Business Tax Form - General Instructions For Filing Business Taxes - 2003 Page 5
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5NEW HAMPSHIRE DEPARTMENT OF REVENUE ADMINISTRATION
FORM
BET-CKLST
BUSINESS ENTERPRISE TAX QUICK CHECKLIST
- COMPENSATION -
“Compensation” means all wages, salaries, fees, bonuses, commissions or other payments
paid or accrued in the taxable period on behalf of employees, officers or directors of the business
enterprise and subject to, or specifically exempt from, withholding under IRC 3401.
Compensation Subject to Tax
Non-taxable Compensation
•
•
Wages subject to federal income tax withholding.
Payment for independent contractors where no employer/
employee relationship exists pursuant to Rev 2401.11.
•
Contributions on behalf of employees to qualified
pension, profit-sharing and stock bonus plans.
•
Payments in the form of or for the following services:
- Members of the armed forces
•
- Ministers
Contributions on behalf of employees to annuity or
- Paper boys and girls under the age of 18
deferred-payment plans.
- Volunteers of Peace Corps
- Group term life insurance on the life of an
•
Fringe benefits provided to and included in gross
employee
income of employees for federal income tax purposes.
- Moving expenses
- Non-cash or cash tips to an employee if not
•
deductible by the employer
Imputed interest on a below market compensation
- Educational assistance
related loan between employer and employee.
- Scholarships
- Medical reimbursements.
•
The “Compensation for Personal Services” deduction
taken by a proprietor or a partner on the NHBPT return
pursuant to RSA 77-A:4, III.
•
Health Insurance.
•
Taxpayer’s distributive share of net earnings from a
•
The remainder, if any, of the guaranteed payments to
trade or business conducted by another business
partners reduced by the NHBPT Compensation for
enterprise.
Personal Services deduction.
•
•
Self-employment income retained for use in enterprise
Other payments, including the payment of debts,
but not deducted under RSA 77-A:4, III.
expenses or other liabilities pursuant to Rev 2401.14.
- INTEREST -
“Interest” means all amounts paid or accrued for the use or forbearance of money or property.
Interest Subject to Tax
Non-taxable Interest
•
•
Amount paid, credited or set aside in connection with
Interest paid or accrued not reduced by interest income
reserves by insurers to fulfill policy and contractual re-
or other fee income and without regard to any federal
deductibility limitation or federal capitalization
sponsibilities to policy holders.
requirements.
•
Amount paid by VEBA’s (Voluntary Employees’ Benefit
•
Property transferred by a business enterprise not
Associations) qualified under Section 501(c)(9) of the
classified as interest, but the substance of the
IRC to fulfill obligations to members.
transaction indicates that the payment was made in
lieu of interest.
BET-CKLST
Rev. 10/03
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