Instructions For Form 720 - Kentucky Corporation Income Tax And Llet Return - 2013 Page 6
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20FORM 720—SPECIFIC INSTRUCTIONS
Failure to pay income tax and/or LLET tax by the payment
date—2 percent of the tax due for each 30 days or fraction
thereof that the payment is overdue (maximum 20 percent). The
Period Covered
minimum penalty is $10 for each tax. KRS 131.180(2)
File the 2013 return for calendar year 2013 and fiscal years that
Late payment or underpayment of estimated tax—10 percent
begin in 2013. For a fiscal year, fill in the taxable period beginning
of the late payment or underpayment. The minimum penalty
and ending at the top of Form 720.
is $25. KRS 131.180(3)
All corporations must enter the Taxable Year Ending at the top
Failure or refusal to file a Kentucky Corporation Income Tax and
right of Form 720 and supporting forms and schedules to indicate
LLET Return or furnish information requested in writing—5
the ending month and year for which the return is filed.
percent of the tax assessed for each 30 days or fraction thereof
that the return is not filed or the information is not submitted
• A calendar year is a period from January 1 through December
(maximum 50 percent). The minimum penalty is $100. KRS
31 each year. This would be entered as:
131.180(4)
1 2 1 3
__ __ / __ __
Negligence—10 percent of the tax assessed. KRS 131.180(7)
Mo.
Yr.
Fraud—50 percent of the tax assessed. KRS 131.180(8)
Cost of Collection Fees
• A fiscal year is 12 consecutive months ending on the last day of
any month except December. A fiscal year ending January 31,
(a) 25 percent on all taxes which become due and owing for any
2014, would be entered as:
reporting period, regardless of when due. These collection
fees are in addition to all other penalties provided by law.
0 1 1 4
__ __ / __ __
KRS 131.440(1)(b)
Mo.
Yr.
(b) 25 percent on all taxes assessed and collected by the
Department of Revenue for taxable periods ending before
October 1, 2011. KRS 131.440(1)(b)
• A 52/53-week year is a fiscal year that varies between 52 and
53 weeks. Example: A 52/53–week year ending the first week
(c) 50 percent of any tax deficiency assessed after the amnesty
of January 2014, would be entered as:
period for nonfiled returns eligible for amnesty. KRS
131.440(1)(b)
1 2 1 3
__ __ / __ __
Records Retention—The Department of Revenue deems
Mo.
Yr.
acceptable virtually any records retention system which results
in an essentially unalterable method of records storage and
retrieval, provided: (a) authorized Department of Revenue
Failure to properly reflect the Taxable Year Ending may result in
personnel are granted access, including any specialized
delinquency notices or billings for failure to file.
equipment; (b) taxpayer maintains adequate back–up; and (c)
taxpayer maintains documentation to verify the retention system
LLET and Income Tax Filing Status
is accurate and complete.
Caution: KRS 141.200(10) provides that every corporation doing
business in this state except those exempt from taxation under
KRS 141.040(1)(a) to (i) shall, each taxable year, file a separate
return unless the corporation was, for any part of the taxable
year: (a) an includible corporation in an affiliated group; (b) a
common parent corporation doing business in this state; (c) a
qualified subchapter S subsidiary that is included in the return
filed by the Subchapter S parent corporation; (d) a qualified
real estate investment trust subsidiary that is included in the
return filed by the real estate investment trust parent; or (e)
a disregarded entity that is included in the return filed by its
parent entity.
KRS 141.200(11)(a) provides that an affiliated group, whether or
not filing a federal consolidated return, shall file a mandatory
nexus consolidated return which includes all includible
corporations as defined in KRS 141.200(9)(e).
Item A—Enter the six-digit Kentucky Corporation/LLET Account
Number on the applicable line at the top of each form and
schedule and on all checks and correspondence. This number
was included in correspondence received from the Department
of Revenue at the time of registration.
Using an incorrect account number, such as an account number
for withholding or sales and use tax, will result in the payment
and/or return being credited to another taxpayer's account.
If the account number is not known, telephone (502) 564–8139.
Item B—Check the box indicating the method used in determining
the amount of LLET due on the Schedule LLET, Section D, Line 1.
6
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial