Form NY State CT-34-SH

[ChiHoang]

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.

[MICHAELMARS]

Whatever state taxes you deducted on the 1120S.  you do not report NYC taxes here.

[ChiHoang]

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]

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]

What NYC taxes that I report. The $50 ?