Form Cift 620 Web PDF Details

The CIFT-620 Web form is a critical document for corporations operating within Louisiana, serving a dual purpose: it is utilized for both the Louisiana Corporation Income Tax Return and the Franchise Tax Return. This form, updated for submissions as of January 2015, mandates corporations to provide their Louisiana Revenue Account Number while explicitly distinguishing between different types of returns such as normal, amended, final, or short period returns. The form's comprehensive detail requirements include but are not limited to the enumeration of federal taxable income, income tax apportionment percentages, gross revenues, and total assets alongside specifying whether the income was included in a consolidated federal income tax return or if the CIFT-620A, which contains Apportionment and Allocation Schedules, is included with the return. Furthermore, the form dives into the computation of both income and franchise taxes, calculating Louisiana net income, taxable income, and any nonrefundable credits that might apply. Additionally, entities are expected to detail payments, overpayments, or amounts due related to franchise tax, with a provision for listing any payments made towards this tax. Notably, the form also touches upon refundable and nonrefundable tax credits across various categories, echoing the state's approach to incentivizing certain business activities while maintaining a comprehensive tax structure. The thoroughness of this form underlines the importance of accurate financial reporting and adherence to tax regulations for corporations within Louisiana.

QuestionAnswer
Form NameForm Cift 620 Web
Form Length10 pages
Fillable?No
Fillable fields0
Avg. time to fill out2 min 30 sec
Other namesCIFT-620, 10A, 15A, 15B

Form Preview Example

CIFT-620 WEB (1/15)

 

Print your LA Revenue Account

Louisiana Department of Revenue

Number here (NOT FEIN):

u

Post Office Box 91011

 

 

 

 

 

Baton Rouge, LA 70821-9011

 

Mark circle if:

 

 

 

 

 

u O Name change.

 

Louisiana Corporation

Louisiana Corporation

 

 

 

Income Tax Return for

Franchise Tax Return

u O Amended return.

 

 

2014 or Fiscal Year

for 2015 or Fiscal Year

 

 

 

 

 

 

 

u

Entity is not required

Begun _________ , 2014

Begun _________ , 2015

O to ile franchise tax.

 

Ended _________ , 2015

Ended _________ , 2016

u

First time iling of

 

 

 

 

 

 

Calendar year returns are due April 15. See instructions for iscal years.

O this form.

 

O

Final return

Mark the appropriate circle for

 

 

 

O

Short period return

Short period or Final return.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

u useFor officeonly.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Legal Name

Trade Name

Address

City

State

ZIP

 

 

 

Print the corporation’s name and complete mailing address above.

A.

Federal Employer Identiication Number

 

A. u

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

B.

Federal taxable income

 

 

B. u

 

 

 

 

 

00

 

 

 

 

 

 

 

 

 

 

 

C.

Federal income tax

 

 

C. u

 

 

 

 

 

00

 

 

 

 

 

 

 

 

 

 

D.

Income tax apportionment percentage (two decimal places)

 

D. u

 

.

 

 

%

 

 

 

 

 

 

 

 

 

 

E.

Gross revenues

 

 

E. u

 

 

 

 

 

00

 

 

 

 

 

 

 

 

 

 

 

 

F.

Total assets

 

 

F.

u

 

 

 

 

 

00

 

 

 

 

 

 

 

 

 

 

 

G.

NAICS code

 

 

G. u

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

H.

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

 

H. u

Yes

 

No

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

I. u

 

 

 

 

I.

Is CIFT-620A, Apportionment and Allocation Schedules included with this return?

 

Yes

 

No

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

J. u

Yes

 

 

 

J.

Do the books of the corporation contain intercompany debt?

 

 

No

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Computation of Income Tax

 

 

 

 

 

 

 

 

1A.

Louisiana net income before loss adjustments and federal income tax deduction –

 

 

 

 

 

 

 

 

00

 

From either CIFT-620 Schedule D, Line 13 OR from CIFT-620A Schedule P, Line 31

 

1A.

u

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1B.

