Get NY IT-203-S-ATT 2022-2024

Paying tax if you do not make the New York S election Federal S corporations that are not qualified or do not make a New York S election pay the same corporate franchise taxes as C corporations. Tax credits are applied against the corporation's tax liability and do not flow-through to shareholders.

For example, in New York City, an S-corp would be subject to the city's 8.85% business tax, on top of state and federal taxes.

Some jurisdictions—the District of Columbia, Louisiana, New Hampshire, New York City, Tennessee, and Texas—do not recognize the federal S corporation election and, for the most part, tax S corporations like other business corporations.

New York Resident, Nonresident, and Part-Year Resident Itemized Deductions. Used by nonresident and part-year resident (Form IT-203) filers who need to report other New York State or New York City taxes, and tax credits other than those reported directly on Form IT-203.

With an S corp designation, business owners have less-strict tax and tax filing obligations than those businesses using the C corporation status designation. This means that businesses that elect S corporation status aren't responsible for quarterly taxes and aren't subject to corporate income tax.

For S-corporations, the FDM tax is based on the corporation's New York State receipts and is as follows: $25 – Receipts not exceeding $100,000. $50 – Receipts exceeding $100,000 but not more than $250,000. $175 – Receipts exceeding $250,000 but not more than $500,000.

Please note that New York City does not have an S corporation election and does not recognize a New York State S corporation election.

A business can register as an "S corporation" for filing New York State taxes. The filing allows individual shareholders to report corporate income on their own tax returns. All shareholders must agree to file.