Instructions for Form NYC-204
NEW YORK CITY DEPARTMENT OF FINANCE Instructions for Form NYC-204 Unincorporated Business Tax Return for Partnerships, including Limited Liability Companies 2020 Single member LLCs using SSN as their primary identifier must use Form NYC-202 Highlights of Recent Tax Law Changes for Partnerships (including Limited Liability Companies) ● New York City’s Business Corporation Tax, General Corporation Tax, Unincorporated Business Tax, and Banking Corporation Tax are decoupled from the federal Coronavirus Aid, Relief, and Economic Security Act (CARES Act) changes to interest expense pro- visions under IRC section 163(j)(10) for tax years beginning in 2019 and 2020. Additionally, for tax years beginning before Jan- uary 1, 2021, the General Corporation Tax, Unincorporated Business Tax, and Banking Corporation Tax are decoupled from CARES Act changes to the net operating loss provisions under IRC section 172. The Unincorporated Business Tax is also decou- pled from CARES Act changes to the limitation on excess business losses of non-corporate taxpayers under IRC section 461(l). Fi- nance Memorandum 20-6 discusses these issues in more detail. ● For details on the proper reporting of income and expenses addressed in the federal Tax Cuts and Jobs Act of 2017, such as manda- tory deemed repatriation income, foreign-derived intangible income (FDII), global intangible low-taxed income (GILTI), please refer to Finance Memorandum 18-10. For information about the IRC section 163(j) limitation on the business interest expense de- duction, please refer to Finance Memorandum 18-11, updated to address New York City’s decoupling from the CARES Act as dis- cussed further above, within these instructions, and in Finance Memorandum 20-6.
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