Subchapter S corporation exclusion – See instructions, page 16. Attach schedule.

 

1B.

u

 

 

 

 

 

00

 

 

 

 

 

 

 

 

 

 

 

 

1C.

Loss carryforward [$

.00] less federal tax refund applicable to loss [$

.00] Attach schedule.

1C.

u

 

 

 

 

 

00

 

 

 

 

 

 

 

 

 

 

 

 

1D.

Loss carryback [$

.00] less federal tax refund applicable to loss [$

.00] Attach schedule.

1D.

u

 

 

 

 

 

00

 

 

 

 

 

 

 

 

 

 

 

1E.

Federal income tax deduction – See instructions, page 16.

 

1E.

u

 

 

 

 

 

00

 

 

 

 

 

 

 

 

 

 

 

1E1.

Federal Disaster Relief Credits – See instructions, page 17.

 

1E1.

u

 

 

 

 

 

00

 

 

 

 

 

 

 

 

 

 

 

1F.

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

 

1F.

u

 

 

 

 

 

00

 

 

 

 

 

 

 

 

 

 

 

2.

Louisiana income tax – From CIFT-620 Schedule E, Line 4

 

2.

u

 

 

 

 

 

00

 

 

 

 

 

 

 

 

 

 

 

3.

Total nonrefundable income tax credits – From CIFT-620 Schedule NRC, Line 10

 

3.

u

 

 

 

 

 

00

 

 

 

 

 

 

 

 

 

 

 

4.

Income tax after nonrefundable credits – Subtract Line 3 from Line 2.

 

4.

u

 

 

 

 

 

00

 

 

 

 

 

 

 

 

 

 

 

5.

Estimated tax payments – From CIFT-620 Schedule I, Line 7

 

5.

u

 

 

 

 

 

00

 

 

 

 

 

 

 

 

 

 

 

6.

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

 

6.

u

 

 

 

 

 

00

 

 

 

 

 

 

 

 

 

 

 

 

*Complete the following page, sign and date return and remit

any amount due shown on Line 25. Do not send cash.

SPEC CODE

FOR OFFICE USE ONLY.

Field lag

www.revenue.louisiana.gov

WEB

2561

 

 

 

Print your LA Revenue Account Number here. u _____________________________

Computation of Franchise Tax

7A.

Total capital stock, surplus, & undivided proits – From CIFT-620 Schedule A-1, Line 18.

7A.

u

 

7B.

Franchise tax apportionment percentage – From CIFT-620A Schedule N, either Line1D OR Line 4 –

 

u

.

 

Percentage must be carried out to 2 decimal places. Do not exceed 100.00%.

7B.

7C.

Franchise taxable base – Multiply Line 7A by Line 7B.

7C.

u

 

8.

Amount of assessed value of real and personal property in Louisiana in 2014

8.

u

 

9.

Louisiana franchise tax – From CIFT-620 Schedule F, Line 6

9.

u

 

10.

Total nonrefundable franchise tax credits – From CIFT-620 Schedule NRC, Line 11

10.

u

 

11.

Franchise tax after nonrefundable credits – Subtract Line 10 from Line 9.

11.

u

 

12.

Previous payments

12.

u

 

13.

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

13.

u

 

 

Net Amount Due

 

 

 

 

 

 

 

14.

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

14.

u

 

15.

Louisiana Citizens Insurance Credit – See instructions, page 17.

15.

u

 

15A.

Other refundable credits – From Schedule RC, Line 6

15A.

u

 

15B.

Subtotal – Add Lines 15 and 15A and print the result.

15B.

u

 

16.

Net income and franchise taxes overpayment. – See instructions, page 17.

16.

u

 

17.

Amount of overpayment you want to donate to The Military Family Assistance Fund

17.

u

 

18.

Amount of overpayment you want Refunded

18.

u

 

19.

Amount of overpayment you want Credited to 2015

19.

u

 

20.

Amount due – If Line 14 is greater than Line 15B, subtract Line 15B from Line 14 and print the result.

