New York Form IT-204-LL is used by partnerships and LLCs taxed as partnerships that conduct business or derive income from New York sources.
To fill it out, you need to provide general partnership information, including data about each partner. You must also complete various schedules detailing your business’s income, deductions, losses, and potential tax credits.
Once you’ve completed all the schedules, you can calculate any filing fees owed. The form must be signed and dated by a partner or an authorized representative.
What is Form IT-204-LL?
Form IT-204-LL is a tax document used by partnerships, including Limited Liability Companies (LLCs) that are taxed as partnerships, which do business or have income from New York sources. This form is used to report income, calculate, and pay any taxes owed by the partnership to the state of New York.
The primary purpose of Form IT-204-LL is to report a qualifying business entity’s gross income to the State of New York and determine the yearly filing fee owed to the state government. The filing fee depends on the filing entity’s New York gross income for the previous tax year.
Two exceptions exist:
- If the filing entity did not record any New York gross income last tax year, the filing fee is $25.
- If your LLC is treated as a disregarded entity, the filing fee is $25, even if you recorded any income, gains, losses, or deductions from New York sources.
Do I Need to Fill Out an IT-204-LL?
The business entities that must file Form IT-204-LL include:
- Partnerships
- Limited liability companies (LLCs) and limited liability partnerships (LLPs) treated as partnerships for federal income tax purposes
- LLCs that are disregarded entities for federal income tax purposes, such as owners of single-member LLCs opting not to be treated as a corporation
If you own or operate a qualifying business entity, you must file this form yearly and pay the associated filing fee if your situation meets any of the following criteria:
- You operate an LLC that is a disregarded entity with New York income, gains, losses, or deductions
- You operate a domestic or foreign LLC or LLP, are required to file New York State partnership returns, and have recorded New York income, gains, losses, or deductions
- You operate a regular, non-LLC or LLP, are required to file New York State partnership returns, recorded New York income, gains, losses, or deductions, and your total New York gross income during the last tax year is $1 million or more.
According to the NYSDTF, the filing deadline is on or before the 15th day of the third month following the close of the tax year. The law does not offer any provisions to extend the deadline or pay the fee.
You are not required to file Form IT-204-LL if your partnership, LLC, or LLP recorded no income, gains, losses, or deductions in the state or if it elected to be treated as a corporation for federal income tax purposes.
What Happens if I Don’t Fill Out an IT-204-LL?
Failure to submit your IL-204-LL or the full amount of your filing fee exposes you to penalties and interest under New York State laws.
How to Fill Out the New York State Form IT-204-LL
Understanding how to fill out your IT-204-LL is essential to ensure you calculate the correct fees your partnership, LLC, or LLP owes to the state government. Follow this step-by-step guide to fill out your IT-204-LL accurately.
Business and Contact Information
The form’s first section requires you to enter essential business and contact information.
Legal Name
Write in your company’s full legal name. Do not use short-form or “doing business as” (DBA) names.
Identification Number - EIN
Enter the identification number relevant to your business entity type. You may enter a federal Employer Identification Number (EIN) or, if applicable, the temporary number assigned to you by the New York State Department of Taxation and Finance. You may only enter your Social Security number (SSN) if your LLC is considered a disregarded entity for federal income tax purposes and hasn’t yet received an EIN or temporary number.
Trade Name of Business if Different From Legal Name Above
Enter your business’s trade or DBA name if it is different from your business’s full legal name.
Address
Enter your business’s street name and number.
Change of Business Information
If you have modified your business’s tax account information and haven’t yet notified the New York State Department of Taxation and Finance, you can check this box after entering your current address in the previous field. If you do so, you must also file a Form DTF-95 to update your business tax information with the state government or a Form DTF-96 if only your address has changed.
Date Business Started
Enter the date you established your business.
City, State, Zip Code
Fill in your business’s city, village, or post office, write in the two-letter code corresponding to your state, then enter your ZIP code.
Principal Business Activity
Write your business’s industry or sector of activity in this field. If your company is in multiple industries, write in the one most relevant or most important to your business activities.
Enter Your 2-digit Special Condition Code if Applicable
Check the IT-204-LL instructions sheet to determine whether the New York State Department of Taxation and Finance is currently issuing special condition codes. Leave this field blank if none of them apply to you.
Identify your Entity
Check the left box if your business entity is a regular partnership. Check the right box if your business entity is a liability company (LLC) or limited liability partnership (LLP). Do not check both boxes.
Part 1 - General information
Check all boxes that apply to your business in this part of the form.
Mark applicable box(es)
- Amended Form IT-204-LL
If you have previously filed a Form IT-204-LL and intend to correct errors in the previous version, write in the amended details on this form and check this box.
- Refund
Check this box if you wish to request an overpayment refund from your amended IT-204-LL. You must submit this form with this box checked alongside a written request. The refund filing deadline is within three years of filing your initial form, or within two years of the day you paid the fee, whichever is later.
