The NY CF-01 report can be a complicated report to get right. Below are some common areas that sometimes can result in report issues and what needs to be done to ensure the data appears on the report correctly.
Business Types: We suggest using the Set Business Type AI option to cover your bases. For records with LLC, Inc. or LLP in the title but no Business Type has been set, AI will automatically set this for you. Again, this has a significant benefit for NY reporting.
When it comes to entity types, New York has entities like PLLCs and PLLPs. They are reported the same as LLCs and LLPs, respectively, so there will be no difference in data entry.
Monetary Contributions from LLCs, Partnerships, or LLPs: These transaction types need to report their ownership or partnership shares. This is done by adding Splits to each partner or owner based on the percentage of partnership or ownership. Be sure to create new records for the partners and attribute the Splits to those records rather than to the LLP or LLC and leaving a note.
Please note if the data entry is correct, you’ll see these appear on Schedule O (Partners/Subcontractors) of the report.
We generally discourage opening e-files in other programs because it can cause errors when trying to file the report. However, if you do need to open the e-file, do so in Notepad or Notepad++. Do not open these files in Excel (or a similar app), as doing so will delete many of the required columns.
Reimbursements: These need to be made to the reimbursee with Reporting Code REIMB. The items being reimbursed should then be added as Splits and all of them should have their own Reporting Codes
Transaction Methods: Be sure to select a transaction method for any monetary transactions, as required by the NYBOE. If you are unsure or if none of the transaction methods apply, include an explanation why in your compliance note.
Transaction Numbers: New York requires that all transactions made through Check must have a check number reported. If you see a Fatal Error on your report for a Required Transaction Number, this is why.