20.

u

 

21.

Delinquent iling penalty – See instructions, page 17.

21.

u

 

22.

Delinquent payment penalty – See instructions, page 17.

22.

u

 

23.

Interest – See instructions, page 17.

23.

u

 

24.

Additional donation to The Military Family Assistance Fund

24.

u

 

25.

Total amount due – Add Lines 20 through 24.

25.

u

 

 

 

 

 

 

00

%

00

00

00

00

00

00

00

00

00

00

00

00

00

00

00

00

00

00

00

00

00

Make payment to Louisiana Department of Revenue. DO NOT SEND CASh.

You can pay your taxes online at: www.revenue.louisiana.gov/fileonline.

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.

Print name of officer

Signature of oficer

Signature of preparer

Firm name

 

(

)

Title of oficer

 

 

Telephone

Date

()

Telephone

Date

WEB

2562

Print your LA Revenue Account Number here. u _____________________________

Schedule NRC – Nonrefundable Tax Credits, Exemptions, and Rebates

 

Description

 

Code

 

Corporation

 

Corporation

 

 

 

Income Tax (A)

 

Franchise Tax (B)

 

 

 

 

 

 

1.

u

 

 

 

 

00

 

00

 

 

 

 

 

 

 

 

 

2.

u

 

 

 

 

00

 

00

 

 

 

 

 

 

 

 

 

3.

u

 

 

 

 

00

 

00

 

 

 

 

 

 

 

 

 

4.

u

 

 

 

 

00

 

00

 

 

 

 

 

 

 

 

 

5.

u

 

 

 

 

00

 

00

 

 

 

 

 

 

 

 

 

6.

u

 

 

 

 

00

 

00

 

 

 

 

 

 

 

 

 

7.

u

 

 

 

 

00

 

00

 

 

 

 

 

 

 

 

 

8.

u

 

 

 

 

00

 

00

 

 

 

 

 

 

 

 

 

9.

u

 

 

 

 

00

 

00

 

 

 

 

 

 

 

 

 

10.

Total Income Tax Credits: Add credit amounts in Column A. Print here and on CIFT-620, Line 3.

 

u

 

00

 

 

 

 

 

 

 

 

 

11.

Total Franchise Tax Credits: Add credit amounts in Column B. Print here and on CIFT-620, Line 10.

u

 

 

 

00

 

 

 

 

 

 

 

 

 

For further information about these credits, please see instructions beginning on page 18.

Description

Code

Premium Tax

100

Bone Marrow

120

Nonviolent Offenders

140

Qualiied Playgrounds

150

Debt Issuance

155

Contributions to

160

Educational Institutions

 

 

 

Donations to

170

Public Schools

 

 

 

Donations of Materials,

 

Equipment, Advisors,

175

Instructors

 

Description

Code

Other

199

Atchafalaya Trace

200

Previously Unemployed

208

Recycling Credit

210

Basic Skills Training

212

New Jobs Credit

224

 

 

Refunds by Utilities

226

 

 

Eligible Re-entrants

228

 

 

Neighborhood Assistance

230

 

 

Cane River Heritage Area

232

 

 

Description

Code

La Community Economic Dev

234

Apprenticeship

236

Ports of Louisiana Investor

238

Ports of Louisiana Import

240

Export Cargo

 

 

 

Motion Picture Investment

251

Research and Development

252

Historic Structures

253

Digital Interactive Media

254

Motion Picture Resident

256

Capital Company

257

Description

Code

LCDFI Credit

258

New Markets

259

Brownields Investor

260

Motion Picture Infrastructure

261

Angel Investor

262

Other

299

Biomed/University Research

300

Tax Equalization

305

Manufacturing Establishments

310

Enterprise Zone

315

Other

399

Schedule RC – Refundable Tax Credits and Rebates

 

Description

 

Code

Amount of Credit Claimed

1.

 

u

F

 

00

 

 

 

 

 

 

2.

 

u

F

 

00

 

 

 

 

 

 

3.