- Final Form IT-204-LL
Check this box if this is your business’s final IT-204-LL filing.
Line 1
Line 1 checks whether your business entity received any income, gains, losses, or deductions from sources based in the state of New York during the previous tax year.
- Yes
If your business entity received any New York based income, gains, losses, or deductions, check the Yes box.
- No
If your business entity did not, stop there. The form recommends you do not file this form as you do not owe fees.
Line 2
Line 2 checks whether your business entity possessed an interest in real property located in the state of New York within the last three years. If it did, check Yes. Otherwise, check No.
Line 3
Line 3 asks whether your business entity has been acquired or undergone a transfer of controlling interest in the last three years. Check Yes or No.
Part 2 - Partnerships, and LLCs and LLPs treated as partnerships for federal income tax purposes
Fill in this part of the form if your business entity is a partnership or an LLC or LLP treated as a partnership for federal income tax purposes.
Line 4
Check the New York source gross income worksheet on Page 3 of the form’s instructions. You will need information from the following forms to complete the worksheet:
- IRS Form 1065
- IRS Form 1065 Schedule K-2
- IRS Form 8949
- IRS Form 1065 Schedule D
- IRS Form 4797
- IRS Form 8825
- IRS Schedule F
Ensure your IRS forms are for the same tax year as the year in the worksheet. For example, if the sheet says “Enter 2022 amounts,” use your corresponding 2022 IRS forms.
Follow the instructions until you calculate the value on Line 15 of the worksheet. Copy that value onto Line 4 of your IT-204-LL.
Line 5
Calculate your filing fee using the filing fee tables on Page 2 of the form’s instructions.
Regular partnerships:
- If the value you entered in Line 4 is exactly $1,000,000, enter 500 in Line 5.
- If the value in Line 4 is over $1,000,000 but less than $5,000,000, enter 1,500 in Line 5.
- If the value in Line 4 is over $5,000,000 but less than $25,000,000, enter 3,000 in Line 5.
- If the value in Line 4 is over $25,000,000, enter 4,500 in Line 5.
LLCs and LLPs:
- If the value you entered on Line 4 is less than $100,000, enter 25 in Line 5.
- If the value in Line 4 is over $100,000 but less than $250,000, enter 50 in Line 5.
- If the value in Line 4 is over $250,000 but less than $500,000, enter 175 in Line 5.
- If the value in Line 4 is over $500,000 but less than $1,000,000, enter 500 in Line 5.
- If the value in Line 4 is over $1,000,000 but less than $5,000,000, enter 1,500 in Line 5.
- If the value in Line 4 is over $5,000,000 but less than $25,000,000, enter 3,000 in Line 5.
- If the value in Line 4 is over $25,000,000, enter 4,500 in Line 5.
Part 3 - LLCs that are disregarded entities for federal income tax purposes
Complete this part of the form if your business entity is an LLC and a disregarded entity under federal income tax rules.
Line 6
Enter the identification number of the individual or entity responsible for reporting the income or loss. You may enter an Employer Identification Number (EIN) or a Social Security number (SSN).
Line 7
LLC disregarded entities have a filing fee of $25. Enter 25 on this line.
Part 4 - Payment amount
Use this section to write in your payment details.
Line 8
Enter the amount calculated on Line 5 or Line 7, depending on your business entity. Then, follow these steps:
- Write a check or a money order for the same amount, payable to NYS filing fee.
- Write in your EIN or SSN on the remittance alongside the words: XXXX filing fee. Replace XXXX with the corresponding year.
- Submit the check or money order along with this form to the address at the bottom of the form.
Sign, Date, Phone, and Email
Sign the form, enter the date of the form’s completion, and write in your phone number and email address. Paid preparer must also sign and provide their PTIN or SSN.
FAQs
Here are the answers to some common questions about completing New York Form IT-204-LL.
The business entities that must file a Form IT-204-LL include partnerships, limited liability companies (LLCs), and limited liability partnerships (LLPs).
The penalty for late filing equals 5% of the tax or fee due for each month the return is late, up to a maximum of 25% If you are more than two months (60 days) late, the minimum penalty raises to the lesser of $100 or the total amount due.
The check or money order used for the filing fee of Form IT-204-LL is payable to “NYS filing fee”.
Only the partnerships, LLCs, and LLPs that have received gross income from New York State sources in the preceding tax year are required to file a Form IT-204-LL.
Failing to file your IT-204-LL exposes you to accumulated penalties for late filing, late payment penalties, and daily compounding interest. Interest rates are available on the NYSDTF website and are updated quarterly.
According to the NYSDTF, late payment penalties equal 0.5% of the unpaid amount multiplied by the number of months in which it remains unpaid, up to a maximum of 25%.
