Kentucky 720S Form – Fill Out and Use This PDF

The Kentucky 720S form, also known as the S Corporation Income Tax and LLET (Limited Liability Entity Tax) Return, is a required filing for any S corporation operating within the Commonwealth of Kentucky. It details the income, deductions, taxes due, and payments made by the corporation, encompassing both the income tax and LLET obligations for the taxable period. This form ensures compliance with Kentucky's Department of Revenue regulations for S corporations. For detailed instructions and to confidently prepare your Kentucky 720S, click the button below.

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Kentucky 720S Form PDF Details

Navigating tax obligations can often seem like a daunting task for S Corporations in the Bluegrass State, but with the Kentucky 720S form, it becomes a more streamlined process. This comprehensive tax document, designed exclusively for S Corporations operating within Kentucky, covers the essentials of income tax and Limited Liability Entity Tax (LLET) reporting for the fiscal year. Tailored to blend with the Department of Revenue's requirements, it encompasses various segments that require meticulous attention to detail — from general corporate information like the corporation’s name and address to the specifics of income tax computations and LLET calculations. The form features sections dedicated to adjustments, shareholder's shares of income, credits, deductions, and more, with special provisions for different exemptions and credits that may apply. By facilitating the inclusion of schedules for additional details and modifications for amended returns, change in accounting periods, or final returns, Kentucky 720S ensures that corporations provide comprehensive insights into their fiscal health and obligations. Additionally, sections to report ordinary income or loss, explain changes in operational or ownership status, and detail other income or deductions underscore its role as a critical tool in maintaining compliance with Kentucky’s tax laws, making the task of annual filings a bit less burdensome for business entities.

Question	Answer
Form Name	Kentucky 720S Form
Form Length	6 pages
Fillable?	No
Fillable fields	0
Avg. time to fill out	1 min 30 sec
Other names	kentucky s llet, 720s ky, 720s return, kentucky 720s tax

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720S

Commonwealth of Kentucky

Department of Revenue

1900030256	KENTUCKY S CORPORATION
	INCOME TAX AND LLET RETURN

2019

See instructions.

Taxable period beginning _______________ , 20 ____ , and ending _______________ , 20 ____ .

ALLET

Exemption Code Enter Code

_____ _____

BIncome Tax Exemption Code Enter Code

_____ _____

CNumber of Shareholders (Attach K-1s)

_____________

Number of QSSSs Included in This Return (Attach Schedule)

_____________

D Federal Identiﬁcation

Kentucky Corporation/LLET

Number

__ __ – __ __ __ __ __ __ __

Account Number (Required)

__ __ __ __ __ __

Name of S Corporation

 Change of Name

Taxable Year Ending

M M

Y Y

Number and Street

State and Date of Incorporation

Principal Business Activity in KY

City

State

ZIP Code

Telephone Number

NAICS Code Number in KY

(See www.census.gov)

F Check if applicable:  Qualiﬁed investment partnership

 Final return (Complete Part IV)

G Provider 3-Factor

 Initial return

 Short-period return (Complete Part IV)

Apportionment Code

 LLC

 Change of accounting period

 Amended return (Complete Part V)

			PART I—LLET COMPUTATION											PART II—INCOME TAX COMPUTATION

1	Schedule L, Section D, line 1 (Page 6)				...	1			00		1	Excess net passive income tax			1		00
2	...............................Tax credit recapture					2			00		2	Built-in gains tax			2		00
3	Total (add lines 1 and 2)					3			00		2	Built-in gains tax			2		00
3	Total (add lines 1 and 2)					3		3	00		Tax installment on LIFO recapture			3		00
4	Nonrefundable LLET credit from							3			Tax installment on LIFO recapture			3		00
	.....................Kentucky Schedule(s) K-1					4			00		4	Total (add lines 1 through 3)			4		00
5	Nonrefundable tax credits										5	Estimated tax payments			5		00
	(attach Schedule TCS)					5			00		5	Estimated tax payments			5		00

											6	Extension payment			6		00
6	LLET liability (greater of line 3 less										6	Extension payment			6		00
	..........lines 4 and 5 or $175 minimum)					6			00		7	Prior year’s tax credit			7		00
7	Estimated tax payments					7			00		7	Prior year’s tax credit			7		00
								8			LLET overpayment from Part I,

