LLC Annual Filing Requirements in New York

by ECL Writer
Single-Member LLC in New York

You must create and submit a number of paperwork to the state if you wish to establish and operate a limited liability corporation (LLC) in New York. The most significant ongoing reporting and state tax filing requirements for New York LLCs are covered in this article by Eastcoastlaws.com

Do You Have To File An Annual Report For An LLC In New York?

Limited liability companies (LLCs) in New York are not required to file an annual report. However, New York does require many LLCs to pay an annual fee. An LLC in New York is considered a domestic company and must file the annual report with the New York Department of State.

State Business Taxes and Fees

The majority of LLCs are what are known as pass-through tax companies when it comes to income taxes. In other words, the individual LLC members are responsible for paying federal income taxes, not the LLC as a whole. In the majority of states, only the members of LLCs are required to pay income taxes.

However, New York charges an annual filing fee for both typical single-member LLCs and typical multi-member LLCs (both of which have the default tax status of the disregarded company) (with the default tax status of partnership). Depending on how much of your LLC’s gross income came from New York in the most recent tax year, there are different filing fees. Some LLCs, such as those with no New York-related gains, losses, or deductions, are exempt from paying the fee. The fee can range from $25 to $4,500. The fee is paid to the Department of Taxation and Finance (DTF; often just called the Tax Department) using Form IT-204-LL. The form must be filed within 60 days after the last day of your LLC’s tax year. For more details, check the DTF website.

Some LLC owners elect to have their companies handled for tax purposes like corporations (instead of as a partnership or disregarded entity). By submitting IRS Form 2553 to the IRS, this decision is made. (For the form, visit the IRS website.) When an LLC chooses to be treated as a corporation, as opposed to the usual pass-through tax scenario, the firm itself is required to submit a separate tax return.

The State of New York taxes corporations directly on the basis of their income, similar to practically every other state. There are several different ways that corporations may be taxed under New York’s convoluted corporation tax laws. However, in general, your LLC will have to pay some sort of tax to the state if you chose to have it taxed as a corporation.

State Employer Taxes

Does your LLC employ people? If this is the case, you must pay employer taxes. Some of these taxes must be paid to the IRS, which is outside the scope of this article. (However, keep in mind that acquiring an EIN is the first step in fulfilling federal employer tax requirements.) Employers in New York must, however, also pay taxes to the state.

You must first withhold employee income taxes and pay them to the DTF. Start by submitting an online or paper application for business registration with the Department of Labor (DOL) (Form NYS-100). After registering, you’ll need to submit withholding tax returns on a regular basis (the frequency depends in part on how much payroll you have). File your payments using Form NYS-1. For more information, check the DOL website.

In addition, you’ll probably need to register to pay state unemployment insurance (UI) taxes. These taxes are handed through the Unemployment Insurance Division of the DOL. You can register for these taxes online or by filing Form NYS-100. Then, on a quarterly basis, you’ll need to file Form NYS-45. For more information, check the Unemployment Insurance Division website.

Sales and Use Taxes

You must gather and remit sales tax if your LLC sells goods to clients in New York. This implies that you must register with the DTF as a sales tax vendor and then submit regular sales tax payments for the things you sell. Using Form DTF-17 or online at the NYS License Center website, you can register. You will receive a sales tax certificate of authorization for each business location after you have registered. Then, based on the volume of sales you generate, you must submit Form ST-101 or ST-100 to the DTF every year or quarter. For more information, check the DTF website.

Registration in Other States

You might need to register your LLC in some or all of those states if you intend to conduct business in states other than New York. Depending on the specific states concerned, you may or may not be obliged to register. Each state has its own regulations regarding what defines doing business and whether registration is required. For registration reasons, doing business is frequently defined as having a physical presence (a business location) in a state, employing people there, or engaging in business solicitation there (for example, via phone, print ads, mail, or the Internet). A certificate of authority or another comparable document must often be obtained as part of registration.

LLC or LLP filing fee table  

If the New York source gross income of an LLC or LLP for the preceding tax year is more than:but not more than:the filing fee is:
     $                0 $      100,000 $    25 
100,000 250,00050
250,000 500,000175
500,0001,000,000500
    1,000,0005,000,0001,500
    5,000,00025,000,0003,000
  25,000,0004,500

Regular partnership filing fee table 

If the New York source gross income of a partnership for the preceding tax year is:the filing fee is:
$       1,000,000$   500
If the New York source gross income of a partnership for the preceding tax year is more than:but not more than:the filing fee is:
$       1,000,000    $      5,000,000$ 1,500
  5,000,00025,000,0003,000
25,000,0004,500
  • There is no proration of the filing fee if the LLC, LLP, or partnership has a short tax year for federal purposes.

When to file Form IT-204-LL

  • You must file Form IT-204-LL on or before the 15th day of the third month following the close of the tax year.
  • There is no extension of time allowed to file Form IT-204-LL or to pay the fee.

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