Instructions For Form 720 - Kentucky Corporation Income Tax And Llet Return - 2013
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20720
41A720(I) (11-13)
Commonwealth of Kentucky
DEPARTMENT OF REVENUE
INSTRUCTIONS
2013 KENTUCKY CORPORATION INCOME
TAX AND LLET RETURN
PURPOSE OF INSTRUCTIONS
HOW TO OBTAIN FORMS AND INSTRUCTIONS
These instructions have been designed for corporations,
Forms and instructions are available at all Kentucky
other than S corporations, which are required by
Taxpayer Service Centers (page 15). They may also be
obtained by writing FORMS, Department of Revenue,
law to file a Kentucky Corporation Income Tax and
501 High Street, Frankfort, KY 40601-2103, or by calling
LLET Return. Any corporation electing S corporation
treatment in accordance with Sections 1361(a) and
(502) 564–3658. Forms can be downloaded from www.
1362(a) of the Internal Revenue Code must use Form
revenue.ky.gov.
720S and related schedules (also available from the
Department of Revenue).
Refer to the chart on page 2 to determine what tax
form your business needs to file.
Filing Tips and Checkpoints
•
Make estimated payments on a timely basis to avoid
The following list of filing tips is provided for your
penalty and interest.
convenience to help ensure that returns are processed
accurately and promptly. To avoid processing problems,
•
Extensions are for filing purposes only; late payment
please note the following:
penalties and interest apply to payments made after
•
If the company is computing its LLET based on gross
the original due date.
profits, the new Schedule COGS, Limited Liability
Entity Tax Cost of Goods Sold, must be attached to
•
Do not check the box on Schedule A, Apportionment
Form 720. Failure to include this schedule may result
and Allocation, indicating the use of an alternative
in a tax adjustment and assessment.
allocation and appor tionment formula if the
corporation has not received written approval from
•
Once an account is established, a return is required
the Department of Revenue. If written approval
to be filed for Kentucky corporations and foreign
has been received, a copy of the letter from the
corporations that have Kentucky nexus.
Department of Revenue must be attached to the
return when filed.
•
When ceasing operations and closing an account,
there are different requirements for Secretary of
•
Additional errors that delay processing returns or
State and the Department of Revenue.
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
•
Submit Form 851-K when making payments for
extension
multiple accounts.
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