NY Tax L § 865 (2021)
2021 New York Laws TAX - Tax Article 24-A - Pass-Through Entity Tax 865 - Filing of Return and Payment of Tax.

§  865. Filing of return and payment of tax. (a) General. On or before March fifteenth following the close of the taxable year,  each  electing partnership  and  each electing S corporation must file a return for the taxable  year  reporting  the  information  required  pursuant  to  this article.  For  each electing partnership and each electing S corporation that has a fiscal taxable year, the return is due  on  or  before  March fifteenth  following  the  close  of the calendar year that contains the final day of the entity's taxable year.  (b) Certification of  eligibility.  Every  return  filed  pursuant  to subsection  (a) of this section shall include, in a format as prescribed by the commissioner, a certification by an individual authorized to  act on behalf of the electing partnership or electing S corporation that the taxpayer:  (1)  made  a  timely,  valid election to be subject to tax pursuant to this article; and  (2) that all statements contained therein are true.  (c) Information on the  electing  partnership  return.  Each  electing partnership shall report on such return:  (1) Any tax due pursuant to this article. The balance of any tax shown on  such  return,  not previously paid as installments of estimated tax, shall be paid with such return;  (2) Identifying information of all partners and/or members eligible to receive a credit pursuant to section eight hundred sixty-three  of  this article;  (3)  Each  partner's  and/or member's share of the pass-through entity tax imposed on the electing partnership;  (4)  Each  partner's  and/or  member's  distributive  share   of   the pass-through  entity taxable income calculated pursuant to paragraph one of subsection (h) of section eight hundred sixty of this article;  (5) The classification of each partner and/or member as a resident  or nonresident  for  purposes  of  calculating  the  electing partnership's pass-through entity taxable income under paragraph one of subsection (h) of section eight hundred sixty of this article; and  (6) Any other information as required by the commissioner.  (d) Information on electing S  corporation  return.  Each  electing  S corporation shall report on such return:  (1) Any tax due pursuant to this article. The balance of any tax shown on  such  return,  not previously paid as installments of estimated tax, shall be paid with such return;  (2) Identifying information of all shareholders eligible to receive  a credit pursuant to section eight hundred sixty-three of this article;  (3)  Each  shareholder's  direct  share of the pass-through entity tax imposed on the electing S corporation; and  (4) Any other information as required by the commissioner.  (e) Special rules for partners,  members  and  shareholders  that  are disregarded  entities.  To  meet  the  requirements  of paragraph two of subsection (c) of this section for an electing partnership or  paragraph two of subsection (d) of this section for an electing S corporation, the electing  partnership or electing S corporation must provide information sufficient to identify both the disregarded entity that  is  a  partner, member  and/or shareholder and the taxpayer subject to tax under article twenty-two of this chapter eligible for a credit under subsection (a) of section eight hundred sixty-three of this article.  (f) Extensions and  amendments.  (1)  The  commissioner  may  grant  a reasonable extension of time for payment of tax or estimated tax (or any installment),  or  for  filing  any return, statement, or other document required pursuant to this article, on such terms and  conditions  as  it  may require. No such extension for filing any return, statement or other document, shall exceed six months.  (2)  No  amended  returns. Once a return has been filed by an electing partnership or electing S corporation, it may not be amended without the consent of or otherwise authorized by the commissioner.  (g)  Information  provided  to  partners.  Each  electing  partnership subject to tax under this article shall report to each partner or member its:  (1)  classification  as  a  resident  or  nonresident  for purposes of calculating the  electing  partnership's  or  electing  S  corporation's pass-through entity taxable income under subsection (g) of section eight hundred sixty of this article;  (2)  direct  share  of  the  pass-through  entity  tax  imposed on the electing partnership; and  (3) any other information as required by the commissioner.  (h) Information provided to shareholders. Each electing S  corporation subject to tax under this article shall report to each shareholder its:  (1)  direct  share  of  the  pass-through  entity  tax  imposed on the electing S corporation; and  (2) any other information as required by the commissioner.