Form Changes Summary - Summary Of Changes & Common Problem Areas (Page 5 of 5) in pdf

FORM

NEW HAMPSHIRE DEPARTMENT OF REVENUE ADMINISTRATION

BUSINESS TAX SUMMARY

BT-SUMMARY

Instructions

LINE-BY-LINE 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,

Please PRINT the taxpayer’s name, address, social security number, federal employer identification number, or department identification

Address,

number and principal business activity code in the spaces provided. If you have received a booklet of tax forms that are preprinted,

Social

Security or

please use that form.

Federal

Enter spouse’s name and social security number in the spaces provided for separate proprietorship only. Social security numbers are

Employer

required pursuant to the authority granted by 42 U.S.C.S., Section 405. Single member LLC’s shall use their department identification

Identification

number (DIN) wherever social security numbers or federal employer identification numbers are required.

Number

Please indicate whether or not you are required to file the Business Enterprise Tax return and Business Profits Tax return. If you are

STEP 2

required to file either the BET return or BPT return, you must also file the BT-Summary. Failure to answer questions in step 2 may

Return Type,

result in inquiries from the Department, which may generate late filing penalties.

Federal

Information

Check the entity type which corresponds to your organizational structure. In the case of a single member LLC, check the organization

and Filing

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

Requirement

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 operates 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 tax years examined by the IRS on the line provided. To report IRS adjustments you must submit the Report of

Change Form under separate cover. To obtain this form and instructions please call (603) 271-2186.

STEP 3

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

STEP 4

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

Figure Your

Line 1(b)

Enter the amount of your Business Profits Tax balance due net of statutory credits.

Balance Due

Line 1

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

Enter the amount paid with application for extension(s), Form BT-EXT. Include extension payments made by Electronic

Line 2(a)

Funds Transfer (EFT).

Overpayment

Line 2(b)

Enter estimated payments to be applied to this year. Include estimate payments made by EFT.

Line 2(c)

Enter the prior year overpayment which was carried forward to this tax year.

When filing an AMENDED RETURN, enter the amount of payment remitted with the original Business Tax Summary.

Line 2(d)

Line 2

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

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

Line 3

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

Line 4

due if applicable for each line.

INTEREST: Interest is calculated on the balance of tax due from the original due date to the date paid at the applicable

Line 4(a)

rate listed below. Tax due x number of days from due date to date tax was paid x daily rate decimal equivalent.

Enter on Line 4(a).

Tax Due (Line 3)

Number of days

Daily rate decimal equivalent

Interest due

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

(contact the Department for applicable rates for any other years)

PERIOD

RATE

DAILY RATE DECIMAL EQUIVALENT

1/1/2002 - 12/31/2002

.000247

1/1/2001 - 12/31/2001

11%

.000301

1/1/1999 - 12/31/2000

10%

.000274

1/1/1998 - 12/31/1998

11%

.000301

Prior to 1/1/98

15%

.000411

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.

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

Line 4(c)

$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 being filed.

Line 4(d)

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

and/or Business Enterprise Tax payments during the tax year. To calculate your penalty for nonpayment or underpayment

of estimates, or to determine if you qualify for an exception from filing estimate 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 by calling (603) 271-2192.

Line 4

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

Enter the tax due (Line 3) plus the sum of interest and penalties (Line 4).

Line 5(a)

Line 5(b)

Enter the amount of payment made by Electronic Funds Transfer for this return only. Any extension or estimate payments

made by Electronic Funds Transfer should be included on Lines 2(a) and 2(b) respectively.

Line 5

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

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

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

return. Please enclose, but do not staple or tape, your payment with this return.

To ensure the check is credited to the proper account, please put your federal employer identification number, department

identification number or social security number on the check.

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

Line 6

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.

The return must be dated and signed in ink by the taxpayer or authorized agent.

STEP 5

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

Signature

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

(in ink)

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

complete address.

BT-SUMMARY

Instructions

Rev. 12/01

Form Changes Summary - Summary Of Changes & Common Problem Areas Page 5

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