- 2 -
|
Form NYC-204EZ - 2020 Page 2
INSTRUCTIONS TABLE OF MAXIMUM ALLOWED INCOME FROM BUSINESS
Check the box marked "9/11/01-related tax benefits" on this form if you claim any of the followingNUMBER OF MONTHS MAXIMUM TOTAL
benefits on your federal return: (i) bonus depreciation or a deduction under IRC §179 for propertyIN BUSINESS INCOME FROM BUSINESS
in the Resurgence Zone, whether or not you file form NYC-399Z, (ii) IRC §1033 treatment for 1 .................................. $85,416 If total income from business
property converted due to the attacks on the World Trade Center. Attach Federal forms 4562, 4684 2 .................................. $85,833 after deduction for active
and 4797 to this return. See instructions for Form NYC 204, Sch. B, lines 14c and 19. 3 .................................. $86,250 partners’ services is more
4 .................................. $86,667
Special Condition Codes - At the time this form is being published, there are no applicable spe- 5 .................................. $87,083 than $90,000, you must use
6 .................................. $87,500
cial condition codes for tax year 2020. Check the Finance website for updated special condi- 7 .................................. $87,917 Form NYC-204
tion codes. If applicable, enter the two character code in the box provided on the form. 8 .................................. $88,333
9 .................................. $88,750
Line 2. Enter the net amount of the partners' distributive shares of income and deduction 10 ................................. $89,167 FIFTEEN OR MORE CALENDAR
items not included in line 1 but required to be reported separately on federal Form 11 ................................. $89,583 DAYS CONSTITUTES ONE MONTH
1065. Attach a schedule. 12 ................................. $90,000
Line 3. Enter the amount of income and unincorporated business taxes
imposed by New York City, New York State or any other taxing jurisdiction that was deducted in computing the amounts on lines 1 or 2. Attach a schedule.
Line 5. Enter on this line the amount included in line 4 that represents the net income or net loss from an activity that is not an unincorporated business carried on by the taxpayer wholly
or partly in the City. See Instructions for Form NYC-204 "Who is Subject to the Tax." For this purpose:
(i) exclude the income or loss of an entity, other than a dealer as defined in Ad. Code §11-501(1), that, for its own account, engaged solely in the purchase, holding or sale of prop-
erty, transactions in positions in property, or the acquisition, holding or disposition, other than in the ordinary course of business, of interests in other unincorporated entities that
are themselves engaged solely in the foregoing activities. NOTE: entities receiving $25,000 or less of gross receipts from other activities may still be eligible for this exclusion.
Ad. Code §11-502(c)(3). However, entities eligible for the partial self-trading exemption under Ad. Code §11-502(c)(4) are not eligible for this exclusion and may not use this form.
(ii) for taxable years beginning on or after July 1, 1994, exclude the income, gain or loss from real property held to produce rental income or from the disposition of such property
by an entity, other than a dealer. Also exclude income or loss from a business conducted at the property solely for the benefit of tenants at the property that is not open to the
public, and eligible income from parking services rendered to tenants. See Ad. Code §11-502(d).
(iii) exclude the income or loss from any separate and distinct activity carried on wholly outside of New York City.
(iv) for tax years beginning on or after August 1, 2002, exclude all of the federal taxable income of partnerships that receive 80% or more of their gross receipts from charges for
the provision of mobile telecommunications services to customers and exclude a partner's distributive share of income, gains, losses and deductions from any partnership
subject to tax under Ad. Code Title II, Ch. II as a “utility” as defined in Ad. Code section 11-1101(6), including its share of separately reported items.
Line 7. A deduction may be claimed for reasonable compensation for personal services rendered by the partners. The allowable deduction is the lower of (i) 20% of line 6 (if greater than
zero) or (ii) $10,000 for each active partner.