 

u

F

 

00

 

 

 

 

 

 

4.

 

u

F

 

00

 

 

 

 

 

 

5.

 

u

F

 

00

 

 

 

 

 

 

6.

Total: Add lines 1 through 5. Print the result here and on CIFT-620, Line 15A.

u

 

 

00

 

 

 

 

 

 

For further information about these credits, please see instructions beginning on page 20.

Description

Code

Inventory Tax

50F

Ad Valorem Natural Gas

51F

Ad Valorem Offshore Vessels

52F

Telephone Company Property

54F

Prison Industry Enhancement

55F

Urban Revitalization

56F

Mentor-Protégé

57F

Description

Code

Milk Producers

58F

 

 

Technology Commercialization

59F

 

 

Angel Investor

61F

 

 

Musical and Theatrical

62F

Production

 

Solar Energy Systems -

64F

Non-Leased

 

Description

Code

School Readiness Child

65F

Care Provider

 

 

 

School Readiness Business

67F

- Supported Child Care

 

School Readiness Fees

 

and Grants to Resource

68F

and Referral Agencies

 

Retention and Modernization

70F

 

 

Description

Code

Conversion of Vehicle to

71F

Alternative Fuel

 

Research and Development

72F

 

 

Digital Interactive Media and

73F

Software

 

Leased Solar Energy

74F

Systems

 

Other Refundable

80F

 

 

WEB 2563

Print your LA Revenue Account Number here. u _____________________________

All applicable schedules must be completed.

Schedule A – Balance Sheet

ASSETS

1. Beginning of year

2. End of year

1.Cash

2.Trade notes and accounts receivable

3. Reserve for bad debts

(

) (

)

4.Inventories

5.Investment in United States government obligations

6.Other current assets – Attach schedule.

7.Loans to stockholders

8.Stock and obligations of subsidiaries

9.Other investments – Attach schedule.

10. Buildings and other ixed depreciable assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11.

Accumulated amortization and depreciation

(

)

(

)

 

 

 

 

 

 

12.

Depletable assets

 

 

 

 

 

 

 

 

 

 

13.

Accumulated depletion

(

)

(

)

14.Land

15.Intangible assets

16. Accumulated amortization

(

)

(

)

17. Other assets – Attach schedule.

18. Excessive reserves or undervalued assets – Attach schedule.

19. Totals – Add Lines 1 through 18.

Liabilities and Capital

20.Accounts payable

21.Mortgages, notes, and bonds payable one year old or less at balance sheet date and having a maturity of one year or less from original date incurred

22. Other current liabilities – Attach schedule.

23. Loans from stockholders – Attach schedule.

24. Due to subsidiaries and affiliates

25. Mortgages, notes, and bonds payable more than one year old at balance sheet date or having a maturity of more than one year from original date incurred

26. Other liabilities – Attach schedule.

27.Capital stock: a. Preferred stock b. Common stock

28.Paid-in or capital surplus

29.Surplus reserves – Attach schedule.

30.Earned surplus and undivided proits

31.Excessive reserves or undervalued assets

32. Totals – Add Lines 20 through 31.

WEB

2564

Print your LA Revenue Account Number here. u _____________________________

For Schedule A-1 see Revenue Ruling 06-010 and Revenue Information Bulletin 13-006.

All applicable schedules must be completed. Complete Lines 1 through 11 only if there is an end of year balance in the “Due to Subsidiaries and Affiliates” account or an equivalent account on the books of the corporation. All corporations must complete Lines 12 through 18.

Schedule A-1 Computation of Franchise Tax Base

1.Capital Stock:

1A. Common Stock – Include paid-in or Capital Surplus

1B. Preferred Stock – Include paid-in or Capital Surplus

2.Total Capital stock – Add Lines 1A and 1B.

3.Surplus and undivided proits

4.Surplus reserves – Include any excessive reserves or undervalued assets.

5.Total – Add Lines 2, 3, and 4.

