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Yes, your allocation is correct. Income and expenses should be allocated to each state based on your time in each state. Here is some general information about NY and S Corps. If a corporation is a federal S corporation and wishes to make the election for New York State, the corporation is required to file Form CT-6 and receive approval before filing Form CT-3-S or Form CT-34-SH, New York S Corporation Shareholders’ Information Schedule. Federal approval as an S corporation is not automatic approval for New York State.
Once a corporation has approval from the New York State Tax Department to be treated as a New York S corporation, it is required to file Form CT-3-S instead of Form CT-3, General Business Corporation §210.1(d) Franchise Tax Return. Form CT-3-S is used to pay the entity level franchise tax under Article 9-A. Such tax is the fixed dollar minimum tax imposed under §210.1(d).
Fixed dollar minimum tax for all New York S corporations (except qualified New York manufacturers or qualified emerging technology companies (QETCs)) Fixed dollar minimum tax equals:
You can use the above chart to determine whether your NY tax for the S Corp is correct based on the indicated receipt amounts. The above chart and NY S Corp information was obtained from the NY tax website and can be found using the below link.
Instructions for NY S Corp Franchise Tax Return
