How is a Corporation Taxed in New York State?
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TATEN ISLAND. N.Y. -- Victory State Bank serves various types and sizes of corporations. Despite their differences, all the corporations have one thing in common: They pay taxes.
The New York State Tax Law requires a corporation to file franchise tax reports and pay franchise taxes annually even if the corporation does not conduct business or loses money.
Franchise tax requirements begin the date the corporate existence begins. Tax responsibilities continue until the corporation is legally dissolved by the Secretary of State.
The corporation will need a taxpayer identification number, obtainable from the federal Internal Revenue Service.
The IRS can answer questions about paying or withholding federal income tax, social security taxes and other federal taxes.
Questions concerning New York State taxes should be directed to the New York State Department of Taxation and Finance, Taxpayer Assistance Bureau, W.A. Harriman Campus, Albany, NY 12227.
You may contact the Business Tax Information Center at 518-457-5342 .
About Victory State Bank:
VSB Bancorp, Inc. (NASDAQ: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com .
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