Get 2013 Nyc 221 Form

What Activities are Subject to This Tax? Unincorporated Businesses include: trades, professions, and certain occupations of an individual, partnership, limited liability company, fiduciary, association, estate or trust. The business can be active or in the process of being liquidated.

Who is eligible? Filing statusRecomputed federal adjusted gross incomeSingle$12,500 or lessMarried filing jointly Head of household with qualifying person Qualifying surviving spouse$22,500 or lessMarried filing separatelySee instructions for Form IT-201 or instructions for Form IT-360.1. Mar 13, 2023

The UBT is a broad tax, with exemptions limited to: Employees, officers, and directors (unless an individual is in the “trade or business” of being a director).

For example, an owner, lessee, or fiduciary that holds, leases, or manages real property for the purpose of producing rental income is not subject to the UBT. Other UBT exempt activities include engaging in trading activities for an unincorporated business' own account.

Penalty for underpaying your estimated tax The penalty you will have to pay will equal the federal short-term interest rate plus five and one half percentage points (adjusted quarterly), but not less than 7.5%.

What Activities are Subject to This Tax? Unincorporated Businesses include: trades, professions, and certain occupations of an individual, partnership, limited liability company, fiduciary, association, estate or trust. The business can be active or in the process of being liquidated.

Who is Exempt from this Tax? Performing services as an employee is not subject to UBT. An owner, lessee, or fiduciary who is engaged in holding, leasing, or managing real property for their own account. Entities engaged primarily with qualifying investment activities are partially exempt from UBT on the income.

Form NYC-221 will enable taxpayers subject to the Unincorporated Business Tax to determine if they paid the correct amount of estimated tax by the proper due date. If the minimum amount was not paid timely, an underpayment penalty may be imposed for the period underpaid.