Business Tax Form - General Instructions For Filing Business Taxes

FORM

NEW HAMPSHIRE DEPARTMENT OF REVENUE ADMINISTRATION

BT-SUMMARY

BUSINESS TAX SUMMARY

LINE-BY-LINE INSTRUCTIONS

Instructions

STEP 1

At the top of the return enter the beginning and ending dates of the taxable period if different from the calendar year.

Name,

Address,

Please PRINT the taxpayer’s name, address, Social Security Number (SSN), Federal Employer Identification Number (FEIN), or

Social

Department Identification Number (DIN) and principal business activity code in the spaces provided. If you have received a booklet

Security

of tax forms that are preprinted, please use that form.

or Federal

Employer

Enter spouse’s name and SSN in the spaces provided for separate proprietorship only. Social Security Numbers are required

Identifica-

pursuant to the authority granted by 42 U.S.C.S., Section 405. Wherever SSN's or FEIN's are required, taxpayers who have been

tion

issued a DIN, shall use their DIN only, and not SSN or FEIN.

Number

Check the Yes or No box to indicate if you are required to file a Business Enterprise Tax (BET) Return. Enterprises with more than

STEP 2

$150,000 of gross business receipts from all their activities or an enterprise value tax base of more than $75,000 are required to

Return

file a BET Return with this Business Tax Summary Form. The BET is a 0.75% tax assessed on the enterprise value tax base, after

Type

special adjustments and apportionments, the BET is the sum of all compensation paid or accrued, interest paid or accrued, and

and

dividends paid by the business enterprise.

Federal

Check the Yes or No box to indicate if you are required to file a Business Profits Tax (BPT) Return. Businesses carrying on business

Informa-

activity within NH are subject to BPT unless they have less than $50,000 of gross receipts from all their activities. The BPT is an 8.5%

tion

tax assessed on income from conducting business activity within NH.

Check the entity type which corresponds to your organizational structure. In the case of a Single Member LLC, check the

organization structure that corresponds to the federal return used to report the income and deductions to the IRS.

Check the AMENDED RETURN box if this is the second (or additional) Business Tax Summary that has been filed for any ONE tax

period. Check the FINAL RETURN box only when the business organization has ceased to exist or no longer has business activity

in New Hampshire.

Check the box if the IRS has made adjustments to your federal income tax return that have not been previously reported to New

Hampshire. Enter the taxable periods examined by the IRS on the line provided. To report IRS adjustments you must submit the

Report of Change (ROC) form under separate cover. These and other forms are available on our web site at

or call (603) 271-2192.

STEP 3

PLEASE COMPLETE THE BET AND/OR BPT RETURNS AND THEN THE BUSINESS TAX SUMMARY.

Line 1(a) Enter the amount of your Business Enterprise Tax net of statutory credits.

STEP 4

Line 1(b) Enter the amount of your Business Profits Tax net of statutory credits.

Figure

Line 1

Enter the sum of Lines 1(a) and 1(b).

Your

Line 2(a) Enter the amount paid with application for extension, Form BT-EXT. Include extension payments made electronically.

Balance

Line 2(b) Enter estimated payments to be applied to this taxable period. Include estimate payments made electronically.

Due or

Line 2(c) Enter the prior tax period overpayment that was carried forward to this taxable period.

Overpay-

Line 2(d) When filing an AMENDED RETURN, enter the amount of payment remitted with the original Business Tax Summary.

m e n t

Line 2

Enter the total of Lines 2(a) through 2(d).

Line 3

Enter the amount of Line 1 minus Line 2. Show a negative amount with parenthesis, e.g., ($50).

Line 4

Additions to tax are calculated on the individual taxes. Please complete the following calculations to determine the amount due,

if applicable, for each line.

Line 4(a) INTEREST: Interest is calculated on the balance of tax due from the original due date to the date paid at the applicable rate listed

below.

Enter on Line 4(a).

