Vermont Business Income Tax Return Instructions (For Subchapter S Corporations, Partnerships, And Limited Liability Companies) - 2012

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2012 VERMONT BUSINESS INCOME TAX RETURN INSTRUCTIONS
(For Subchapter S Corporations, Partnerships, and Limited Liability Companies)
Form Summary List:
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Form BI-471 Vermont Business Income Tax Return For use
of Certified Historic Buildings; Older or Historic Buildings
by those entities not filing federally as a C Corporation to calculate
Rehabilitation; Flood Recovery; Affordable Housing; Platform Lifts,
Vermont business income tax liability. These entities include
Elevators, Sprinkler Systems; Code Improvements to Commercial
Buildings; Business Solar Energy Investments or Qualified Sale of
Subchapter S Corporations, Partnerships and Limited Liability
Companies that elect to be treated as S‑Corps or Partnerships for
Mobile Home Park.
federal filing purposes.
Form BA-405 Expired EATI Credits: Annual Activity Report
FORM BI-471 IS THE FIRST PAGE OF EVERY RETURN
For use by entities for each of the six years following the end of the
AND THE RETURN IS INCOMPLETE WITHOUT IT.
EATI authorization period.
Form BI-472 Subchapter S Corporation Schedule For use
Form WH-435 Estimated Income Tax Payments For
by those entities filing Federal Form 1120S and having Vermont
Nonresident Shareholders, Partners, or Members For use by
nonresident members to calculate net income apportioned and
those entities making estimated tax payments for its non‑Vermont
allocated to Vermont.
shareholders, partners or members, as required by 32 V.S.A. §§5914
& 5920. See Technical Bulletins 05 and 06 for details.
Form BI-473 Partnership/Limited Liability Company Schedule
For use by those entities filing Federal Form 1065/1065‑B and
Schedule K-1VT Shareholder’s, Partner’s or Member’s
having Vermont nonresident members to calculate net income
Information For all shareholders, partners or members
apportioned and allocated to Vermont.
summarizing the Vermont net taxable income, Vermont nonresident
estimated payments, all eligible credits, and adjustment due to
Form BA-402 Apportionment & Allocation Schedule For use
Vermont’s disallowance of IRS “bonus” depreciation.
by all taxable entities having activity (income or losses) in at least
one state/province other than Vermont.
Note: Distribution of nonresident estimated
payments will not happen if Schedule K-1VTs are
Form BA-403 Application for Extension of Time to File Vermont
not attached and correct.
Corporate/Business Income Tax Return For use by those entities
requesting more time to file their Vermont Corporate or Business
VT Technical Bulletins 5 & 6 (TB-05 & TB-06) Detailed
Income Tax Return.
information about the requirements for entities to make estimated
payments on behalf of their non‑Vermont‑resident shareholders,
Form BA-404 Tax Credits Earned, Applied, Expired, and
partners and members.
Carried Forward For use by those entities awarded Economic
Advancement Tax Incentive (EATI) Credits or claiming credit
incentives for New Jobs; Charitable Housing; Rehabilitation
Who Must File
Time to File Vermont Corporate/Business Income Tax Return,
by the original return due date. An extension of time to file does
Effective for tax years beginning on or after January 1, 1997,
not extend the time to pay the tax due. Any tax due, including the
every Subchapter S Corporation, Partnership and Limited Liability
Vermont minimum tax, must be paid by the original due date of the
Company which engages in activities in Vermont must file a return
return. Any tax due which is unpaid by the original due date will
with the Commissioner of Taxes. This includes entities receiving
accrue interest and late payment penalties.
income as a shareholder, partner or member.
What to Include with the filing:
NOTE: Single member LLCs which have elected to be classified
for federal purposes as disregarded entities and report their entity’s
Form BI‑471
activity on Form 1040, Schedule C are not required to file Form
Form BA‑402 – Required if the entity had income, loss,
BI ‑471.
or activity in any jurisdiction other than Vermont.
Dates for Filing and Payments
Schedule BI‑472 (S‑Corps) or BI‑473 (Partnership/LLC)
Subchapter S Corporation, Partnership and Limited Liability
– Required if the entity has non‑Vermont‑resident owners.
Company returns are due on the date prescribed for filing under
Entities owned 100% by Vermont residents may complete
the Internal Revenue Code. For calendar year Subchapter S
and submit the schedule, or may use the schedule to assist
Corporations, this date will generally be March 15th. For fiscal
in preparation of Schedules K‑1VT.
year Subchapter S Corporations, the return is due the 15th day of
Schedule K‑1VT – Required for each shareholder, partner,
the 3rd month following the end of the fiscal year. Calendar year
or member. For entities with more than 100 owners,
Partnership and Limited Liability Company returns are generally
information may be presented in summary or list form
due April 15th, and fiscal year returns are due the 15th day of the
rather than on the K‑1VT. However, if the entity made
4th month following the end of the fiscal year.
required estimated payments on behalf of non‑resident
The payment of the annual entity tax of $250 and any additional
owners, Schedule K-1VT must be properly prepared
composite tax is due on or before the original due date of the return.
in order that the owners receive proper credit for the
payments.
Entities holding Federal extensions may file thirty days after the
extended Federal due date. Entities requiring only a Vermont
Vermont Statements or Explanations – as required by the
extension may file Form BA-403, Application for Extension of
instructions below

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