ChiHoang
Level 5
02-06-2024
07:22 AM
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I have a client who has a nail salon in NY city with gross revenues of $135K, net loss of $17K for 2023. His business is organized as a 1120S corp. In filing NY state form CT-34-SH, Part 1, Addition line 1: NY state franchise tax imposes under Article 9-A, what should I enter ?
Thanks for your answer.
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MICHAELMARS
Level 7
02-06-2024
10:51 AM
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Whatever state taxes you deducted on the 1120S. you do not report NYC taxes here.
ChiHoang
Level 5
02-06-2024
03:04 PM
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State tax is $50 based on receipts of $135k. So do I enter $50 on line 1 of next year tax return (cash basis) ?
Thanks
MICHAELMARS
Level 7
03-02-2024
11:56 AM
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I need to correct myself. Starting this year, NYC taxes get reported on line 1A of CT-34-SH. This new and not in the 2022 or prior instructions.
ChiHoang
Level 5
03-04-2024
07:05 AM
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What NYC taxes that I report. The $50 ?
