Sec. 6-3.1. Form of reports

Tax Law, §§ 211(1), (2), (2-a), (3), 1085(n)

(a) Reports are required to be filed on the forms and in the manner prescribed by the Commissioner of Taxation and Finance. The forms and instructions are available from the department and may be downloaded from the department's website.

(b) A change in the Federal taxable income must be reported on an amended New York State return and must be accompanied by a copy of the Federal amended return or the Federal revenue agent's report, and copies of all other related information. For information relating to the time for filing changes in Federal taxable income, see section 6-4.2 of this Part.

(c) If a taxpayer made payments treated as interest in the computation of its entire net income or minimum taxable income to shareholders, including subsidiaries of a corporate shareholder or members of the immediate family of an individual shareholder, beneficially owning, directly or indirectly, individually or in the aggregate, more than 50 percent of the issued capital stock of the taxpayer, such taxpayer must submit the following information:

(1) name of each such shareholder;

(2) social security number or employer identification number of each such shareholder;

(3) amount of interest paid to each such shareholder;

(4) total interest paid to such shareholders; and

(5) amount of indebtedness to each such shareholder and whether or not there is written evidence of the indebtedness.

Members of the immediate family include brothers and sisters of the whole or half blood, spouse, ancestors and descendants. A penalty of $500 will be added to the tax if a taxpayer fails to submit this information for the taxable year on or before the prescribed date for filing its report (determined with regard to any extension of time for filing) unless it is shown that such failure is due to reasonable cause and not due to willful neglect. (See section 1085(n) of the Tax Law, failure to file report of information relating to certain interest payments.)

(d) A foreign corporation which is not a taxpayer, but which has an employee, including any officer, within New York State, is required to file an information report. A DISC exempt from tax imposed by article 9-A is required to file an information report.

(e) Every taxpayer must submit such other reports and other information which the commissioner may require in the administration of article 9-A.

(f) Every report must include a certification that the statements in the report are true. The certification must be made by the president, vice-president, treasurer, assistant treasurer, chief accounting officer or any other officer of the taxpayer authorized to act in that capacity. The fact that an individual's name is signed on the certification of the report shall be prima facie evidence that such individual is authorized to sign and to certify the report on behalf of the corporation.