Form TP-588 Cooperative Housing Corporation Information Return - New York

What Is Form TP-588?

This is a legal form that was released by the New York State Department of Taxation and Finance - a government authority operating within New York. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form TP-588?A: Form TP-588 is the Cooperative Housing Corporation Information Return specific to the state of New York.

Q: Who needs to file Form TP-588?A: Cooperative housing corporations in New York are required to file Form TP-588.

Q: What information is required on Form TP-588?A: Form TP-588 requires information about the cooperative housing corporation, such as its name, address, EIN, and financial details.

Q: When is Form TP-588 due?A: Form TP-588 is generally due by the 15th day of the 4th month following the close of the corporation's fiscal year, or on the same date as the federal income tax return, if applicable.

Q: Can Form TP-588 be e-filed?A: Yes, Form TP-588 can be e-filed using the New York State efiling system.

Q: Are there any penalties for not filing Form TP-588?A: Yes, there can be penalties for not filing Form TP-588, including monetary penalties and potential loss of certain tax benefits.

Q: Are there any exceptions to filing Form TP-588?A: There may be exceptions to filing Form TP-588 for certain designated housing corporations, but it is best to consult with a tax professional or the New York State Department of Taxation and Finance to determine eligibility.

Q: Is Form TP-588 only for New York residents?A: No, Form TP-588 is for cooperative housing corporations based in New York, regardless of the residence of its shareholders.