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C-Corp Tax Filing Change

February 1, 2016
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THIS  APPLIES TO ALL "C" CORPORATIONS WITH NEW YORK CITY INCOME TAX FILING REQUIREMENTS. (THIS DOES NOT APPLY TO S CORPORATION RETURNS NOR TO NON-CORPORATE TAX RETURNS).
 
New York City has changed the filing format for C corporations for tax years beginning on or after January 1, 2015.  For calendar year corporations, S corporations will continue to file on the old form (NYC-3L) while C corporations will be required to file on new form NYC -2.
 
Unfortunately, New York City has not finalized these new forms and instructions and does not anticipate that they will be completed in time to meet the March 15, 2016 filing deadline. Accordingly, all C corporations required to file a New York City return for calendar year 2015 will be required to file extensions rather than timely file the returns by March 15th.
 
Therefore we are faced with the decision as to whether the full complement of your C corporation returns should be extended; or timely file your Federal and State tax returns while extending your New York City return.
 
This two-step filing (filing some returns by March 15 but extending the New York City tax return) is most likely an inefficient way of handling the filing of your C corporation returns.  We are in the process of evaluating this and will do so on an individual, case-by-case basis.  For our current clients, we will be in contact with you to advise you whether your corporate returns will be extended or partially prepared and partially extended.
 
Our State and Local Tax Group will issue more detailed information regarding the law changes in the near future.