Feb 272013
 

All franchisors of businesses operating in New York state must file an annual information return before March 20 each year.

The information that a franchisor is required to provide on the return includes the gross sales of each New York franchisee as reported to the franchisor, the total amount of sales by the franchisor to the franchisee, and any income reported to the franchisor by the franchisee. The franchisor is also required to give each franchisee listed on the report a summary statement showing the information the company reported to the state.

Any applicable company with New York franchisees that fails to file the information return may be assessed a fine for each one of its franchisees operating in the state, with a maximum fine of $10,000 per reporting period. If a franchisor is unable to file the return by March 20, it can seek a 90-day extension. Extensions are automatically granted if a request is made before the March 20th deadline.

For more information about the annual report and to file the return or a request for extension electronically, visit the New York State Department of Taxation and Finance’s website.

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