Im serving in a fiduciary capacity. What is my responsibility for filing City taxes?
Trusts and estates conducting business within the city are required to file a city business return and report, at the entity level, all net profits, or losses earned or incurred as a result of business activity conducted within the City. Tax is due on the net profits reported as having been earned in the City. Since the tax is paid at the entity level of the trust or estate, beneficiaries are not required to pay City tax on income derived from trusts and estates.
