New York - Tax Return Filing Requirement
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New York - Tax Return Filing Requirement My club (formed as an LLC) is domiciled in Colorado, however one of the members is a NY resident. Is the club required to file a NY Partnership Return? Yes. All partnerships with at least one NY-resident member are required to file Form IT-204 with NYS. Additionally, should your LLC have any NY-source income, you would also have to file Form IT-204-LL with NY and pay an annual fee. Fortunately, it is unlikely you will ever receive NY-source income unless you invest in a PTP which has operations in NYS. Ira Smilovitz, EA My club (formed as an LLC) is domiciled in Colorado, however one of the members is a NY resident. Is the club required to file a NY Partnership Return? Please change my email to sscherschl@gmail.com. Thank you. Sheryl Scherschligt
On Sunday, January 31, 2021, 09:27:05 PM CST, ira smilovitz via bivio.com <user*2883400001@bivio.com> wrote:
Yes. All partnerships with at least one NY-resident member are required to file Form IT-204 with NYS. Additionally, should your LLC have any NY-source income, you would also have to file Form IT-204-LL with NY and pay an annual fee. Fortunately, it is unlikely you will ever receive NY-source income unless you invest in a PTP which has operations in NYS. Ira Smilovitz, EA My club (formed as an LLC) is domiciled in Colorado, however one of the members is a NY resident. Is the club required to file a NY Partnership Return? Ira - Thanks! |
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