Maximize Your CRT Benefits: New York City Commercial Rent Tax
Tony Gulotta, Principal 212.847.0124 | tony.gulotta@ryan.com
Steve Thompson, Principal 212.871.3901 | steve.thompson@ryan.com
Fall is the ideal time of year to review your New York City commercial rent tax (CRT) filings. This tax applies to tenants leasing properties in Manhattan below 96th Street and guidance from the City is not terribly instructive. Conducting a review during the fall is crucial as taxpayers only have 18 months from the required filing date (June 20) to request a refund for overpayments, unless you are under audit. Tenants have until December 20, 2023, to request refunds for the tax year ending May 31, 2022. Tenants often overstate their obligation. The experts at Ryan can ensure that the tax is calculated correctly and in compliance with local statutes and regulations.
Ryan can offer valuable insights and advice on CRT matters. Once we assess your CR-A (annual CRT return), we can provide feedback on potential risks and opportunities as well as recommendations to reduce liability.
Understanding and complying with CRT regulations is vital for businesses operating in New York City. Failure to do so can result in significant financial penalties and harm your company’s reputation.
With extensive experience in CRT compliance, our team at Ryan can assess your CR-A and offer insights on exposure and improvement opportunities. Contact us today to learn more about our services and how we can help you navigate the complex world of CRT compliance.