despite this, some believe that C Corporations can also use this form if operating in NYC. However, C Corporations must file Form NYC-2, NYC-2S, or NYC-2A, depending on their specific situations, to meet their tax filing requirements.
Filing is required only if the business owes tax: A common misconception is that filing Form NYC-3L is required only if the S Corporation owes tax to New York City. However, even if an S Corporation does not owe city tax or is expecting a refund, it must still file the form to report its income derived from NYC sources.
Electronic payment indicates automatic form submission: Some might think that making an electronic tax payment means the NYC-3L form has been automatically submitted or is not required. In truth, the electronic payment and form submission are separate processes. An S Corporation must still complete and file the NYC-3L form by the due date, even if taxes are paid electronically.

Understanding these aspects of the NYC-3L form is crucial for S Corporations operating in New York City to ensure compliance with local tax laws and avoid common filing mistakes.

Key takeaways

Filing the NYC 3L Form is an essential step for S Corporations operating within New York City, ensuring compliance with local tax regulations. Here are four key takeaways to help navigate the form effectively:

Fiscal year flexibility: The form accommodates both calendar year filers and those operating on a different fiscal year schedule, requiring the specific beginning and end dates of the fiscal year to be clearly identified.
Designation for different corporation types: It is crucial to note that the NYC 3L Form is exclusively for S Corporations. C Corporations have separate forms (NYC-2, NYC-2S, or NYC-2A) for their tax filings, emphasizing the importance of using the correct form corresponding to the corporation's tax status.
Amendments and special situations: The form provides options for amending returns or filing under special circumstances. This includes checking boxes for a final return if the business has ceased operations in NYC, a short period return, and indicating any amendments due to changes from federal or State of New York adjustments.
Comprehensive financial reporting: The form requires detailed financial schedules, including computation of tax, subsidiary capital, and investment capital allocation. These schedules demand thorough documentation and accurate calculation of taxable amounts, highlighting the need for careful preparation and review.

Accurate and timely filing of the NYC 3L Form prevents penalties and ensures that S Corporations meet their tax obligations in New York City.

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