Law firms that have New York corporate partners and are mandated to file electronic New York partnership returns must file — no later than March 15, 2016 — Form IT-370-PF, Application for Automatic Extension of Time to File for Partnerships, requesting an extension to file Form IT-204.1, New York Corporate Partners' Schedule K, because the form is not yet available in e-file format for the 2015 tax year.

Although the New York Department of Taxation and Finance (the Department) released on March 9, 2016, the 2015 Forms IT-204.1, IT-204-CP, Schedules K and K-1, along with instructions, the new Form IT-204.1 may not yet be filed electronically. Therefore, taxpayers that are mandated to electronically file a complete Form IT-204.1 must wait to file their returns until an IT-204.1 that meets the e-file mandate is available.

Prior to releasing these latest corporate partnership forms, the Department advised that, to the extent corporate partner tax forms are unavailable by September 15, 2016, the Department may grant an automatic 90-day extension.

EY will continue to track these developments in New York State. For updates or questions, please contact the EY Law Firm Industry Practice or visit the Department website.