Business Tax Form - General Instructions For Filing Business Taxes

NEW HAMPSHIRE DEPARTMENT OF REVENUE ADMINISTRATION

FORM

BUSINESS TAX

GENERAL INSTRUCTIONS FOR FILING BUSINESS TAXES

Gen. Inst.

New Hampshire treats subchapter “S” corporations as if they were “C” corporations. All S-corporations are required to complete

S-CORP

Form DP-120, Computation of "S" Corporation Gross Business Profits. Returns filed without a Form DP-120 will be incomplete and

FILERS

may be returned to the taxpayer. S-corporations who make actual distributions to New Hampshire resident shareholders are

required to file Form DP-9, Small Business Corporation (S-Corp) Information Report separately from the return.

For NH taxation purposes, an SMLLC is recognized as an entity separate from its members. An SMLLC is required to report and

SINGLE

file NH taxable activities at the entity level. An SMLLC is required by law to file a NH tax return even though the SMLLC does not

MEMBER

file a separate federal tax return.

LIMITED

LIABILITY

If the SMLLC does not have a federal employer identification number; shares a taxpayer identification number with another entity; or

COMPANIES

is not required to obtain a federal employer identification number, social security number or an individual taxpayer identification

number issued by the Internal Revenue Service. THE SMLLC's MUST USE A DEPARTMENT IDENTIFICATION NUMBER (DIN)

WHEN FILING ALL TAX RELATED DOCUMENTS. Form DP-200 shall be used to apply for a New Hampshire Department of Revenue

Administration assign identification number.

Your DIN shall be used in place of the entity's federal employer identification number. When filing all future documents,

the DIN shall be entered wherever federal employer identification numbers or social security numbers are required.

Every entity required to file a Business Profits Tax (BPT) return and/or a Business Enterprise Tax (BET) return must also make

ESTIMATED

quarterly estimated tax payments for each individual tax for its subsequent taxable period, unless the ANNUAL estimated tax for

BPT & BET

the subsequent taxable period for each tax individually is less than $200. However, if at the end of any quarter the estimated tax

PAYMENTS

for the year exceeds $200, an estimated tax payment must be filed. The quarterly estimates are 25% of the estimated tax liability.

See the instructions with the Estimated Business Profits Tax Form for exceptions and penalties for noncompliance.

INTERNAL REVENUE CODE (IRC) AND NEW HAMPSHIRE RECONCILIATION

The New Hampshire Legislature has not changed the current business tax laws to conform with the federal tax law changes. The

Internal Revenue Code (IRC) reference remains the Code in effect on December 31, 2000. Therefore, if changes are used on your

federal filing, business taxpayers must recalculate their New Hampshire gross business profits utilizing the applicable NH Schedule R.

Schedule R has been provided in this booklet for each business entity type to assist businesses in recalculating their New Hampshire

Gross Business Profits. The completed Schedule R must be filed with the corresponding New Hampshire Business Tax return.

REFERENCES

All references to federal tax forms and form lines are based on draft forms available at the time the state forms were printed. If

TO FEDERAL

the federal line number and description do not match, follow the line description or contact the Department at (603) 271-2191.

FORMS

All Business Profits Tax returns must be accompanied by a complete and legible copy of the federal income tax return or other

ATTACH

appropriate federal forms, consolidating schedules and supporting schedules. The corporate return must have the federal Form

FEDERAL

1120, pages 1, 2, 3 and 4 and all schedules. Corporations may submit the consolidating and supporting schedules ONLY using a

SCHEDULES/

Compact Disc (CD) in a PDF or PDF compatible format. The proprietorship return must have federal schedules C, D, E, F, Form 4797

FORMS

and Form 6252, if applicable. The partnership return must have the federal Form 1065, pages 1,2,3, and 4 and applicable

schedules. The fiduciary return must have the federal Form 1041, pages 1, 2, 3 and 4, and applicable schedules. Failure to attach

all federal schedules as required shall be deemed a failure to file a New Hampshire return and may subject the taxpayer to

penalties.

Disclosure of federal employer identification numbers and social security numbers is mandatory under New Hampshire Department

CONFIDEN-

of Revenue Administration rules 203.01, 221.02, 221.03. This information is required for the purpose of administering the tax laws

TIAL

of this state and authorized by 42 U.S.C.S. § 405 (c) (2) (C) (i).

INFORMA-

TION

Tax information which is disclosed to the New Hampshire Department of Revenue Administration is held in strict confidence by

law. The information may be disclosed to the United States Internal Revenue Service, agencies responsible for the administration

of taxes in other states in accordance with compacts for the exchange of information, and as otherwise authorized by New

Hampshire Revised Statutes Annotated 21-J:14.

The failure to provide federal employer identification numbers and social security numbers may result in the rejection of a return

or application. The failure to timely file a return or application complete with social security numbers may result in the imposition

of civil or criminal penalties, the disallowance of claimed exemptions, exclusions, credits, deductions, or an adjustment that may

result in increased tax liability.

AMENDED

If you discover an error was made on your BET and/or BPT return(s) after they were filed, amended returns should be promptly

RETURNS

filed by completing a corrected Form BT-SUMMARY and the appropriate BET and/or BPT returns. You should check the “AMENDED”

block in STEP 2 on the Business Tax Summary. AMENDED RETURNS MUST HAVE ALL APPLICABLE SCHEDULES AND FEDERAL

PAGES ATTACHED TO BE DEEMED A COMPLETE AMENDED RETURN. For changes made by the Internal Revenue Service for

this year, please see STEP 2 on the Business Tax Summary.

If you need to amend prior year BET and/or BPT return(s) and you need forms, you may access our web site at

or please call the forms line at (603) 271-2192.

You may not file an amended return for New Hampshire Net Operating Loss (NOL) carryback provisions.

ROUNDING

Money items on all Business Enterprise Tax and Business Profits Tax forms may be rounded off to the nearest whole dollar.

OFF

The upper right corner of the NH tax forms indicate the order forms must be placed when filing. Copies of the federal tax return

FILING

SEQUENCE

and supporting schedules must follow the NH forms and schedules.

Business Tax

Gen. Inst.

Rev 09/2007

Business Tax Form - General Instructions For Filing Business Taxes - 2007 Page 2

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