Form 41a720s(I) - Kentucky S Corporation Income Tax And Llet Return

Kentucky Forms and Schedules

If the filing/payment date falls on a Saturday, Sunday or a legal

holiday, the filing/payment date is deemed to be on the next

1. S Corporation Income Tax Return (Form 720S)

business day. KRS 446.030(1)(a)

2. Kentucky Shareholder’s Share of Income, Credits,

Deductions, Etc.—Schedule K–1 (Form 720S)

Extensions—An extension of time to file an S Corporation

3. Apportionment and Allocation (Schedule A)

Income Tax and LLET Return may be obtained by either making

4. Apportionment and Allocation—Continuation Sheet

a specific request to the Department of Revenue or attaching a

(Schedule A–C)

copy of the federal extension to the return when filed. A copy of

5. Limited Liability Entity Tax (Schedule LLET)

the federal extension submitted after the return is filed does

6. Limited Liability Entity Tax—Continuation Sheet (Schedule

not constitute a valid extension, and late filing penalties will

LLET–C)

be assessed. If an S corporation is making a payment with

7. Application for Filing Extension (Form 41A720SL)

its extension, Kentucky Form 41A720SL must be used. For

8. Tax Credit Summary Schedule (Schedule TCS)

further information, see the instructions for Form 41A720SL.

9. Other Additions And Subtractions To/From Federal Ordinary

103 KAR 15:050

Income (Schedule O–PTE)

NOTE: An extension of time to file a return does not extend the

Required Federal Forms and Schedules

date for payment of tax.

All S corporations must provide a copy of the following federal

S Corporation Estimated Taxes

forms submitted to the Internal Revenue Service:

1. Form 1120S, all pages

The Corporation Income/Limited Liability Entity Tax Estimated

2. Form 1125-A—Cost of Goods Sold

Tax Voucher, Form 720–ES, is used to submit estimated tax

3. Form 4797—Sales of Business Property

payments for corporation income tax and LLET. See Electronic

4. Schedule D—Capital Gains and Losses

Funds Transfer (EFT) on this page. If the S corporation is required

5. Form 5884—Work Opportunity Credit

to make estimated tax payments but did not receive Form

6. Schedules for items on Form 1120S, Schedule L, which state,

720–ES, contact the Department of Revenue at (502) 564–3658

“attach schedule.”

or visit the Web site at

7. Form 4562—Depreciation and Amortization

8. Form 8825—Rental Real Estate Income and Expenses of a

NOTE: See for information on the 2013

Partnership or an S Corporation

estimated tax payments.

Electronic Funds Transfer (EFT)—LLET estimated tax payments

Estimated Tax Payments—An S corporation must make

are not permitted by EFT. The Department of Revenue is

estimated tax installments if its combined tax liability under KRS

accepting electronically filed Corporation /LLET income

141.040 and 141.0401 can reasonably be expected to exceed

tax estimated tax voucher payments only for corporation

$5,000. Estimated tax installments are required as follows:

income tax. Before filing by EFT, the corporation must have a

valid six–digit Kentucky Corporation/LLET Account Number

If the estimated tax is reasonably expected to exceed $5,000

and have registered with the Department of Revenue to file

before the 2nd day of the 6th month, 50% of the estimated tax

EFT. Using an incorrect account number, such as an account

must be paid by 15th day of the 6th month, 25% by the 15th day

number for withholding or sales and use tax, will result in the

of the 9th month, and 25% by the 15th day the 12th month.

payment being credited to another corporation’s account.

For more information contact the Department of Revenue at

If the estimated tax is reasonably expected to exceed $5,000 after

1–800–839–4137 or (502) 564–6020. The EFT registration form

the 1st day of the 6th month and before the 2nd day of the 9th

is available at See E–File & E–Payment

month, 75% of the estimated tax must be paid by the 15th day

Options (click on KY E–Tax). The direct link is

of the 9th month, and 25% by the 15th day the 12th month.

ky.gov/etax.htm.

EFT is not available for a corporation’s LLET estimated tax

If the estimated tax is reasonably expected to exceed $5,000

payments, return payment or extension payment.

after the 1st day of the 9th month, 100% of the estimated tax

must be paid by the 15th day the 12th month.

Accounting Procedures—Kentucky income tax law requires an

S corporation to report income on the same calendar or fiscal

Safe harbor: An S corporation can satisfy its declaration

year and to use the same methods of accounting required for

requirement if its estimated tax payments are equal to the

federal income tax purposes. Any federally approved change

combined tax liability under KRS 141.040 and 141.0401 for the

in accounting periods or methods must be reported to the

prior tax year, and its combined tax liability for the prior tax year

Department of Revenue. Attach a copy of the federal approval

was equal to or less than $25,000. If the estimated tax is based

to the return when filed. KRS 141.140

on the S corporation’s combined tax liability for the prior tax

year, 50% of the estimated tax must be paid by 15th day of the

Mailing/Payment—If including payments for other taxes in

6th month, 25% by the 15th day of the 9th month, and 25% by

addition to corporation income tax or LLET, send a separate

the 15th day the 12th month.

check or money order for each type of tax. Mail the Kentucky

S Corporation Income Tax and LLET Return to the Kentucky

Interest: Failure to pay estimated tax installments on or before the

Department of Revenue, Frankfort, KY 40620. Make the check(s)

due date prescribed by KRS 141.042 and 141.044 shall result in

payable to the Kentucky State Treasurer.

an assessment of interest on the late payment or underpayment.

The interest due on any late payment or underpayment shall

Filing/Payment Date—An S corporation return must be filed and

be at the rate provided by KRS 131.183(1). KRS 141.042(4) and

payment must be made on or before the 15th day of the fourth

KRS 141.985

month following the close of the taxable year.

Form 41a720s(I) - Kentucky S Corporation Income Tax And Llet Return - 2012 Page 6

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