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Partnership Return Booklet - 2010 Form IT-65 - Indiana

Partnership Return Booklet - 2010 Form IT-65 Form. This is a Indiana form and can be used in Corporate Income Department Of Revenue Statewide .
 Fillable pdf Last Modified 2/21/2013
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IT-65 Partnership Return Booklet www.intax.in.gov 2015 INDIANA American LegalNet, Inc. www.FormsWorkFlow.com Indiana businesses must report and pay sales and withholding taxes electronically ALL businesses in Indiana must file and pay their sales and withholding taxes electronically. Businesses currently filing paper coupons will need to transition to filing via the state's INtax program or use a third-party vendor to electronically transmit forms ST-103 and WH-1. This is required by Indiana law. Did you know? · Service providers can also use INtax. · We offer a range of sophisticated tutorials to help you learn how to use INtax. · We have a special hotline for questions specifically related to INtax. Call (317) 232-2337. To learn more and get started, visit www.intax.in.gov. Effective Jan. 1, 2013 Indiana Department of Revenue 100 N. Senate Ave. Indianapolis, IN 46204-2253 www.in.gov/dor SP 262 (R16 / 12-15) Revised December 31, 2015 Page 19 ­ Schedule Composite instructions corrected for Column F. Page 19 ­ Clarified the overall loss income on the Schedule Composite About the cover: This year, Indiana's tax booklets showcase some of Indiana's 92 county courthouses. This cover features the Steuben County courthouse located in Angola, Ind. Designed by architects Freeborn and Patterson, this brick-structured courthouse was built in 1868 and is listed on the National Register of Historic Places in Indiana. Photo courtesy of Chris Flook and Ball State University. 2 American LegalNet, Inc. www.FormsWorkFlow.com Indiana Department of Revenue 2015 IT-65 - Indiana Partnership Return Booklet What's New for 2015 Change to Withholding Requirement Effective Jan. 1, 2015, a pass-through entity is not required to withhold tax or file a composite return for a nonresident member if the entity is a publicly traded partnership; meets the IRC Section 7704(c) exception; and agrees to file an annual information return reporting the name, address, and TID number for each member. Enclose with Form IT-65 the first four pages of the U.S. Partnership Return of Income, Form 1065 or 1065B. Also enclose Schedule M-3. Federal Schedules K-1 should not be enclosed but must be made available for inspection upon request by the department. Any partnership doing business in Indiana or deriving gross income from sources within Indiana is required to file a return. For Indiana AGI tax purposes, the term doing business generally means the operation of any business enterprise or activity in Indiana, including but not limited to the following: 1. The maintenance of an office, a warehouse, a construction site, or another place of business in Indiana; 2. The maintenance of an inventory of merchandise or material for sale, distribution, or manufacture, or consigned goods; 3. The sale or distribution of merchandise to customers directly from company-owned or -operated vehicles when the title of merchandise is transferred from the seller or distributor to the customer at the time of sale or distribution; 4. The rendering of a service to customers in Indiana; 5. The ownership, rental, or operation of a business or property (real or personal) in Indiana; 6. The acceptance of orders in Indiana with no right of approval or rejection in another state; 7. Interstate transportation; or 8. The maintenance of a public utility. The term "partnership" includes a syndicate, group, pool, joint venture, limited liability company, limited liability partnership, or other unincorporated organization that is not, within the meaning of Indiana Code (IC) 6-3-1, a corporation, a trust, or an estate. Banks with common trust funds filing U.S. Form 1065 must file partnership Form IT-65 and comply with the provisions of Treas. Reg. 1.6032-1 when reporting for Indiana purposes. New Composite and Withholding Rules Effective January 1, 2015, IC 6-3-4-12 now provides that all nonresident partners must be included in a composite return schedule, and the partnership must continue to withhold Indiana adjusted gross income tax for all nonresident partners. There is no provision for a partner to "opt out" of composite filing. Each nonresident partner's composite tax is calculated at the relevant tax rate. The Department has streamlined the procedure for making withholding payments for nonresidents, eliminating the withholding account and the need to file WH1, WH3, and WH18 forms for nonresidents. Instead, all withholding monies will be remitted with form IT6-WTH, and credit for the withholding/composite tax will be reflected on the IN K-1 for each partner. Form IT6WTH is available by calling the Corporate Tax section at (317) 232-0129. For further information, consult Income Tax Information Bulletin #72. Several Offset Credits Repealed The following credits have been repealed.* · Blended Biodiesel Credit · Ethanol Production Credit · New Employer Credit · Riverboat Building Credit *Note: A credit may still be available to be carried forward provided there was an unused amount available prior to it being replaced. Calculating Corporate Income Tax Rate The Prison Investment Credit This credit is no longer available. The Voluntary Remediation Credit This credit is no longer available Who Must File and When Partnerships conducting business within Indiana must file an annual return (Form IT-65) and an information return (Schedule IN K-1) with the department. These forms must disclose each partner's share of distributed and undistributed income. These forms are due on or before the 15th day of the 4th month following the close of the partnership's tax year. The corporate AGIT tax rate is as follows: After June 30, 2013, and before July 1, 2014 .................................. 7.5% After June 30, 2014, and before July 1, 2015 .................................. 7.0% After June 30, 2015, and before July 1, 2016 .................................. 6.5% After June 30, 2016, and before July 1, 2017 .................................. 6.25% After June 30, 2017, and before July 1, 2018 .................................. 6.0% After June 30, 2018, and before July 1, 2019 .................................. 5.75% After June 30, 2019, and before July 1, 2020 .................................. 5.5% After June 30, 2020, and before July 1, 2021 .................................. 5.25% After June 30, 2021 ............................................................................ 4.9% 3 American LegalNet, Inc. www.FormsWorkFlow.com How to Determine the Tax Rate for Calendar
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