Form Cift 620 PDF Details

Navigating the complexities of corporate taxation and franchise obligations in Louisiana requires a solid understanding of key forms and documents issued by the Louisiana Department of Revenue, one of which is the CIFT-620 form. Aimed specifically at corporations operating within the state, this form serves as a combined return for both corporation income tax and franchise tax for a specified fiscal or calendar year. Businesses must meticulously provide their revenue account numbers, undergo any necessary name or address changes, and select the appropriate tax year information. Additionally, the form demands detailed financial reporting, including federal taxable income, total assets, and gross revenues. It caters to various situations by allowing amendments, signaling final returns, or acknowledging short periods. Critical to this process are computations for both income and franchise taxes, encompassing Louisiana net income adjustments, apportionment percentages, and capital stock totals. The form also integrates sections for nonrefundable and refundable credits, further embracing complexities like disaster relief credits and specific industry or activity incentives. Through careful completion and submission of the CIFT-620 form, corporations ensure compliance with state taxation laws, potentially mitigating liabilities while taking advantage of available credits and deductions, all under the declaration that the submitted information is complete and accurate to the best of the filer's knowledge.

QuestionAnswer
Form NameForm Cift 620
Form Length16 pages
Fillable?No
Fillable fields0
Avg. time to fill out4 min
Other namesCIFT 620(1_06)F cift 620 2011 form

Form Preview Example

CIFT-620 (1/06)

Louisiana Department of Revenue

Post OfÞce Box 91011

Baton Rouge, LA 70821-9011

You must enter your Revenue

Account Number here:

For name change,

Omark circle.

For address change,

Omark circle.

 

Louisiana

Louisiana

only.

Corporation

Corporation

Income Tax

Franchise Tax

use

Return for 2005 or

Return for 2006 or

Fiscal Year

Fiscal Year

ofÞce

Begun _______, 2005

Begun _______, 2006

For

Ended _______, 2006

Ended _______, 2007

 

Calendar year returns are due April 15.

 

See instructions for Þscal years.

 

 

 

For amended return,

Omark circle. For final return,

Omark circle.

For short period

Oreturn, mark circle.

OExtension

Entity is not required

Oto file franchise tax

Please print corporation name and complete mailing address above.

A.

Federal Employer IdentiÞcation Number

A.

 

 

 

 

 

 

 

 

 

B.

Federal taxable income

B.

 

 

00

 

 

 

 

 

 

C.

Federal income tax

C.

 

 

00

 

 

 

 

 

 

D.

Income tax apportionment percentage (two decimal places)

D.

___ ___ ___ . ___ ___

%

 

 

 

 

 

 

 

 

 

 

E.

Gross revenues

E.

 

 

00

 

 

 

 

 

 

F.

Total assets

F.

 

 

00

 

 

 

 

 

 

G.

NAICS code

G.

 

 

 

 

 

 

 

 

 

H.

Was the income of this corporation included in a consolidated federal income tax return?

H.

Yes

No

 

 

 

 

 

 

 

I.

Is an Apportionment and Allocation Schedule (CIFT-620A) included with this return?

I.

Yes

No

 

 

 

 

 

 

 

J.

Do the books of the corporation contain intercompany debt?

J.

Yes

No

 

 

 

 

 

 

 

K.

Is borrowed capital computed on a calendar or fiscal year closing immediately prior to August 28, 2005?

K.

Yes

No

 

 

 

 

 

 

 

Computation of Income Tax

1A. Louisiana net income before loss adjustments and federal income tax deduction (Sch. D, Line 14, or Sch. P, Line 33)

1A.

 

00

 

 

 

 

 

1B. Subchapter S corporation exclusion (See instructions.) Attach schedule.

 

1B.

 

00

 

 

 

 

 

 

1C. Loss carryforward ($

) less federal tax refund applicable to loss ($

) Attach schedule.

1C.

 

00

 

 

 

 

 

 

1D. Loss carryback ($

) less federal tax refund applicable to loss ($

) Attach schedule.

1D.

 

00

 

 

 

 

 

1E. Disaster Relief Credit ($

.00) Enter Federal income tax deduction (See instructions.)

1E.

 

00

 

 

 

 

 

 

1F.

Louisiana taxable income (Subtract Lines 1B, 1C, 1D, and 1E from Line 1A.)

 

1F.

 

00

 

 

 

 

 

 

2.

Louisiana income tax (Schedule E, Line 4)

 

2.

 

00

 

 

 

 

 

 

3.

Total nonrefundable credits (From Schedule NRC, Line 11)

 

3.

 

00

 

 

 

 

 

 

4.

Income tax after nonrefundable credits (Subtract Line 3 from Line 2.)

 

4.

 

00

 

 

 

 

 

 

5.

Less prepayments (Schedule I, Line 7)

 

5.

 

00

 

 

 

 

 

 

6.

Amount of income tax due or overpayment (Subtract Line 5 from Line 4.)

 

6.

 

00

 

 

 

 

 

 

 

Under the penalties of perjury, I declare that I have examined this return, including all accompanying documents, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which he has any knowledge.

Signature of ofÞcer

Title of ofÞcer

Signature of preparer

Firm name

Telephone

Date

Telephone

Date

www.revenue.louisiana.gov

2611

Enter your Revenue Account Number here. ________________

Computation of Franchise Tax

7A.

