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.

S-CORP

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

FILERS

Form DP-120. Returns filed without a Form DP-120 will be incomplete and may be returned to the taxpayer. S-corporations who

make actual distributions to New Hampshire resident shareholders are required to file Form DP-9 separately from the return.

SINGLE

Single Member Limited Liability Companies (SMLLC) shall use Form DP-200 to apply for a New Hampshire Department of Revenue

MEMBER

Administration assigned identification number. This form shall be filed at least 30 days prior to the filing of any other tax related

LIMITED

document. SMLLC’s are required by New Hampshire law to file a tax return even though the SMLLC does NOT file a separate

LIABILITY

federal tax return.

COMPANIES

ALL SMLLC's MUST USE A DEPARTMENT IDENTIFICATION NUMBER (DIN) WHEN FILING ANY AND ALL TAX RELATED

DOCUMENTS.

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

BPT & BET

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

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.

President George W. Bush signed PL 107-147, the "Job Creation and Worker Assistance Act," also known as the Economic Stimulus

DEPRECIA-

package and PL 108-27, Jobs Growth Tax Relief Reconciliation Act of 2003. Under the law, there was a change to federal business

TION

taxpayer filings for 2001- 2004 calendar year returns which included bonus depreciations of the cost of capital assets placed in

AND

service between September 10, 2001 and January 1, 2005. (January 1, 2006, for certain assets).

RECONCILI-

ATION

At this time, the New Hampshire Legislature has not changed the current business tax law 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 these

changes are used on your federal filing, business taxpayers must recalculate their New Hampshire gross business profits. Since,

under current New Hampshire law, the bonus depreciation and the additional IRC Section 179 expense is not allowable, business

taxpayers will have to adjust the taxable income reported on their federal return before reporting their gross business profits on their

New Hampshire business tax return. The adjustment will require the removal of the federal depreciation and IRC Section 179 expense

authorized under the "Job Creation and Worker Assistance Act" and only allow depreciation and IRC Section 179 expense as provided

under the IRC in effect on December 31, 2000.

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

Profits. The completed Schedule R should 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. The proprietorship return must have federal schedules C, D, E, F, Form 4797 and Form

SCHED-

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

ULES/

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.

FORMS

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

Please file the applicable schedules in the following order sequence: BT-Summary, BET, BET-80, Schedule R, BPT return (NH-

FILING

SEQUENCE

1040, NH-1041, NH-1065, or NH-1120), DP-80, DP-2210/2220, DP-132, DP-160, DP-120, and then the appropriate federal pages.

Business Tax

Gen. Inst.

Rev. 10/6/05

Business Tax Form - General Instructions For Filing Business Taxes - 2003 Page 2

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