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CBC MONTHLY BULLETIN MAY 2020 Vol. 27COVID19 UPDATES As New York City enters Phase 1 of reopening, CBC recognizes that COVID19 will continue to play a significant role in the lives of New Yorkers

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What is New York City's B.I.G?

New York City's B.I.G, or Business Income and Gross Receipts Tax, is a tax imposed on businesses operating within New York City based on their gross receipts or income generated.

Who is required to file New York City's B.I.G?

Any business entity that has gross receipts exceeding a certain threshold in New York City is required to file the Business Income and Gross Receipts Tax.

How to fill out New York City's B.I.G?

To fill out New York City's B.I.G, businesses need to gather financial records, report their gross receipts, and follow the specific guidelines provided by the New York City Department of Finance when completing the tax forms.

What is the purpose of New York City's B.I.G?

The purpose of New York City's B.I.G is to generate revenue for the city's budget by taxing businesses based on their earnings and economic activity.

What information must be reported on New York City's B.I.G?

Businesses must report their total gross receipts, allowable deductions, and any applicable credits on New York City's B.I.G tax form.

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