Kings New York Itemized Statement by Corporation

Category:

Liens - Construction - Mechanics

State:

New York

County:

Kings

Control #:

NY-08A-09

Format:

Instant download

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Description

A property owner or contractor may issue a written demand that the party who filed a notice of lien statement provide an itemized statement of labor and/or material provided, including the value or cost of said labor and materials. The lien holder is required to respond with an itemized statement within five (5) days, or the owner or contractor may petition the court to order such a statement to be produced. Failure to respond to the order of the court may result in the nullification of the lien.

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FAQ

Line 37 on a tax return often indicates the total amount of income after adjustments and deductions. This line is key in determining your taxable income, especially relevant when preparing your Kings New York Itemized Statement by Corporation. Understanding where this figure comes from can help you strategize your tax planning more effectively. Reviewing your entries on this line ensures that you capture all necessary information for an accurate tax return.

Filling out the IT201 form involves providing accurate personal and financial information, including income and applicable deductions. This form is vital for New York State tax filing, especially when detailing items in your Kings New York Itemized Statement by Corporation. Ensure you include all required sections and double-check your entries for accuracy. Using the right tools and software can simplify this process significantly.

The NYS IT 196 tax form is a document used to claim itemized deductions for New York State taxes. This form is especially important for individuals and corporations making detailed itemizations, such as the Kings New York Itemized Statement by Corporation. By providing specific information about your deductions, this form can potentially lower your overall tax liability. Ensure you fill it out accurately to benefit from the deductions you qualify for.

Line 29 on the New York State tax form typically relates to the total amount of itemized deductions. This line is essential for taxpayers who choose to itemize rather than take the standard deduction. If you are preparing your Kings New York Itemized Statement by Corporation, understanding this line is crucial. It helps you accurately report your deductions and minimize your taxable income.

NY form IT-2658 is a tax form used by partnerships and corporations to report their income and deductions to the state. This form assists in calculating taxes owed and must be filed accurately to avoid penalties. Properly completing this form contributes to a clear Kings New York Itemized Statement by Corporation.

To find articles of organization in New York, you can visit the New York Department of State's website, where they maintain an online database. Simply search by the entity name or filing number to access the relevant documents. Having access to these articles can be beneficial for preparing your Kings New York Itemized Statement by Corporation accurately.

Many states in the U.S. impose a franchise tax, but New York is notably one of them. This tax applies to corporations conducting business within New York and is determined based on income or a flat-rate value. An awareness of this tax helps streamline your Kings New York Itemized Statement by Corporation, ensuring accurate reporting and compliance.

The Metropolitan Transportation Authority (MTA) surcharge affects businesses and individuals earning more than a certain threshold in New York City and the surrounding area. This surcharge applies to various entities, including corporations required to file a New York corporate tax return. By staying informed, you can better manage your Kings New York Itemized Statement by Corporation.

Yes, New York imposes a corporate tax on various businesses operating within the state. This tax applies to corporations, including those that are registered outside New York but conduct business within its borders. Understanding these tax obligations helps in managing the Kings New York Itemized Statement by Corporation effectively.

Filing the NYC 1127 form involves providing information about your business income and expenses. You can find guidelines on completing this form through the NYC Department of Finance website. For a more organized approach, the Kings New York Itemized Statement by Corporation offers a structured way to prepare this information, ensuring everything is accounted for.

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Itemized Statement by Corporation

Note: This summary is not intended to be an all inclusive discussion of New York's construction or mechanic's lien laws, but does include basic provisions.

What is a construction or mechanic's lien?

Every State permits a person who supplies labor or materials for a construction project to claim a lien against the improved property. While some states differ in their definition of improvements and some states limit lien claims to buildings or structures, most permit the filing of a document with the local court that puts parties interested in the property on notice that the party asserting the lien has a claim. States differ widely in the method and time within which a party may act on their lien. Also varying widely are the requirements of written notices between property owners, contractors, subcontractors and laborers, and in some cases lending institutions. As a general rule, these statutes serve to prevent unpleasant surprises by compelling parties who wish to assert their legal rights to put all parties who might be interested in the property on notice of a claim or the possibility of a claim. This by no means constitutes a complete discussion of construction lien law and should not be interpreted as such. Parties seeking to know more about construction laws in their State should always consult their State statutes directly.

Who can file a lien in this State?

