Presenting a live 110-minute teleconference with interactive Q&A State Tax E-Filing Update: Corporate, Partnership and S Corporation Returns Mastering Latest Rules and Technologies for Mandatory and Optional Electronic Filing TUESDAY, NOVEMBER 27, 2012 1pm Eastern | 12pm Central | 11am Mountain | 10am Pacific Today’s faculty features: Terry Hunt, E-File Manager, Kansas Department of Revenue , Topeka, Kan. Aaron Lindwall, Support Analyst, Corptax , Los Angeles For this program, attendees must listen to the audio over the telephone. Please refer to the instructions emailed to the registrant for the dial-in information. Attendees can still view the presentation slides online. If you have any questions, please contact Customer Service at 1-800-926-7926 ext. 10 .
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State Tax E-Filing Update: Corporate, Partnership and S Corporation Returns Seminar Nov. 27, 2012 Aaron Lindwall, Corptax Terry Hunt, Kansas Revenue Department alindwall@corptax.com terry.hunt@kdor.state.ks.us
Today’s Program Upcoming E-File Mandates Slide 8 – Slide 22 [Aaron Lindwall] Update On The Federal/State E-File Program Slide 23 – Slide 45 [Terry Hunt] General Guidance For Dealing With States On E-Filing Slide 46 – Slide 57 [Aaron Lindwall]
Notice ANY TAX ADVICE IN THIS COMMUNICATION IS NOT INTENDED OR WRITTEN BY THE SPEAKERS’ FIRMS TO BE USED, AND CANNOT BE USED, BY A CLIENT OR ANY OTHER PERSON OR ENTITY FOR THE PURPOSE OF (i) AVOIDING PENALTIES THAT MAY BE IMPOSED ON ANY TAXPAYER OR (ii) PROMOTING, MARKETING OR RECOMMENDING TO ANOTHER PARTY ANY MATTERS ADDRESSED HEREIN. You (and your employees, representatives, or agents) may disclose to any and all persons, without limitation, the tax treatment or tax structure, or both, of any transaction described in the associated materials we provide to you, including, but not limited to, any tax opinions, memoranda, or other tax analyses contained in those materials. The information contained herein is of a general nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser. 7
Aaron Lindwall, Corptax UPCOMING E-FILE MANDATES
Agenda For This Section I. States with new mandates for TY12 A. Colorado B. Illinois adding partnerships C. Michigan transitioning from MBT (Michigan business tax) to CIT (corporate income tax) returns D. Rhode Island E. Tennessee F. Virginia G. West Virginia 9
New Mandates For TY12 Colorado • ― Effective Jan. 1, 2012 (Senate Bill 10-162) ― Businesses claiming EZ (enterprise zone) tax credits are required to file electronically with the Revenue Department. ― Businesses are required to receive pre-certification each year prior to earning EZ business tax credits, and then must receive final certification from their local EZ administrator after earning the credit. An online system is available to receive pre-certification and certification of EZ business tax credits. ― Mandate applies to filers of Form 112 (C corporation) and Form 106 (partnership, S corporation) with EZ tax credits. 10
New Mandates For TY12 (Cont.) • Illinois adding partnership returns for TY12 ― Regulation Sect. 760.100, electronic returns: ― Beginning with returns required to be filed for taxable years ending on or after December 31, 2011, any taxpayer required to file its federal income tax return by electronic means is required to file its equivalent Illinois income tax return for the same taxable year by electronic means. This subsection (c)(4) does not require electronic filing of amended returns or of returns of individuals or estates, or to any return the Department has announced cannot be filed by electronic means. ― TY11 ― IL-1120 (single and combined C corporation) ― IL-1120 Insurance (single and combined) ― IL-1120-ST (S corporation) ― TY12 ― Adding support for IL-1065 (partnership) 11
New Mandates For TY12 (Cont.) • Illinois (Cont.) ― Short period returns ― Illinois determines which form year to use based on end date. The TY11 form is, “for tax years ending on or after 12/31/2011 and on or before 12/30/2012”. Most state use the beginning date. For short -year filers, this has two implications: ― Short period returns with an ending date before 12/31/2011 are prepared on TY10 forms and do not fall within the mandate. They can be paper-filed. ― Short-year partnership returns can not be e-filed until they have a EOY date in 2013, because Illinois did not produce a schema until TY12. ― Example: A short period of 1/1/2012 - 6/30/2012 return will have to be prepared and filed in the TY11 e-file schema. ― Depending on how your system handles schema changes from year to year, this could affect how you import data for Illinois. 12
New Mandates For TY12 (Cont.) Michigan • ― Effective Jan. 1, 2013, Michigan has an enforced e-file mandate for MBT and CIT . Software developers producing MBT and CIT tax preparation software and computer-generated forms must support e- file for all eligible Michigan forms that are included in their software package. All eligible MBT and CIT returns prepared using tax preparation software or computer-generated forms must be e-filed. ― The Treasury Department will be enforcing the e-file mandate for MBT and CIT. The enforcement includes not processing computer- generated paper returns that are eligible to be e-filed. A notice will be mailed to the taxpayer indicating that the taxpayer's return was not filed in the proper form and content, and it must be e-filed. Payment received with a paper return will be processed and credited to the taxpayer ’ s account, even when the return is not processed. 13
New Mandates For TY12 (Cont.) Michigan (Cont.) • ― While e-file is not new for Michigan, the state is transitioning from the MBT (Michigan business tax) to the CIT (corporate income tax). All eligible returns prepared using tax preparation software or computer-generated forms, must be e-filed. ― Most taxpayers will be filing the CIT for TY12. ― MBT election enables certain MBT taxpayers with certificated or awarded credits to continue using those credits once the CIT is in place. Such taxpayers may elect to continue filing and paying under the MBT until the expiration of the previously awarded, certificated credits. 14
New Mandates For TY12 (Cont.) Michigan (Cont.) • ― Special considerations for fiscal filers ― Taxpayers with a federal fiscal year beginning in 2011 and ending in 2012 must file two short-period returns. ― One to report its final 2011 MBT liability, for the period from the beginning of its 2011-12 fiscal year through Dec. 31, 2011. ― The other to report either its initial CIT liability for the period from Jan. 1, 2012 to the end of its 2011-12 fiscal year; or, for taxpayers electing to continue MBT to claim certain certificated credits, a 2012 MBT return for the period from Jan. 1, 2012 to the end of its 2011-12 fiscal year 15
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