Form 41a765(I) - 2013 Kentucky Partnership Income And Llet Return - 2013
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20765
41A765(I) (11-13)
Commonwealth of Kentucky
DEPARTMENT OF REVENUE
INSTRUCTIONS
2013 KENTUCKY PARTNERSHIP
INCOME AND LLET RETURN
PURPOSE OF INSTRUCTIONS
HOW TO OBTAIN ADDITIONAL FORMS
These instructions have been designed for Kentucky
Forms and instructions are available at all Kentucky
partnerships that afford their partners or members,
Taxpayer Service Centers (see page 16). They may also
through function of the laws of this state or laws
be obtained by writing FORMS, Department of Revenue,
recognized by this state, protection from general liability
501 High Street, Frankfort, KY 40601–2103, or by
for actions of the entity. These partnerships are required
calling (502) 564-3658. Forms can be downloaded from
by law to file a Kentucky Partnership Income and LLET
Return (Form 765).
Refer to the chart on page 2 to determine what tax form
your business needs to file.
Filing Tips and Checkpoints
The following list of filing tips is provided for your
•
Extensions are for filing purposes only; late payment
convenience to help ensure that returns are processed
penalties and interest apply to payments made after
accurately and promptly. To avoid processing problems,
the original due date.
please note the following:
•
Adjustments to LLET or distributive share require
that corrected Kentucky K-1's are sent to all partners,
•
If the company is computing its LLET based on gross
members or shareholders for proper compliance by
profits, the new Schedule COGS, Limited Liability
taxpayers.
Entity Tax Cost of Goods Sold, must be attached to
Form 765. Failure to include this schedule may result
•
Do not check the box on Schedule A, Apportionment
in a tax adjustment and assessment.
and Allocation, indicating the use of an alternative
allocation and appor tionment formula if the
•
Once an account is established, a return is required
partnership has not received written approval from
to be filed for partnerships that have Kentucky
the Department of Revenue. If written approval
nexus.
has been received, a copy of the letter from the
Department of Revenue must be attached to the
•
When ceasing operations and closing an account,
return when filed.
there are different requirements for Secretary of
State and the Department of Revenue.
•
Additional errors that delay processing returns or
create adjustments include:
•
Always ensure the correct Kentucky Corporation/
¡ Incorrect tax exemption code
LLET account number is used on the return being
¡ Incomplete information
filed.
¡ Missing forms or schedules
¡ Incorrect taxable year end
•
Place payments on the front of the return so they are
¡ More than one box checked for receipts
clearly visible when the return is processed.
method
¡ Tax Payment Summary Section of return blank
•
Note that Schedule LLET is always used as an
or incorrect
attachment to a tax return and should never be
¡ Failure to include payment of tax due with the
submitted in lieu of a return.
return
¡ Omitting Form 41A720-SL when paying with an
•
Make estimated payments on a timely basis to avoid
extension
penalty and interest.
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