8	Certiﬁed rehabilitation tax credit					8				00
8	Certiﬁed rehabilitation tax credit					8				00
9	Film industry tax credit					9			00			line 17			8		00
												line 17			8		00
10	Extension payment					10			00
10	Extension payment					10		9	00		Income tax paid on original return			9		00
11	Prior year’s tax credit					11		9		00				9		00
								10	Income tax overpayment on original

12	Income tax overpayment from
	Part II, line 13	........................................				12			00			return			10		00

13	LLET paid on original return					13			00
13	LLET paid on original return					13		11	00		Income tax due (lines 4 and 10 less
14	LLET overpayment on original							11			Income tax due (lines 4 and 10 less
14	LLET overpayment on original
	return					14			00			lines 5 through 9)			11		00
15	LLET due (lines 6 and 14 less lines 7										12	Income tax overpayment (lines 5
	through 13)					15			00		12	Income tax overpayment (lines 5
	through 13)					15			00
16	LLET overpayment (lines 7											................through 9 less lines 4 and 10)			12		00
	.............through 13 less lines 6 and 14)					16			00		13	Credited to 2019 LLET			13		00
17	Credited to 2019 income tax					17			00		13	Credited to 2019 LLET			13		00
17	Credited to 2019 income tax					17		14	00		Credited to 2019 interest			14
18	Credited to 2019 interest					18		14			Credited to 2019 interest			14
18	Credited to 2019 interest					18

19	Credited to 2019 penalty					19					15	Credited to 2019 penalty			15
20	...........................Credited to 2020 LLET					20			00		16	Credited to 2020 corporation income tax..			16		00
21	Amount to be refunded					21					16	Credited to 2020 corporation income tax..			16		00

											17	Amount to be refunded			17
											17	Amount to be refunded			17

			TAX PAYMENT SUMMARY											OFFICIAL USE ONLY
LLET				INCOME									P
1 LLET due				1 Income tax due									W
1 LLET due				1 Income tax due									2
	(Part I, Line 15)	$	.		(Part II, Line 11)		$					.	2
	(Part I, Line 15)	$	.		(Part II, Line 11)		$					.	0
													0
2	Interest	$	.	2	Interest		$					.	4

3	Penalty	$	.	3	Penalty		$					.	V
3	Penalty	$	___________________	3	Penalty		$	___________________					V
													A
4	Subtotal	$	.	4 Subtotal			$					.	A
4	Subtotal	$	___________________	4 Subtotal			$	___________________					L

TOTAL PAYMENT (Add Subtotals)						 $	.						#

41A720S (10-19)

Page 1 of 6

FORM 720S (2019)

*1900030257*

Page 2 of 6

PART III—ORDINARY INCOME (LOSS) COMPUTATION

1	Federal ordinary income (loss) (see instructions)	1	00
ADDITIONS
2	State taxes based on net/gross income	2	00
3	Federal depreciation (do not include IRC §179 expense deduction)	3	00
4	Related party expenses (attach Schedule RPC)	4	00
5	Other (attach Schedule O-PTE)	5	00
6	Total (add lines 1 through 5)	6	00
SUBTRACTIONS
7	Federal work opportunity credit	7	00
8	Kentucky depreciation (do not include IRC §179 expense deduction)	8	00
9	Other (attach Schedule O-PTE)	9	00
10	Kentucky ordinary income (loss) (line 6 less lines 7 through 9)	10	00

PART IV—EXPLANATION OF FINAL RETURN AND/OR SHORT–PERIOD RETURN

¨ Ceased operations in Kentucky		¨ Change in ﬁling status
¨	Change of ownership	¨	Merger
¨	Successor to previous business	¨	Other _________________________________________________

PART V—EXPLANATION OF AMENDED RETURN CHANGES

OFFICER INFORMATION

Attach a schedule listing the name, home address, and Social Security number of the vice president, secretary, and treasurer.

Has the attached ofﬁcer information changed from the last return ﬁled?			Yes	No
President’s Name			President’s Home Address
President’s Social Security Number

Date Became President	/	/
Date Became President

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, 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 preparer has any knowledge.

