Be ready to file New York’s Biennial Statement
Every two years, each domestic or foreign corporation or limited liability company registered with the New York State Department of State must file an informational Biennial Statement and pay a $9 fee. Often, corporations and limited liability companies will become aware of this filing requirement through a third-party notice offering to file the Biennial Statement on behalf of the company, or through an email sent to the company directly from the department.
In the Biennial Statement for corporations, the entity must update and disclose:
1. The name and business address of its chief executive officer
2. The street address of its principal executive office
3. The address to which the New York Secretary of State shall forward copies of process accepted on the corporation’s behalf
The Biennial Statement for limited liability companies requires just the address for forwarding copies of process accepted on the entity’s behalf.
What does CohnReznick think?
Many of our clients receive third-party notices to outsource the requirement of filing this form with the state. These third-party companies generally charge a fee for completing the form. It is highly recommended that instead of incurring the cost of utilizing a third party, affected entities visit the department’s online website and file their Biennial Statement directly with the state. The online process is relatively simple and more cost-effective than engaging a third party. More information related to the Biennial Statement, including links to e-file and access the company’s DOS number, can be found on the State’s website.
Any advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues. Nor is it sufficient to avoid tax-related penalties. This has been prepared for information purposes and general guidance only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.
InsightTexas adopts economic nexus rule for its franchise taxCorey L. Rosenthal, Coral BernierTexas has set a $500,000 threshold for “foreign taxable entities” to be subject to its franchise tax. Here’s how to determine whether you qualify.
TopicHousing tax credit data analysis and reportSince 2012, CohnReznick’s Tax Credit Investment Services group is responsible for the nation’s most comprehensive analysis of its kind on the housing tax credit program. By tracking and analyzing the performance of more than 21,000 housing credit properties, CohnReznick’s reports help developers, investors, and other industry participants to establish best practices for acquiring, underwriting and managing tax credit investments, benchmark portfolios, examine operating expenses, and gain insight into the housing tax credits industry.
InsightNew Jersey provides guidance on its unitary business test and combined reporting requirementThe New Jersey Division of Taxation has provided technical guidance (TB- 93) regarding its unitary business test. As previously discussed, for tax periods ending on or after July 31, 2019, New Jersey will require business entities that meet the unitary business test to be included in a combined income tax return.