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Form NYC-5UB - 2018 - Instructions

Page 2

NOTE

why an additional charge should not be made.

If any due date falls on Saturday, Sunday or legal holiday, filing will be timely if made

PENALTIES

by the next day which is not a Saturday, Sunday or holiday.

The law imposes penalties for failure to make a declaration or pay estimated tax due or for

PURPOSE OF DECLARATION

making a false or fraudulent declaration or certification.

This declaration form provides a means of paying Unincorporated Business Tax on a current

basis for partnerships, joint ventures and similar entities (other than individuals, estates and

FISCAL YEAR TAXPAYERS

trusts) engaged in carrying on an unincorporated business or profession, as defined in Sec-

In the case of a partnership that files its Unincorporated Business Tax Return on a fiscal year

tion 11-502 of the Administrative Code. Individuals, estates and trusts use Form NYC-5UBTI

basis, substitute the corresponding fiscal year months for the months specified in the in-

for filing their declarations.

structions. For example, if the fiscal year begins on April 1, 2018, the Declaration of Esti-

mated Unincorporated Business Tax will be due on July 15, 2018, together with payment of

Every unincorporated business must file an income tax return after the close of its taxable year

first quarter estimated tax. In this case, equal installments will be due on or before Septem-

and pay any balance of tax due. If the tax has been overpaid, adjustment will be made only

ber 15, 2018, December 15, 2018, and April 16, 2019.

after the return has been filed.

WHO MUST MAKE A DECLARATION

CHANGES IN INCOME

A 2018 declaration must be made by every partnership carrying on an unincorporated busi-

Even though on April 17, 2018, a partnership does not expect its unincorporated business tax

ness or profession in New York City if its estimated tax (line 6 of tax computation schedule)

to exceed $3,400, a change in income, allocation or exemption may require that a declaration

can reasonably be expected to exceed $3,400 for the calendar year 2018 (or, in the case of a

be filed later. In this event the requirements are as follows:

fiscal year taxpayer, for the partnership fiscal year beginning in 2018).

File

Amount of

Installment

WHEN AND WHERE TO FILE DECLARATION

declaration

estimated

If requirement for filing occurs:

payment

You must file the declaration for the calendar year 2018 on or before April 18, 2018, or on

by:

tax due

dates

the applicable later dates specified in these instructions.

after ............................but before

Mail your declaration form with or without remittance to:

April 1, 2018 ................ June 2, 2018

June 15, 2018

1/3

(1) June 15, 2018

NYC Department of Finance

.......................................

(2) Sept. 15, 2018

Unincorporated Business Tax

.......................................

(3) Jan. 16, 2019

P. O. Box 3923

June 1, 2018.................. Sept. 2, 2018

Sept. 15, 2018

1/2

(1) Sept. 15, 2018

New York, NY 10008-3923

.......................................

(2) Jan. 16, 2019

Fiscal year taxpayers, read instructions opposite regarding filing dates.

Sept. 1, 2018..................Jan. 1, 2019

Jan. 16, 2019

100%

None

HOW TO ESTIMATE UNINCORPORATED BUSINESS TAX

The worksheet on the front of this form will help you in estimating the tax for 2018.

If the partnership files its 2018 Unincorporated Business Tax Return by February 15, 2019,

and pays the full balance of tax due, it need not: (a) file an amended declaration or an origi-

LINE 1 -

nal declaration otherwise due for the first time on January 16, 2019, or (b) pay the last in-

The term “net income from business expected in 2018” means the amount the partnership es-

stallment of estimated tax otherwise due and payable on January 16, 2019.

timates to be its income for 2018 computed before the specific exemption. Refer to Sched-

ule A, line 14 of the 2016 Partnership Return (Form NYC-204) and related instructions.

CAUTION

An extension of time to file your federal tax return or New York State partnership informa-

LINE 2 - EXEMPTION

tion return does NOT extend the filing date of your New York City tax return.

The amount of the allowable exemption may be determined by referring to the instructions

for the 2016 Form NYC-204, Schedule A, line 15.

NOTE

LINE 4 - UNINCORPORATED BUSINESS TAX

Filing a declaration or an amended declaration, or payment of the last installment on January

16, 2019, or filing a tax return by February 15, 2019, will not satisfy the filing requirements if

If you expect to receive a refund or credit in 2018 of any sales or compensating use tax for

the partnership failed to file or pay an estimated tax which was due earlier in the taxable year.

which a credit was claimed in a prior year under Administrative Code Section 11-503 (k)

(sales and use tax credit), the amount of the estimated refund or credit must be added to the

ELECTRONIC FILING

tax shown on line 4 of the tax computation schedule.

Note: Register for electronic filing. It is an easy, secure and convenient was to file a declara-

LINE 5b - OTHER CREDITS

tion and an extension and pay taxes on-line.

Enter on line 5b the amount estimated to be the sum of any credits allowable for 2018 under

For more information log on to NYC.gov/eservices.

Administrative Code Sections 11-503(e) (real estate tax escalation credit), 11-503(f) (em-

ployment opportunity relocation costs credit), 11-503(i) (relocation and employment assis-

tance program (REAP) credit, 11-503(j) (UBT paid credit), 11-503(l)(lower Manhattan REAP

Credit) and 11-503(n) (Industrial Business Zone Credit,) 11-503(o) (Biotechnology Credit).

(For additional details concerning these credits, refer to instructions for Forms NYC-114.5,

NYC-114.6, NYC-114.7, NYC-114.8 and NYC-114.10.)

Make remittance payable to NYC DEPARTMENT OF FINANCE. All remittances must be

payable in U.S. dollars drawn on a U.S. bank. Checks drawn on foreign banks will be rejected

and returned. A separate check for the declaration will expedite processing of the payment.

AMENDED DECLARATION

If, after a declaration is filed, the estimated tax increases or decreases because of a change in

income, deductions, or allocation, you should file an amended declaration on or before the

next date for payment of an installment of estimated tax.

CHARGE FOR UNDERPAYMENT OF INSTALLMENTS OF ESTIMATED TAX

A charge is imposed for underpayment of an installment of estimated tax for 2018. For in-

formation regarding interest rates, call 311. If calling from outside of the five NYC bor-

oughs, please call 212-NEW-YORK (212-639-9675). The Administrative Code follows

provisions similar to the Internal Revenue Code with respect to underpayments of estimated

tax. Form NYC-221 may be used to determine if any charge for underpayment is due or if

any exceptions apply. If it appears that there was an underpayment of any installment of es-

timated tax, a completed copy of Form NYC-221 may be attached to the return explaining

To receive proper credit, you must enter your correct Employer Identification Number on your declaration and remittance.

Form Nyc-5ub Draft - Partnership Declaration Of Estimated Unincorporated Business Tax - 2018 Page 2

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