For purposes of paragraph (a) of this section, the total amounts received or accrued by a person shall be determined under the method of accounting used in computing its taxable income. For purposes of paragraph (a) of this section, the total amounts received or accrued by a person are not reduced by returns and allowances, costs of goods sold, expenses, losses, a deduction for dividends received under section 243, or any other deductible amounts. (2) A receipt of property in a transaction to which section 118 (relating to contribution to capital) or 1032 (relating to exchange of stock for property) applies. (1) The proceeds of a loan or of the repayment of a loan, or For purposes of paragraph (a) of this section, gross receipts do not include amounts received or accrued by a person from. (iv) Commission transactions as and to the extent described in paragraph (e) of this section. (iii) The sale at a gain of any property not described in subparagraph (1) of this paragraph, and (i) The furnishing of services (whether or not related to the sale or lease of property described in subparagraph (1) of this paragraph), (2) Gross income recognized from all other sources, such as, for example, from. (1) The total amounts received or accrued by the person from the sale or lease of property held primarily for sale or lease in the ordinary course of a trade or business, and Under section 993(f), for purposes of sections 991 through 996, the gross receipts of a person for a taxable year are. However, if your utility tax liability is less than $100,000 for the prior calendar year, you can file your returns for the subsequent year semi-annually.(a) General rule. In general, you need to file Utility Tax returns monthly. Are most Utility Tax returns filed monthly?. However, we can request that you file a return for informational purposes. Does a landlord still have to file Form NYC-UXS if none of his gross income is subject to Utility tax?.The Utility bills the landlord for the tax and the landlord pays the tax amount to the Utility. Do landlords reselling electricity have to report these receipts on the UTX return?.Semiannual filings are due on July 25 and January 25 and are permitted if the prior year's tax liability was less than $100,000. Returns are due monthly, by the 25 of each month, covering gross income or gross operating income for the prior calendar month. You may request a refund within three years from the time you filed the Utility Tax return or two years from the time the tax was paid. They are permitted to reduce their business income for GCT or COR by the ratio of gross operating income subject to UTX to total gross operating income. Utility services vendors must pay the UTX and the General Corporation Tax (GCT) or Business Corporation Tax (COR) or Unincorporated Business Tax (UBT). Limited Fare omnibuses that provide other services Omnibus operators who are not subject to NYS Dept. Omnibus operators subject to NYS Department of Public Service supervision However, different rates apply to bus companies and railroads, as shown below: BUSINESS TYPE The basic utility tax rate is 2.35% of gross income or gross operating income. This tax must be paid by every utility and vendor of utility services doing business in New York City.
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