Preparer Authorization: If you want to allow the Department of Finance to discuss your return with the paid preparer who signed it, you must check the "yes" box in the signature area
of the return. This authorization applies only to the individual whose signature appears in the "Preparer's Use Only" section of your return. It does not apply to the firm, if any, shown in
that section. By checking the "Yes" box, you are authorizing the Department of Finance to call the preparer to answer any questions that may arise during the processing of your re-
turn. Also, you are authorizing the preparer to:
u Give the Department any information missing from your return,
u Call the Department for information about the processing of your return or the status of your refund or payment(s), and
u Respond to certain notices that you have shared with the preparer about math errors, offsets, and return preparation. The notices will not be sent to the preparer.
You are not authorizing the preparer to receive any refund check, bind you to anything (including any additional tax liability), or otherwise represent you before the Department. The authorization cannot be revoked,
however, the authorization will automatically expire no later than the due date (without regard to any extensions) for filing next year's return. Failure to check the box will be deemed a denial of authority.
ADDITIONAL REQUIRED INFORMATION The following information must be entered for this return to be complete.
1. New York State Sales Tax ID Number:____________________________________________________________
2. Did you file a NYC Partnership Return in 2018? .................................................................................................... n YES n NO
3. Did you file a NYC Partnership Return in 2019? .................................................................................................... n YES n NO
4. Has the Internal Revenue Service or the New York State Department of Taxation and Finance increased
or decreased any taxable income (loss) reported in any tax period, or are you currently being audited?....................... n YES n NO
If "yes," by whom? Internal Revenue Service n New York State Department of Taxation and Finance n
State periods: _______________________________________________________________________________
5. If “YES” to question 4:
5a. For years prior to 1/1/15, has Form(s) NYC-115 (Report of Federal/State Change in Taxable Income) been filed?..................n YES n NO
5b. For years beginning on or after 1/1/15, has an amended return(s) been................................................................... filed?n YES n NO
6. At any time during the taxable year, did the partnership have an interest in real property
located in NYC or in an entity owning such real property?...................................................................................... n YES n NO
7. If "YES" to 6:
a) Was there a partial or complete liquidation of the partnership? ....................................................................... n YES n NO
b) Was 50% or more of the partnership interests transferred in the last 3 years or according............................ to a plan? n YES n NO
8. If "YES" to 7a or 7b, was a Real Property Transfer Tax Return filed? ..................................................................... n YES n NO
9. If "NO" to 8, explain: (attach additional sheet if necessary) ___________________________________________________________
10. Does this taxpayer pay rent greater than $200,000 for any premises in NYC in the borough of Manhattan south
of 96th Street for the purpose of carrying on any trade, business, profession, vocation or commercial activity? .. n YES n NO
11. If "YES", were all required Commercial Rent Tax Returns filed? ........................................................................... n YES n NO
Please enter Employer Identification Number which was used on the Commercial Rent Tax Return_________________________________
PRIVACY ACT NOTIFICATION
The Federal Privacy Act of 1974, as amended, requires agencies requesting Social Security Numbers to inform individuals from whom they seek this infor-
mation as to whether compliance with the request is voluntary or mandatory, why the request is being made and how the information will be used. The dis-
closure of Social Security Numbers for taxpayers is mandatory and is required by section 11-102.1 of the Administrative Code of the City of New York for tax
*60922091* administration purposes and will be used to facilitate the processing of tax returns.
MAILING INSTRUCTIONS
The due date for calendar year 2020 is on or before March 15, 2021. RETURNS CLAIMING REFUNDS ALL OTHER RETURNS
For fiscal years beginning in 2020 file by the 15th day of the third NYC DEPT. OF FINANCE NYC DEPT. OF FINANCE
month following the close of the fiscal year. UNINCORPORATED BUSINESS TAX UNINCORPORATED BUSINESS TAX
To receive proper credit, you must enter your correct Employer P.O. BOX 5563 P.O. BOX 5564
60922091 Identification Number on your tax return. BINGHAMTON, NY 13902-5563 BINGHAMTON, NY 13902-5564
Download forms and instructions online at nyc.gov/finance or call 311. If calling from outside of the five NYC boroughs, please call 212-NEW-YORK (212-639-9675).
|