§ 28-15 Declaration of Estimated Tax.
RCNY § 28-15
(a)Requirement of declaration. (Administrative Code § 11-511(a)).
(1)Every unincorporated business shall make a declaration of estimated unincorporated business tax for each taxable year if: (i) for taxable years beginning after 1986 but before 1996, its unincorporated business taxable income can reasonably be expected to exceed $15,000; (ii) for taxable years beginning in 1996, its unincorporated business taxable income can reasonably be expected to exceed $20,000; and (iii) for taxable years beginning after 1996, its estimated unincorporated business tax can reasonably be expected to exceed $1,000 for the taxable year. The declaration must cover a calendar year accounting period, or a full fiscal year if the taxpayer files its unincorporated business tax return on a fiscal year basis, unless a declaration for a short period is required by 19 RCNY § 28-15(k).
(2)If the unincorporated business is carried on by an individual, an estate or a trust, any declaration required by paragraph (1) of this subdivision (a) shall be made on form NYC-5UBTI.
(3)If the unincorporated business is carried on by a partnership, joint venture or other similar unincorporated entity, any declaration required by paragraph (1) of this subdivision (a) shall be made on form NYC-5UB.
(b)Contents of declaration. For the purpose of making the declaration, the amount of the unincorporated business taxable income which the business can reasonably be expected to receive or accrue, depending upon the method of accounting upon which the unincorporated business taxable income is computed, or, for taxable years beginning after 1996, the amount of the estimated tax, shall be determined upon the basis of the facts and circumstances existing at the time prescribed for the filing of the declaration as well as those facts and circumstances reasonably to be anticipated for the taxable year.
(c)Definition of estimated tax. (Administrative Code, § 11-511(b)). For purposes of this section the terms "estimated tax" and "estimated unincorporated business tax" mean the amount which the unincorporated business estimates to be its tax for the taxable year under Chapter 5 of Title 11 of the Administrative Code, less the amount which it estimates to be credits, if any, allowable under 19 RCNY § 28-03(c), other than the credit relating to stock transfer tax allowable under 19 RCNY § 28-03(c)(2). These terms, as used in this section do not include the personal income tax imposed by Chapter 17 of Title 11 of the Administrative Code or the earnings tax imposed by Chapter 19 of Title 11 of the Administrative Code.
(d)Time for filing declaration of estimated unincorporated business tax for calendar year. (Administrative Code § 11-511(c)). A declaration of estimated unincorporated business tax for a calendar year shall be made on or before April 15 of such calendar year (except in cases referred to in 19 RCNY § 28-15(e)). If, however, the requirements necessitating the filing of a declaration are first met, in the case of a business on a calendar year basis, after April 1 but before June 2 of the calendar year, the declaration must be filed on or before June 15 of the taxable year; if such requirements are first met after June 1 and before September 2, the declaration must be filed on or before September 15 of the taxable year; and if such requirements are first met after September 1, the declaration must be filed on or before January 15 of the succeeding calendar year.
(e)Time for filing declaration by an unincorporated business having estimated unincorporated business income from farming. (Administrative Code, § 11-511(d)(1)).
(f)Time for filing declaration by an unincorporated business having estimated unincorporated business tax of $40 or less for taxable year. (Administrative Code, § 11-511(d)(2)).
(iii)in the case of a short taxable year, on or before the 15th day of the month immediately following the close of such taxable year.
(g)Amendments to declaration. (Administrative Code, § 11-511(e)). In making a declaration of estimated unincorporated business tax, the taxpayer is required to take into account the then existing facts and circumstances as well as those reasonably to be anticipated relating to prospective unincorporated business gross income, deductions, exemptions and credits for the taxable year. Amended or revised declarations may be made in any case in which the taxpayer estimates that the unincorporated business gross income, deductions, exemptions or credits will differ from the corresponding amounts reflected in the previous declaration. The amended declaration should be made on Part II of Notice of Estimated Tax Payment Due, Form NYC-B100, mailed to the taxpayer or, if such form is not received or if no installment payments are due on the prior declaration, on form NYC-5UBTI (or form NYC-5UB in the case of a partnership) marked "Amended." No refund will be issued due to the filing of an amended declaration, as consideration will be given to a refund only in connection with a completed unincorporated business tax return filed by the taxpayer for the taxable year covered by the declaration (and amended declaration).
(h)Time for filing amended declarations. (Administrative Code, § 11-511(e)). An amended declaration of estimated unincorporated business tax may be filed during any interval between installment dates prescribed for the taxable year. However, no amended declaration may be filed until after the due date of the original declaration and only one amended declaration may be filed during each interval between installment dates.
(i)Return as declaration or amendment. (Administrative Code, § 11-511(f)).
(j)Fiscal years. (Administrative Code, § 11-511(g)).
(k)Short taxable year. (Administrative Code, § 11-511(h)).
(l)Time for filing declaration of estimated unincorporated business tax for a short taxable year. (Administrative Code, § 11-511(h)). In the case of a short taxable year, the declaration shall be filed (except in cases referred to in 19 RCNY § 28-15(k)(2)) on or before the 15th day of the fourth month of such taxable year. If the requirements for filing are first met after the first day of the fourth month, but before the second day of the sixth month, the declaration must be filed on or before the 15th day of the sixth month. If such requirements are first met after the first day of the sixth month, but before the second day of the ninth month, the declaration must be filed on or before the 15th day of the ninth month. If, however, the period for which the declaration is filed is (1) at least four months, but less than six months, or (2) at least six months, but less than nine months, and the requirements are not met until after the first day of the fourth month, or (3) is for nine months or more, and such requirements are not met until after the first day of the sixth month, the declaration may be filed on or before the 15th day of the succeeding taxable year.
(m)Declaration of unincorporated business under a disability. (Administrative Code, § 11-511(i)). The declaration of estimated tax for an unincorporated business which is unable to make a declaration by reason of a disability shall be made and filed by the committee, fiduciary or other person charged with the care of the property of such unincorporated business (other than a receiver in possession of only a part of such property), or by his duly authorized agent.