Sign	Signature of Ofﬁcer			Date
Sign
Here	Name of Ofﬁcer			Title

	Signature of Preparer			Date
Paid
Paid	Name of Preparer or Firm			ID Number
Preparer	Name of Preparer or Firm			ID Number
Preparer
Use
Use	Email and/or Telephone No.			May the DOR discuss this return with this preparer?
	Email and/or Telephone No.			May the DOR discuss this return with this preparer?
				¨ Yes ¨ No

	Include federal Form 1120S with all supporting	Refund	Kentucky Department of Revenue
Enclose	Include federal Form 1120S with all supporting	or No	P. O. Box 856905
Enclose	schedules and statements.	or No	P. O. Box 856905
	schedules and statements.	Payment	Louisville, KY 40285-6905
		Payment	Louisville, KY 40285-6905
	Check Payable: Kentucky State Treasurer	With	Kentucky Department of Revenue
Payment	Check Payable: Kentucky State Treasurer	With	P. O. Box 856910
Payment	E-Pay Options: www.revenue.ky.gov	Payment	P. O. Box 856910
	E-Pay Options: www.revenue.ky.gov	Payment	Louisville, KY 40285-6910
			Louisville, KY 40285-6910

41A720S (10-19)

FORM 720S (2019)

*1900030341*

Page 3 of 6

SCHEDULE Q— KENTUCKY S CORPORATION QUESTIONNAIRE

IMPORTANT: Questions 3—12 must be completed by all S corporations. If this is the S corporation’s initial return or if the S corporation did not ﬁle a return under the same name and same federal I.D. number for the preceding year, questions 1 and 2 must be answered. Failure to do so may result in a request

for a delinquent return.

1Indicate whether: (a)  new business; (b) successor to previously existing business which was organized as:

(1) corporation; (2) partnership; (3) sole proprietorship; or (4)  other __________________________________________

If successor to previously existing business, give name, address, and federal I.D. number of the previous business organization.

______________________________________________________

2If a foreign S corporation, enter the date qualiﬁed to do business in Kentucky. __ __ / __ __ / __ __

3List the following Kentucky account numbers. Enter N/A for any number not applicable.

KY Secretary of State Organization______________________

Nonresident Income Tax Withholding____________________

Employer Withholding ________________________________

Sales and Use Tax Permit ______________________________

Consumer Use Tax ____________________________________

Unemployment Insurance _____________________________

Coal Severance and/or Processing Tax __________________

4The S corporation’s books are in care of: (name and address)

______________________________________________________

5Are disregarded entities included in this return?  Yes  No. If yes, list name, address, and federal I.D. number of each entity.

______________________________________________________

6(a) Was the S corporation a partner or member in a pass-through entity doing business in Kentucky?  Yes  No. If yes, list name and federal I.D. number of each pass-through entity.

______________________________________________________

6(b) Was the S corporation doing business in Kentucky other than through its interest held in a pass-through entity doing business in Kentucky?  Yes  No

7Are related party costs per KRS 141.205(1)(l) included in this return ?  Yes  No. If yes, attach Schedule RPC, Related Party Costs Disclosure Statement, and enter any related party cost additions on Form 720S, Part III, Line 4.

8Is the entity filing this Kentucky tax return organized as a limited cooperative association per KRS Chapter 272A?  Yes  No

9Is the entity ﬁling this Kentucky tax return organized as a statutory trust or a series statutory trust per KRS Chapter 386A?  Yes  No

If yes, is the entity ﬁling this Kentucky tax return a series within a statutory trust?  Yes  No

If yes, enter the name, address, and federal I.D. number of the statutory trust registered with the Kentucky Secretary of State:

______________________________________________________

10Was this return prepared on: (a)  cash basis, (b)  accrual basis, (c)  other _____________________________________

11Did the S corporation file a Kentucky tangible personal

property tax return for January 1, 2020?  Yes  No

If yes, list the name and federal I.D. number of entity(ies) ﬁling return(s):______________________________________________

______________________________________________________

12Is the S corporation currently under audit by the Internal Revenue Service?  Yes  No

If yes, enter years under audit ________________________

If the Internal Revenue Service has made final and unappealable adjustments to the corporation’s taxable income which have not been reported to the department, check here  and file an amended Form 720S for each year adjusted. Attach a copy of the ﬁnal determination to each amended return.

41A720S (10-19)

FORM 720S (2019)

*1900030258*

Page 4 of 6

SCHEDULE K—SHAREHOLDERS’ SHARES OF INCOME, CREDITS, DEDUCTIONS, ETC.


