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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 .
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INDIANA DEPARTMENT OF REVENUE 100 N. SENATE AVE. INDIANAPOLIS, IN 46204-2253 www.in.gov/dor SP 262 (R11/08-12) STATE OF INDIANA Partnership Return Booklet 2012 Form IT-65 This booklet contains: Form IT-65 - Indiana Partnership Return IT-65 - Schedule IN K-1 - Partner's Share of Indiana Adjusted Gross Income Worksheet for Partnership Distributive Share Income, Deductions and Credits Worksheet for Attributing Partnership Income for Unitary Corporate Partners Schedule E Apportionment of Income for Indiana Schedule IT-65COMP - Partners' Composite Adjusted Gross Income Tax Return Sales/Use Tax Worksheet 1 American LegalNet, Inc. www.FormsWorkFlow.com Indiana Department of Revenue 2012 IT-65 - Indiana Partnership Return Booklet References to the Internal Revenue Code What's New for 2012 · · · Public Law (PL) 137-2012, SEC. 53 updates references to the Internal Revenue Code in certain Indiana tax statutes. For tax year 2012, any reference to the Internal Revenue Code and subsequent regulations means the Internal Revenue (IRC) Code of 1986, as amended and in effect on Jan. 1, 2012. Religious beliefs; Organizational policy that prohibits electronic filing (shortterm exception); and Lack of computer or Internet access (short-term exception). New Electronic Filing Mandate The distribution of coupons will change beginning in January 2013. The Department will mail six months' worth of coupons (January 2013 ­ June 2013) to all businesses that have not registered to file and pay electronically by the end of 2012, as well as those who have received approved exceptions. However, in July 2013, the Department will discontinue mailing coupons for sales and withholding. These coupons will NOT be available upon request. Thus, taxpayers who do not have a long-term exception will need to report and remit electronically. Legislation was passed this year that requires the filing and remitting of withholding and sales tax electronically. The following changes have occurred: · Effective July 1, 2012, anyone who files more than 25 W-2, 1099-R, or WH-18 statements must file them electronically. · Effective Jan. 1, 2013, all retail merchants must report and remit sales tax electronically. · Effective Jan. 1, 2013, all withholding agents must report and remit withholding taxes electronically. One way businesses can file and remit their sales and withholding taxes is through INtax, Indiana's free online tool that enables businesses to manage business tax obligations for Indiana retail sales, withholding, out-of-state sales, prepaid sales, metered pump sales, tire fees, fuel taxes, wireless prepaid fees, and type II gaming taxes. The tax forms currently supported in INtax include the following: · MF-360; · SF-401; · SF-900; · ST-103; · ST-103P; · ST-103MP; · WH-1; · WH-3; · TF-103; · WPC-103; and · TTG-103. In INtax, businesses can make payments with either ACH Debit or credit card. ACH Debit is an EFT method of payment. Alternatively, businesses can have a software vendor or tax professional manage their tax obligations. This still meets the electronic mandate requirement because the software vendor or tax professional will file and pay electronically. Another option for sales taxes is using Streamlined Sales Tax. For more information, visit www.in.gov/dor/3341.htm. Taxpayers should register for INtax or begin using a third-party agent before Jan. 1, 2013. The Department recognizes that not all businesses will be able to comply with the law due to special circumstances. With that in mind, the Department will allow limited exceptions. The exceptions include New Annual Filing Allowance Effective Jan. 1, 2013, taxpayers can file their withholding taxes annually if their total tax due for the year is less than $1,000. Who Must File and When Partnerships conducting business within Indiana must file an annual return (Form IT-65) and an information return (IT-65 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 fourth month following the close of the partnership's tax year. 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. The following activities occurring in Indiana constitute doing business or deriving income from Indiana sources: 1. The maintenance of an office, a warehouse, a construction site, or another place of business; 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. 2 American LegalNet, Inc. www.FormsWorkFlow.com 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. transaction is exempt from the sales and use tax by law or the sales tax due and paid on the transaction equals the use tax due. See the instructions for the Sales/Use Tax Worksheet on page 10. You must enclose an apportionment schedule with your return if the partnership is doing business both within and outside Indiana and has any partners not domiciled in Indiana. See the instructions for IT-65 Schedule E Apportionment of Income for Indiana on page 21. Any partnership that has nonresident partners must also file a composite return for all its nonresident partners. It must do so even if a nonresident par
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