Total capital stock, surplus, undivided proÞts, & borrowed capital (Schedule A-1, Line 25, Column 3)

7A.

 

00

 

 

 

 

 

7B.

Franchise tax apportionment percentage

7B.

___ ___ ___ . ___ ___

%

 

(Schedule N, Line 5, of CIFT-620A) (Carry to 2 decimal places or 100.00%.)

 

 

 

 

 

 

 

 

 

7C.

Franchise taxable base (Multiply Line 7A by Line 7B.)

7C.

 

00

 

 

 

 

 

8.

Amount of assessed value of real and personal property in Louisiana in 2005

8.

 

00

 

 

 

 

 

9.

Louisiana franchise tax (From Schedule F, Line 6)

9.

 

00

 

 

 

 

 

10.

Total nonrefundable credits (From Schedule NRC, Line 12)

10.

 

00

 

 

 

 

 

11.

Franchise tax after nonrefundable credits (Subtract Line 10 from Line 9.)

11.

 

00

 

 

 

 

 

12.

Less previous payments

12.

 

00

 

 

 

 

 

13.

Amount of franchise tax due or overpayment (Subtract Line 12 from Line 11.)

13.

 

00

 

 

 

 

 

 

Net Amount Due

 

 

 

 

 

 

 

 

14.

Total income and franchise tax due or overpayment (Add Lines 6 and 13.)

14.

 

00

 

 

 

 

 

15.

Total refundable credits (From Schedule RC, Line 9)

15.

 

00

 

 

 

 

 

16.

Net income and franchise taxes overpayment (See instructions.)

16.

 

00

 

 

 

 

 

17.

Amount of overpayment you want to donate to

17.

 

00

 

The Military Family Assistance Fund

 

 

 

 

 

 

 

 

 

 

18.

Amount of overpayment you want Refunded

18.

 

00

 

 

 

 

 

19.

Amount of overpayment you want Credited to 2006

19.

 

00

 

 

 

 

 

20.

Amount owed (If Line14 is greater than Line 15, subtract Line 15 from Line 14 and enter the amount.)

20.

 

00

 

 

 

 

 

21.

Delinquent filing penalty (See instructions.)

21.

 

00

 

 

 

 

 

22.

Delinquent payment penalty (See instructions.)

22.

 

00

 

 

 

 

 

23.

Interest (See instructions.)

23.

 

00

 

 

 

 

 

24.

Additional donation to The Military Family Assistance Fund

24.

 

00

 

 

 

 

 

25.

Total amount due (Add Lines 20 through 24.)

25.

 

00

 

Make payment to Louisiana Department of Revenue. Do not send cash.

 

 

 

 

 

 

 

 

 

 

2612

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It is simple to finish the document with this detailed guide! This is what you want to do:

1. It is recommended to complete the Form Cift 620 correctly, hence be attentive when working with the parts that contain these specific blanks:

Form Cift 620 writing process clarified (part 1)

2. Right after completing the last section, head on to the subsequent step and enter the necessary particulars in these blank fields - Income tax apportionment percentage, Gross revenues, Total assets, D Federal income tax deduction, D Federal Disaster Relief Credits, E Louisiana taxable income, G NAICS code, Louisiana income tax, Enter the state abbreviation for, Does the income of this, Was the income of this corporation, If answered yes to J enter FEIN of, Do the books of the corporation, Enter the code for the federal, and Enter the code for the type of.

E Louisiana taxable income, Louisiana income tax, and Enter the code for the federal of Form Cift 620

3. This next section will be about CIFT WEB, Page of, Enter your LA Revenue Account, Net Amount Due, Col Income tax, Col Franchise tax, Col Total, Tax liability after priority, Refundable credits from, Schedule RCP, Tax liability after priority, Overpayment after priority, credits, Nonrefundable credits from, and Schedule NRCP - complete every one of these blank fields.

Form Cift 620 writing process clarified (portion 3)

People frequently make mistakes when filling in Overpayment after priority in this section. Ensure you review everything you enter right here.

4. Filling out year return, D Estimated payments, E Payment made with extension, F Total refundable credits and, payments, Overpayment, Tax due, Amount of Income tax overpayment, applied to franchise tax, Net Tax due, Interest, Delinquent filing penalty, Delinquent payment penalty, Additional donation to The, and Military Family Assistance Fund is vital in the next section - make certain that you take your time and be attentive with each and every field!

Part no. 4 in filling in Form Cift 620

5. As a final point, the following last segment is precisely what you have to complete prior to finalizing the form. The blank fields in question include the following: CIFT WEB, Page of, Enter your LA Revenue Account, Net Amount Due, Col Income tax, Col Franchise tax, Col Total, Net overpayment, Amount of overpayment you, want to donate to The Military, Amount of overpayment to be, refunded, Amount of overpayment to be, credited to, and Make payment to Louisiana.

Writing part 5 in Form Cift 620

Step 3: Always make sure that your information is correct and then click on "Done" to complete the task. Go for a free trial account with us and obtain direct access to Form Cift 620 - downloadable, emailable, and editable from your personal account. FormsPal offers safe form completion without personal data record-keeping or any kind of sharing. Be assured that your data is secure with us!