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Department of Taxation and Finance

Get your refund on time and avoid penalties and interest

Follow the tips below to avoid common errors when filing a:

  • Form CT-3, General Business Corporation Franchise Tax Return
  • Form CT-3-S, New York S Corporation Franchise Tax Return
  • Form CT-5.4, Request for Six-Month Extension to File New York S Corporation Franchise Tax Return
  • Form CT-400, Estimated Tax for Corporations
    • Pay estimated tax: If your corporation reasonably expects to owe more than $1,000 in franchise tax after credits, you must file Form CT-400, Estimated Tax for Corporations, and make quarterly payments of all estimated tax due. You may be subject to penalties if you do not file a declaration of estimated tax or do not timely pay the entire installment payment of estimated tax. For complete details, see Form CT-222, Underpayment of Estimated Tax by a Corporation.
    • Use the correct return for the tax period. See our forms page for previous year returns.
    • Use the correct beginning and ending dates for your filing period.
    • Include the correct employer and taxpayer identification numbers on returns, reports, and extensions.
    • When entering amounts for payroll, receipts and assets, be sure to provide the correct information and use the appropriate fixed dollar minimum tax amount to avoid erroneous assessments.
    • File the correct forms to request more time to file. For example, New York S corporations, including those meeting requirements of Tax Law § 660(i), must file Form CT-5.4, Request for Six-Month Extension to File New York S Corporation Franchise Tax Return, and not Form CT-5, Request for Six-Month Extension to File.
    • Do not file a New York S corporation return unless you have filed Form CT-6, Election by a Federal S Corporation to be Treated as a New York S Corporation or are a mandated New York S corporation (for more information see TSB-M-08(1)C).
    • If you are a New York S corporation, you do not have to pay an MTA surcharge or file an MTA surcharge return.
    • Do not be late: File your return or extension request, with payment, before its due date. Refer to your return’s instructions for information regarding when to file returns and reports.
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