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-4, General Business Corporation Franchise Tax Return
Form CT-5.4, Request for Six-Month Extension to File New York Short Form S Corporation Franchise Tax Return
Form CT-400-MN, 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-MN, Estimated Tax for Corporations, and make quarterly payments of all estimated tax due. We will impose a penalty on you if you don’t file a declaration of estimated tax or don’t timely pay the entire installment payment of estimated tax. For complete details, see Form CT-222, Underpayment of Estimated Tax by a Corporation .

Don’t file a New York S corporation return until you register as a New York S corporation. File Form CT-6, Election by a Federal S Corporation to be Treated as a New York S Corporation.

If you are a New York S corporation, you don’t have to pay an MTA surcharge or file an MTA surcharge return.

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.

Use the correct return for the tax period. See our forms page for previous year returns.

Include the correct employer and taxpayer identification numbers on returns, reports, and extensions.

File the correct forms to request more time to file. For example, New York S corporations, including those meeting requirements of Tax Law section 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.

Don’t be late: File your return or extension request before its due date.

Note: Most franchise tax returns or extensions, including subchapter S returns, are due 2 ½ months after the end of a filing period. However, income tax returns for some subchapter S shareholders are not due until 3 ½ months after the end of the filing period. Refer to your return’s instructions for more information regarding when to file returns and reports.

Last Modified: December 11, 2008