Number of days

Daily rate decimal equivalent

Tax Due (Line 3)

Interest due

NOTE: The interest rate is recomputed each year under the provisions of RSA 21-J:28, II. Applicable rates are as follows:

PERIOD

RATE

DAILY RATE DECIMAL EQUIVALENT

1/1/2007 - 12/31/2007

10%

.000274

Contact the Department

1/1/2006 - 12/31/2006

.000219

for applicable rates for

1/1/2005 - 12/31/2005

.000164

any other tax periods.

1/1/2004 - 12/31/2004

.000191

1/1/2003 - 12/31/2003

.000219

Line 4(b)

FAILURE TO PAY: A penalty equal to 10% of any nonpayment or underpayment of taxes shall be imposed if the taxpayer

fails to pay the tax when due. If the failure to pay is due to fraud, the penalty shall be 50% of the amount of the

nonpayment or underpayment.

Line 4(c)

FAILURE TO FILE: A taxpayer failing to timely file a complete return may be subject to a penalty equal to 5% of the tax due

or $10, whichever is greater, for each month or part thereof that the return remains unfiled or incomplete. The total

amount of this penalty shall not exceed 25% of the balance of tax due or $50, whichever is greater. Calculate this penalty

starting from the original due date of the return until the date a complete return is filed.

UNDERPAYMENT PENALTY: If Line 1(a) or 1(b) is more than $200 you were required to file estimated Business Profits

Line 4(d)

Tax and/or Business Enterprise Tax payments during the taxable period. To calculate your penalty for nonpayment or

underpayment of estimates, or to determine if you qualify for an exception from filing estimates payments, complete and

attach Form DP-2210/2220. Use only one Form DP-2210/2220 to calculate the underpayment of estimated taxes for both

the Business Enterprise and Business Profits Taxes. Form DP-2210/2220 may be obtained from our web site at

or by calling (603) 271-2192.

Enter the total of Lines 4(a) through 4(d).

Line 4

Enter the total of Line 3 and Line 4 for a subtotal of amount due.

Line 5(a)

Enter the amount of payments made electronically for this return only. Any extension or estimate payments made

Line 5(b)

electronically should be included on Lines 2(a) and 2(b) respectively.

Enter the amount of Line 5(a) minus Line 5(b). This is the balance due.

Line 5

Make check or money order payable to: STATE OF NEW HAMPSHIRE.

If less than $1.00, do not pay, but still file the

return(s). Please enclose, but do not staple or tape, your payment with the Form BT-SUMMARY and attachments.

To ensure the check is credited to the proper account, please put your SSN, FEIN OR DIN on the check.

Line 6

If the total tax (Line 1) plus interest and penalties (Line 4) is less than the payments [(Line 2) plus Line 5(b)] then you have

overpaid. Enter the amount overpaid.

Line 7

The taxpayer has an option of applying any or all of the overpayment as a credit toward next year’s tax liability. Enter the

desired credit on Line 7(a). The remainder, if any, which will be refunded, should be entered on Line 7(b). If Line 7(a) is

not completed, the entire overpayment will be refunded. Please allow 12 weeks for processing your refund.

STEP 5

The Form BT-SUMMARY and return(s) must be dated and signed in ink by the taxpayer or authorized agent.

If you are filing a joint return, then both you and your spouse or authorized agent must sign and date the return, in ink. If the return

Signature

was completed by a paid preparer, then the preparer must also sign and date the return in ink. The preparer must also enter their

& POA'S

federal employer identification number, social security number, or federal preparer tax identification number (PTIN) and their

complete address. By checking the POA box, the taxpayer authorizes the staff of the DRA to discuss this return with the preparer

listed on the front of the return. This is a limited POA for this return only. The Department may request a completed Form DP-2848

for discussion of any other tax period or matter.

BT-SUMMARY

Instructions

Rev. 10/1/06

Business Tax Form - General Instructions For Filing Business Taxes - 2006 Page 3

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