Montana Form Pt-Stm - Second-Tier Pass-Through Entity Owner Statement And Waiver Request - 2012 Page 3
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4Form PT-STM Instructions
New! Beginning with tax year 2012, a copy of the Form
STM that the second-tier pass-through entity’s distributive
PT-STM will no longer be submitted with a pass-through
share of Montana source income is fully accounted for on
entity’s information return. Now a pass-through entity will
Montana individual, corporation license or other income tax
separately send the Form PT-STM to the Department of
returns, it does not submit the form.
Revenue at least 45 days before the original due date of
The department may grant a conditional waiver that lasts
the fi rst-tier pass-through entity’s return.
longer than one year. To request a multiple year waiver,
submit a written request with the Form PT-STM. The pass-
What is the purpose of this statement?
through entity must agree in the written request to:
When the owner of a pass-through entity (fi rst-tier) that
● notify the department if the ownership of the second-
has Montana source income is itself a pass-through
tier pass-through entity and the ownership of any
entity (second-tier), the fi rst-tier pass-through entity
higher-tier pass-through entity changes,
must either include the second-tier pass-through entity
● remit tax on behalf of the second-tier pass-through
in a composite return or pay tax on its behalf unless the
fi rst-tier establishes that its distributive share of Montana
entity within 60 days after notice from the department if
source income is fully accounted for on Montana individual
the second-tier pass-through entity’s distributive share
income, corporation license or other income tax returns.
of income was not fully accounted for on corporation
To establish this, the fi rst-tier pass-through entity must be
license, individual income or other income tax returns,
able to identify each entity (person, corporation, estate,
and
trust or composite fi ler) to which any part of its share of the
● be subject to the personal jurisdiction of the state for
Montana source income will pass.
the collection of the remittance.
Who prepares this statement?
The written request must also be signed by a general
partner or limited liability company member manager.
An authorized representative of the fi rst-tier pass-through
entity must complete this form. It is not valid unless it is
What if the fi rst-tier pass-through entity is part of
signed and dated by an offi cer or other individual who is
a multi-tiered structure and it cannot identify all
authorized to sign on behalf of the fi rst-tier pass-through
owners of all higher tiers?
entity.
The fi rst-tier pass-through entity must fi le a composite
The fi rst-tier pass-through entity must submit the Form PT-
return or pay tax on behalf of the second-tier pass-through
STM to the department at least 45 days before the original
entity unless each and every owner to whom any share
due date of the fi rst-tier pass-through entity’s return.
of Montana source income is passed is identifi ed and the
How does the fi rst-tier pass-through entity fi le the
fi rst-tier pass-through entity verifi es that every owner to
Form PT-STM?
which the Montana source income is distributed will fi le a
Montana return.
The fi rst-tier pass-through entity must submit the Form
PT-STM to the department 45 days before the original due
What happens if the statement is submitted to the
date of its return. For example if a return is due by April 15,
department and an entity to which the second-
2013, the Form PT-STM will be due by March 1, 2013.
tier pass-through entity’s share of income is
ultimately passed does not fi le a Montana tax
A pass-through entity can electronically fi le the Form PT-
STM through our website. Filing electronically is simple
return and pay the applicable tax?
and secure. In addition, the pass-through entity will receive
The department will assess the fi rst-tier pass-through entity
confi rmation that the form was fi led. For more information,
for its failure to pay tax for the second-tier pass-through
please visit revenue.mt.gov and check out Taxpayer Access
entity’s distributive share of Montana source income. The
Point (TAP).
amount that will be assessed is 6.9% multiplied by the
The Form PT-STM can also be mailed to:
distributive share of the second-tier pass-through entity’s
Montana source income. After the fi rst-tier pass-through
Montana Department of Revenue
entity pays this amount, the paid tax passes through the
Attn: Form PT-STM
multi-tiered structure as a refundable credit that may be
P.O. Box 5805
claimed by the owners who fi le their Montana individual
Helena, MT 59604-5805
income, corporation license or other income tax returns.
How often does the fi rst-tier pass-through entity
If the fi rst-tier pass-through entity does not pay
have to complete this statement?
tax due in a timely manner, will interest and
The fi rst-tier pass-through entity has to complete this
penalties be assessed?
statement each year it does not include the second-tier
Yes, if tax is not paid by the original fi ling deadline of the
pass-through entity in a composite return or pay tax on
fi rst-tier pass-through entity’s tax return, then any unpaid
its behalf unless it receives a multiple year waiver. If the
tax will be assessed interest and penalties until paid in full.
fi rst-tier pass-through entity cannot establish on Form PT-
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