New York law permits "A contractor, subcontractor, laborer, materialman, landscape gardener, nurseryman or person or corporation selling fruit or ornamental trees, roses, shrubbery, vines and small fruits, who performs labor or furnishes materials for the improvement of real property with the consent or at the request of the owner thereof, or of his agent, contractor or subcontractor, and any trust fund to which benefits and wage supplements are due or payable for the benefit of such laborers, to have a lien for the principal and interest, of the value, or the agreed price, of such labor, including benefits and wage supplements due or payable for the benefit of any laborer, or materials upon the real property improved or to be improved and upon such improvement, from the time of filing a notice of such lien..." N.Y. Lien Law Â§3.

How long does a party have to file a lien?

A notice of lien may be filed at anytime during the progress of the work and the furnishing of the materials, or, within eight months after the completion of the contract, or the final performance of the work, or the final furnishing of the materials, dating from the last item of work performed or materials furnished; provided, however, that where the improvement is related to real property improved or to be improved with a single family dwelling, the notice of lien may be filed at any time during the progress of the work and the furnishing of the materials, or, within four months after the completion of the contract, or the final performance of the work, or the final furnishing of the materials, dating from the last item of work performed or materials furnished. N.Y. Lien Law Â§10.

What kind of notice is required prior to filing a lien?

"Within five days before or thirty days after filing the notice of lien, the lienor shall serve a copy of such notice upon the owner, if a natural person, (a) by delivering the same to him personally, or if the owner cannot be found, to his agent or attorney, or (b) by leaving it at his last known place of residence in the city or town in which the real property or some part thereof is situated, with a person of suitable age and discretion, or (c) by registered or certified mail addressed to his last known place of residence, or (d) if such owner has no such residence in such city or town, or cannot be found, and he has no agent or attorney, by affixing a copy thereof conspicuously on such property, between the hours of nine o'clock in the forenoon and four o'clock in the afternoon; if the owner be a corporation, said service shall be made (i) by delivering such copy to and leaving the same with the president, vice-president, secretary or clerk to the corporation, the cashier, treasurer or a director or managing agent thereof, personally, within the state, or (ii) if such officer cannot be found within the state by affixing a copy thereof conspicuously on such property between the hours of nine o'clock in the forenoon and four o'clock in the afternoon, or (iii) by registered or certified mail addressed to its last known place of business. Failure to file proof of such a service with the county clerk within thirty-five days after the notice of lien is filed shall terminate the notice as a lien." N.Y. Lien Law Â§10.

How long is a lien good for?

"Any lien created under New York law shall be a lien for a period longer than one year after the notice of lien has been filed, unless within that time an action is commenced to foreclose the lien, ..." or the appropriate steps are taken to request that the court grant an extension. N.Y. Lien Law Â§17.

Are liens assignable?

Yes. New York statutes provide for the assignment of valid liens. The assignment must be in writing and acknowledged by the lien holder. N.Y. Lien Law Â§13.

Does this State require or provide for a notice from subcontractors and laborers to property owners?

Yes. A contractor working on a public improvement may issue a written demand that a state agency provide a notice of completion and acceptance. Also, a subcontractor or other party who furnishes labor and or materials for the improvement of property may issue a demand to the owner or contractor demanding that the owner or contractor provide a statement of the terms of the contract between the owner and the contractor.

Does this State require or provide for a notice from the property owner to the contractor, subcontractor, or laborers?

Yes. Under New York law a property owner whose property has been the subject of a notice of lien may demand in writing that the lien claimant provide an itemized statement of the labor and/or materials provided and their value.

Does this State require a notice prior to starting work, or after work has been completed?

No. New York statutes do not require a Notice of Commencement or a Notice of Completion as required in some other States.

Does this State permit a person with an interest in property to deny responsibility for improvements?

No. New York statutes do not have a provision which permits the denial of responsibility for improvements.

Is a notice attesting to the satisfaction of a lien provided for or required?

No. New York statutes do not provide for or require that a lien holder who has been paid produce or file a notice to that effect.

By what method does the law of this State permit the release of a lien?

A lien claimed under New York law may be discharged by the issuing of a certificate by the lien holder, filed in the court where the lien notice was filed, acknowledging the satisfaction and release of said lien. Otherwise, the lien will dissolve automatically within one year of filing if no legal action is taken to foreclose on said lien.

Does this State permit the use of a bond to release a lien?

Yes. New York law permits a party with an interest in the property in question to file a bond in the amount unpaid under the contract.