SECTION A			Pro Rata Share Items				Total Amount

Income (Loss) and Deductions
1	Kentucky ordinary income (loss) from trade or business activities
	(page 2, Part III, line 10)					1		00
2	Net income (loss) from rental real estate activities (attach federal Form 8825)					2		00
3	(a)	Gross income from other rental activities		3(a)	00
	(b)	Less expenses from other rental activities
		(attach schedule)		(b)	00
	(c)	Net income (loss) from other rental activities (line 3(a) less line 3(b))				3(c)		00
4	Portfolio income (loss):
	(a)	Interest income				4(a)		00
	(b)	Dividend income				(b)		00
	(c)	Royalty income				(c)		00
	(d)	Net short-term capital gain (loss) (attach federal Schedule D and Kentucky
		Schedule D, if applicable)				(d)		00
	(e)	Net long-term capital gain (loss) (attach federal Schedule D and Kentucky
		Schedule D, if applicable)				(e)		00
	(f)	Other portfolio income (loss) (attach schedule)				(f)		00
5	IRC §1231 net gain (loss) (other than due to casualty or theft) (attach federal
	Form 4797 and Kentucky Form 4797)					5		00
6	Other income (loss) (attach schedule)					6		00
7	Charitable contributions (attach schedule)					7		00
8	IRC §179 expense deduction (attach federal Form 4562 and Kentucky
	Form 4562)					8		00
9	Deductions related to portfolio income (loss) (attach schedule)					9		00
10	...............................................................................Other deductions (attach schedule)					10		00

Investment Interest

11	(a)	Interest expense on investment debts	11(a)
	(b)	(1) Investment income included on lines 4(a), 4(b), 4(c), and 4(f) above	(b)(1)
	(b)	(2) Investment expenses included on line 9 above	(b)(2)

Tax Credits (see instructions)
12	Enter the applicable tax credit
12	Enter the applicable tax credit
	(a)	...................................................... _______________________________________	12(a)
	(b)	...................................................... _______________________________________	(b)
	(c)	...................................................... _______________________________________	(c)
	(d)	...................................................... _______________________________________	(d)
	(e)	...................................................... _______________________________________	(e)

41A720S (10-19)

FORM 720S (2019)

*1900030259*

Page 5 of 6

SCHEDULE K—SHAREHOLDERS’ SHARES OF INCOME, CREDITS, DEDUCTIONS, ETC.

SECTION A—continued		Pro Rata Share Items		Total Amount

Other Items
13	(a) Type of IRC §59(e)(2) expenditures >		13(a)
	(b) Amount of IRC §59(e)(2) expenditures		(b)		00

14	Tax-exempt interest income		14		00
15	Other tax-exempt income		15		00
16	Nondeductible expenses		16		00
17	Total property distributions (including cash) other than dividends reported on
	line 19 below		17		00
18	Other items and amounts required to be reported separately to shareholders
	(attach schedule)		18
19	Total dividend distributions paid from accumulated earnings and proﬁts		19		00


SECTION B—LLET Pass-through Items (Required)

1	Kentucky gross receipts from Schedule L, Section A, Column A, line 2		1		00

2	Total gross receipts from Schedule L, Section A, Column B, line 2		2		00

3	Kentucky gross proﬁts from Schedule L, Section A, Column A, line 5		3		00

4	Total gross proﬁts from Schedule L, Section A, Column B, line 5		4		00
5	Limited liability entity tax (LLET) nonrefundable credit from page 1, Part I, the
	total of lines 4 and 6, less $175		5		00
SECTION C—Apportionment Pass-through Items

1	Kentucky receipts from Schedule A, Part I, line 1		1		00

2	Total receipts from Schedule A, Part I, line 2		2		00

SECTION D—Apportionment for Providers (KRS 141.121 (1)(e))

1	Kentucky property from Schedule A, Part I, line 5		1		00

2	Total property from Schedule A, Part I, line 6		2		00

3	Kentucky payroll from Schedule A, Part I, line 8		3		00

4	Total payroll from Schedule A, Part I, line 9		4		00

41A720S (10-19)

FORM 720S (2019)

*1900030277*

Page 6 of 6

SCHEDULE L—LIMITED LIABILITY ENTITY TAX COMPUTATION

Check this box and complete Schedule L-C, Limited Liability Entity Tax—Continuation Sheet, if the corporation or limited liability pass-through entity ﬁling this tax return is a partner or member of a limited liability pass-through entity or general partnership doing business in Kentucky. Enter the total amounts from Schedule L-C in Section A of this schedule.

