Form IT-204-LL
A New York State Form for Partnership, Limited Liability Company, and Limited Liability Partnership to send along with a Filing Fee.
Who needs to file?
Form-IT-204 must be filed by the following entities if they had income, gain, loss, or deduction from New York State sources:
-
LLC’s (including single member LLC’s) that are a disregarded entity* for federal income tax purposes
- Any domestic or foreign LLC or LLP that is required to file a New York State partnership return (including limited liability investment company (LLIC) or limited liability trust company (LLTC))
- Regular partnerships (i.e. not LLC or LLP) i.e. general partnerships and limited partnerships (LP) required to file a New York partnership return, and with New York source gross income for the preceding tax year of at least $1 million.
What is a disregarded entity*?
A disregarded entity is a business entity that is separate from its owner but which chooses to be disregarded as separate from the business owner for federal tax purposes. The IRS says, ”If a ‘disregarded entity’ is owned by an individual, it is treated as a sole proprietor. If the ‘disregarded entity’ is owned by any other entity, it is treated as a branch or division of its owner.”
A single member LLC (SMLLC) can be either a corporation or a single member ‘disregarded entity’.
To be treated under federal law as a corporation, the SMLLC has to file Form 8832 and elect to be classified as a corporation. An SMLLC that does not elect to be a corporation will be classified as a ‘disregarded entity’ and taxed as a sole proprietor for income tax purposes. http://www.irs.gov/businesses/small/article/0,,id=158625,00.html
Note:
A partnership, LLC, or LLP with no income, gain, loss, or deduction from New York sources who is filing a partnership return solely because it has a New York resident partner, is formed under the laws of New York State, or is dormant, is not subject to the filing fee.
When to file?
It must be filed and the annual filing fee must be paid, within 60 days after the last day of of the tax year of the partnership, LLC or LLP. If the 60th day falls on a Saturday, Sunday, or legal holiday, Form IT-204-LL and the annual filing fee may be filed on the next business day. For 2012, if you are a calendar filer the due date is February 29 (2012 is a leap year).
FYI
If you have a short taxable year or you are a fiscal filer, you also must file within 60 days after the last day of your tax year. There is no extension of time to file Form IT-204-LL or to pay the annual fee.
Where to file ?
Mail Form IT-204-LL and your remittance to:
State Processing Center
PO Box 22076
Albany NY 12201-2076
How to determine the filing fee?
The filing fee is based on the New York source gross income for the tax year immediately preceding the tax year for which the fee is due. ie 2010 gross income for tax year 2011. If the LLC or LLP did not have any New York source gross income for the preceding tax year, the filing fee is $25.
New York source gross income:
It is defined as the sum of the partners’ or members’ shares of federal gross income from the partnership, LLP, or LLC derived from or connected with New York State sources, without any allowance or deduction for cost of goods sold (COGS), and determined in accordance with the provisions of section 631 of the New York State Tax Law if those provisions and any related provisions expressly referred to a computation of federal gross income from New York sources. Reference to section 631 can be made at http://law.onecle.com/new-york/tax/TAX0631_631.html
There is no proration of the filing fee if the partnership, LLC, or LLP has a short tax year for federal tax purposes.
Fee for payments returned or bounced checks:
The law allows the Tax Department to charge a $50 fee when a check, money order, or electronic payment is returned by a bank for nonpayment. However, if an electronic payment is returned as a result of an error by the bank or the department, the department won’t charge the fee. If your payment is returned, we will send a separate bill for $50 for each return or other tax document associated with the returned payment.
Related websites:
- who needs to file? http://tax.custhelp.com/app/answers/detail/a_id/3397/~/when-do-i-have-to-file-form-it-204-ll,-partnership,-limited-liability-company,
- other information including determination of exact filing fee: http://www.tax.ny.gov/pdf/2011/inc/it204lli_2011.pdf
