Instructions For Rct-132b - Pennsylvania Department Of Revenue

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Pennsylvania Department of Revenue
Instructions for RCT-132B
Pennsylvania Bank and Trust Company - Shares Tax Report
RCT-132B I (08-16)
and trust companies to report shares
One extension coupon, REV-426,
WHAT’S NEW
tax for Jan. 1, 2015 and forward.
will be used for all specialty taxes.
The coupon and the tax report will
The shares tax rate is 0.95% effective
NOTE: If filing for a prior
no longer be mailed. These forms
Jan. 1, 2017.
year,
please
use
the
are available as fill-in documents
appropriate form and instructions in
For purposes of apportionment, receipts
on
the
department’s
website
the year-specific folder found on
include all items of income reported on
at
the
department’s
website
at
the income statement of the institu-
REV-426 coupons can be filed
tion's Reports of Condition at the end of
electronically through e-TIDES at
the preceding calendar year. For an in-
Taxpayers may request a six-month
How-
stitution that does not file quarterly Re-
extension to file this report by filing
ever, electronic filing of the tax
ports of Condition, receipts include all
REV-426.
report is not available. The report
items of income included on an income
should be completed using the
NOTE: The automatic PA
statement determined in accordance
computer-based fill-in form, printed
extension provided by Act 52
with Generally Accepted Accounting
and submitted by mail to the
of 2013 to those with valid federal
Principles for the preceding calendar
extensions DOES NOT apply to this
department. The form can be saved
year.
tax.
electronically for your records.
Method 1 numerator shall be deter-
mined by multiplying the total amount
An institution is engaged in doing
Annual Report Checklist: Make sure
of receipts from trading assets and ac-
business in this commonwealth and
you include the following to file your
tivities AND investment assets and ac-
is subject to the tax imposed under
annual report properly and completely:
tivities by a fraction, the numerator of
Article VII if it generates gross
Negative amounts must be written
which is the total amount of all other re-
receipts apportioned to this com-
using a minus sign preceding the
ceipts attributable to PA and the de-
monwealth under Section 701.4 of
number. Do not use parentheses.
nominator of which is the total amount
the tax reform code and satisfies
of all other receipts.
any of the nexus requirements. See
Complete RCT-132B, Pennsylvania
instructions for Page 3 of RCT-132B
Bank and Trust Company Shares
GENERAL INFORMATION
for calculation of Receipts Factor.
Tax Report.
The penalty imposed for failure to
A complete copy of the Dec. 31
REMINDER
file timely reports is now a
Quarterly Report of Condition as re-
Loans tax has been repealed for tax
minimum of $500, regardless of the
ported with the appropriate regula-
periods beginning after Dec. 31,
determined tax liability, plus an
tory authorities to include Schedule
2013. Do not complete Line 1b on
additional 1 percent of any deter-
RI-Income Statement, Schedule RC-
Page 1 for such tax periods. Please
mined tax liability over $25,000.
refer to the fourth bullet under
Balance Sheet and all other sched-
REMINDER regarding the filing of
ules included within the Report of
RCT-132B is available as a fill-in
prior year reports.
Condition. If an institution does not
form on the department’s website
file the Reports of Condition, items
at Use
All payments of $1,000 or more
of income and book values shall be
ONLY the most current, non-year-
must be made electronically or by
determined by Generally Accepted
specific tax form and instructions
certified or cashier’s check remitted
Accounting Principles as of the end
for filing the current tax year
in person or by express mail
of the preceding calendar year.
report. If an amended report
courier.
must be filed, taxpayers must
Detailed schedules for Goodwill and
Use only whole dollars when
use the most current, non-year-
U.S. Obligations claimed on the tax
preparing tax reports.
specific tax form, completing all
report.
sections of the form. REV-1175,
RCT-132B is used to report Pennsyl-
Corporate officer’s signature on
Schedule AR (explanation for
vania bank and trust company
Page 1 and preparer’s signature
shares tax. This form is ONLY to
amending), must be included
be used by national and state banks
when filing an amended report.
and PTIN on Page 2, if applicable.
RCT-132B
1

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