SECTION A—Computation of Gross Receipts and Gross Proﬁts

			Column A		Column B
			Kentucky		Total

1(a)	Gross receipts less returns and allowances	1(a)		00		00
(b)	Kentucky statutory gross receipts reductions (see instructions)	(b)		00
2	Adjusted gross receipts (line 1(a) less line 1(b))	2		00		00
3(a)	Cost of goods sold (attach Schedule COGS)	3(a)		00		00
(b)	Kentucky statutory cost of goods sold reductions (see instructions) ....	(b)		00
4	Adjusted cost of goods sold (line 3(a) less line 3(b))	4		00		00
5	Gross proﬁts (line 2 less line 4)	5		00		00

If Section A, Column B, Line 2 or 5 is $3,000,000 or less,

STOP and enter $175 in Section D, line 1 below.

SECTION B—Computation of Gross Receipts LLET


1 If gross receipts from all sources (Column B, line 2) are greater than
$3,000,000, but less than $6,000,000, enter the following:
(Column A, line 2 x 0.00095) –		[		$2,850 x ($6,000,000 – Column A, line 2)	]
		[		$3,000,000	]
but in no case shall the result be less than zero						1	00
2 If gross receipts from all sources (Column B, line 2) are $6,000,000
or greater, enter the following: Column A, line 2 x 0.00095						2	00
3 Enter the amount from line 1 or line 2						3	00

SECTION C—Computation of Gross Proﬁts LLET

1 If gross proﬁts from all sources (Column B, line 5) are greater than
$3,000,000, but less than $6,000,000, enter the following:
(Column A, line 5 x 0.0075) –	[		$22,500 x ($6,000,000 – Column A, line 5)		]
	[			$3,000,000	]
but in no case shall the result be less than zero						1	00
2 If gross proﬁts from all sources (Column B, line 5) are $6,000,000
or greater, enter the following: Column A, line 5 x 0.0075						2	00
3 Enter the amount from line 1 or line 2						3	00

SECTION D—Computation of LLET

1Enter the lesser of Section B, line 3 or Section C, line 3 here and on Page 1, Part I, Line 1. If less than $175, enter the minimum of $175 here and on

Page 1, Part I, line 1

41A720S (10-19)

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This document will require some specific information; to guarantee consistency, please be sure to take note of the next guidelines:

1. To begin with, while filling out the 720s ky printable, start in the area that features the next fields:

Guidelines on how to prepare kentucky 720s stage 1

2. After the last section is done, you need to add the necessary particulars in Estimated tax payments, Certiﬁed rehabilitation tax credit, Film industry tax credit, Extension payment, Prior years tax credit, Income tax overpayment from, Part II line, LLET paid on original return, LLET overpayment on original, return, LLET due lines and less lines, through, LLET overpayment lines, through less lines and, and Credited to income tax so that you can move on to the 3rd step.

kentucky 720s conclusion process outlined (step 2)

3. In this particular stage, examine LLET, INCOME, LLET due, Part I Line, Income tax due Part II Line, Interest, Penalty, Subtotal, Interest, Penalty, Subtotal, TOTAL PAYMENT Add Subtotals, P W, V A L, and Page of. Each of these are required to be filled out with greatest attention to detail.

LLET, Interest, and Subtotal inside kentucky 720s

Be really mindful when filling in LLET and Interest, since this is where most users make mistakes.

4. This next section requires some additional information. Ensure you complete all the necessary fields - PART IIIORDINARY INCOME LOSS, Federal ordinary income loss see, PART IVEXPLANATION OF FINAL RETURN, Ceased operations in Kentucky, Change in ﬁling status Merger, and PART VEXPLANATION OF AMENDED - to proceed further in your process!

Change in ﬁling status Merger, PART VEXPLANATION OF AMENDED, and Federal ordinary income loss see of kentucky 720s

5. Finally, the following last portion is what you will need to complete prior to submitting the PDF. The blanks in this instance include the following: Attach a schedule listing the name, Has the attached ofﬁcer, Yes, Presidents Name, Presidents Home Address, Presidents Social Security Number, Date Became President, Under penalties of perjury I, Sign Here, Paid Preparer Use, Signature of Ofﬁcer, Name of Ofﬁcer, Signature of Preparer, Name of Preparer or Firm, and Email andor Telephone No.

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