Get the free Termination of Election to be Treated As a New York S Corporation - tax ny

This form is used by corporations in New York State to terminate their election to be treated as S corporations under New York State tax law.

How to fill out termination of election to

How to fill out Termination of Election to be Treated As a New York S Corporation

1. Gather necessary information about your S Corporation, including the legal name, federal identification number, and any relevant state identification numbers.
2. Obtain the appropriate form for the Termination of Election to be Treated As a New York S Corporation from the New York State Department of Taxation and Finance website or office.
3. Complete the form by providing all required information accurately, including the date of termination and signatures from all shareholders.
4. Ensure that the form is signed by all shareholders, as their consent is necessary for the termination.
5. Submit the completed form to the New York State Department of Taxation and Finance by the specified deadline to avoid penalties.
6. Keep a copy of the submitted form and any correspondence for your records.

Who needs Termination of Election to be Treated As a New York S Corporation?

1. Any S Corporation in New York that has decided to terminate its S Corporation status needs to file the Termination of Election to be Treated As a New York S Corporation.
2. Shareholders or owners of an S Corporation who wish to revert to C Corporation taxation or any other tax status should consider filing this form.
3. Corporations that find their qualifications for S Corporation status no longer met may also need to file this form.

For pdfFiller’s FAQs

What is Termination of Election to be Treated As a New York S Corporation?

Termination of Election to be Treated As a New York S Corporation refers to the process by which an entity that is currently classified as an S Corporation under New York state tax laws decides to revoke that status, thereby reverting to a different tax classification, such as a C Corporation.

Who is required to file Termination of Election to be Treated As a New York S Corporation?

The shareholders or owners of an S Corporation in New York are required to file for the termination of their S Corporation election if they wish to change the classification of their business entity for tax purposes.

How to fill out Termination of Election to be Treated As a New York S Corporation?

To fill out the Termination of Election form, stakeholders must provide necessary information such as the corporation's name, identification number, and the specific reason for termination. Additionally, all shareholders must sign off on the termination to indicate their agreement.

What is the purpose of Termination of Election to be Treated As a New York S Corporation?

The purpose of this termination is to officially notify the state that the entity no longer wishes to be taxed as an S Corporation and to ensure compliance with New York tax regulations regarding corporate structure.

What information must be reported on Termination of Election to be Treated As a New York S Corporation?

The information that must be reported includes the corporation's name, federal employer identification number, the date of the original S Corporation election, reasons for the termination, and signatures from all shareholders indicating consent to the termination.