I am getting a note stating that the NY Form CT-60, Affiliated Entity Information Schedule, is now required. Under what circumstances is this form required?
Note 556 is being generated:
The New York tax reform regulations now require all Form 1120S filers to file NY Form CT-60, Affiliated Entity Information Schedule.
The information for Schedule A, "Part 3 - 1120S shareholder information," will be completed automatically by the program. Review the form and make any additional data entry that may apply on the following screens found under the "Other" tab of the NY Data Entry Menu:
- 60 - CT-60 Affiliated Entity Information Schedule
- 60A - CT-60 Affiliated Entity Information Schedule, 2
- 60B - CT-60, Affiliated Entity Information Schedule, 3
Per the CT-60 instructions, you must file Form CT-60 if you have included the activities of any of the following in your CT-3:
- a qualified subchapter S subsidiary (QSSS),
- a single-member LLC, or
- tax-exempt domestic international sales corporation (DISC)
You also must file Form CT-60 if:
- you are a federal S Corporation, but are filing as a New York C Corporation.
- you are a partner in a partnership
- you are a QSSS where New York State does not follow QSSS treatment, or
- you have affiliated entities.
For more information on the NY CT-60, Affiliated Entity Information Schedule, see the CT-60 instructions.
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