6.Due to subsidiaries and affiliates (Do not net with receivables)

7.Deposit liabilities to affiliates – Included in the amount on Line 6

8.Accounts payable less than 180 days old – Included in the amount on Line 6

9.Adjusted debt to affiliates – Subtract Lines 7 and 8 from Line 6.

10A. If Line 9 is greater than zero, AND Line 5 is greater than or equal to zero, subtract Line 5 from Line 9. If both conditions of this line do not apply, skip to Line 10B.

10A1. If Line 10A is less than zero, print zero on Line 11 and Line 17. If Line 10A is greater than zero, multiply Line 10A by 50 percent and print this amount on Line 11 and Line 17. This amount must be included in the base.

10B. If Line 9 is greater than zero, AND Line 5 is less than or equal to zero, subtract Line 5 from Line 9. Multiply the difference by 50 percent and print the result here.

10B1. Print the lesser of Line 9 or Line 10B on Line 11 and Line 17. If Line 9 equals Line 10B, print that amount on Line 11 and on Line 17.

11.Additional Surplus and Undivided Proits from either Line 10A1 or 10B1.

Total Franchise Taxable Base

12.Capital Stock: Common Stock Preferred Stock

13.Paid-in or capital surplus – Include items of paid-in capital in excess of par value.

14.Surplus reserves – Attach schedule.

15.Earned surplus and undivided proits

16.Excessive reserves or undervalued assets

17.Additional surplus and undivided proits – From Line 11 above

18.Total capital, surplus and undivided profits – Add Lines 12 through 17. Also print the total on CIFT-620, Line 7A. Round to the nearest dollar.

00

00

00

00

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00

00

00

00

00

00

00

00

Note: All accounts on the books of the corporation should be reviewed to determine if an account is an item of capital, surplus or undivided proits. All items of capital, surplus and undivided proits must be included in the franchise taxable base. See Revenue Information Bulletin 06-026.

WEB

2565

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1. First of all, once filling out the Subtractions, start with the form section with the next blank fields:

Ways to complete 15A step 1

2. Right after this part is filled out, go on to enter the applicable details in these: G NAICS code, H Was the income of this, Is CIFTA Apportionment and, Do the books of the corporation, A Louisiana net income before loss, From either CIFT Schedule D Line, B Subchapter S corporation, Computation of Income Tax, C Loss carryforward less federal, D Loss carryback less federal, E Federal income tax deduction, E Federal Disaster Relief Credits, F Louisiana taxable income, Louisiana income tax From CIFT, and Total nonrefundable income tax.

C Loss carryforward   less federal, H Was the income of this, and B Subchapter S corporation inside 15A

3. Completing Complete the following page sign, FOR OFFICE USE ONLY, SPEC CODE, Field lag, wwwrevenuelouisianagov, and WEB is essential for the next step, make sure to fill them out in their entirety. Don't miss any details!

15A writing process shown (part 3)

It's easy to get it wrong when filling out your wwwrevenuelouisianagov, so make sure you look again prior to deciding to send it in.

4. This fourth section comes next with the following form blanks to focus on: Print your LA Revenue Account, A Total capital stock surplus, B Franchise tax apportionment, Percentage must be carried out to, Computation of Franchise Tax, C Franchise taxable base Multiply, Amount of assessed value of real, Louisiana franchise tax From, Total nonrefundable franchise tax, Franchise tax after nonrefundable, Previous payments, Amount of franchise tax due or, Net Amount Due, Total income and franchise tax, and Louisiana Citizens Insurance.

Best ways to prepare 15A step 4

5. To finish your document, this last subsection features several additional blanks. Filling in B Subtotal Add Lines and A and, Net income and franchise taxes, Amount of overpayment you want to, Amount of overpayment you want, Amount of overpayment you want, Amount due If Line is greater, Delinquent iling penalty See, Delinquent payment penalty See, Interest See instructions page, Additional donation to The, Total amount due Add Lines, B u, Make payment to Louisiana, and You can pay your taxes online at is going to conclude everything and you're going to be done in a tick!

Tips on how to fill in 15A stage 5

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