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Kentucky Kentucky S Corporation Income Tax and LLET Return
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Extracted from PDF file 2019-kentucky-form-720s.pdf, last modified September 2019Kentucky S Corporation Income Tax and LLET Return
FORM 720S *1900030256* Commonwealth of Kentucky Department of Revenue 2019 KENTUCKY S CORPORATION INCOME TAX AND LLET RETURN See instructions. Taxable period beginning _______________ , 20 ____ , and ending _______________ , 20 ____ . A D Federal Identification B C LLET Exemption Code Enter Code _____ _____ Income Tax Exemption Code Enter Code _____ _____ Number of Shareholders (Attach K-1s) _____________ Number of QSSSs Included in This Return (Attach Schedule) _____________ Number E __ __ – __ __ __ __ __ __ __ Kentucky Corporation/LLET Account Number (Required) Name of S Corporation __ __ __ __ __ __ Change of Name Taxable Year Ending M M Y Y State and Date of Incorporation Number and Street Principal Business Activity in KY City State F Check if applicable: LLC ZIP Code Telephone Number NAICS Code Number in KY (See www.census.gov) Qualified investment partnership Final return (Complete Part IV) Initial return Short-period return (Complete Part IV) Change of accounting period Amended return (Complete Part V) PART II—INCOME TAX COMPUTATION PART I—LLET COMPUTATION 1 Schedule L, Section D, line 1 (Page 6).... 1 2 Tax credit recapture................................ 2 3 Total (add lines 1 and 2)......................... 3 4 Nonrefundable LLET credit from Kentucky Schedule(s) K-1...................... 4 00 1 Excess net passive income tax............. 1 00 2 Built-in gains tax.................................... 2 00 3 Tax installment on LIFO recapture....... 3 00 00 4 Total (add lines 1 through 3)................. 4 00 5 Estimated tax payments....................... 5 00 6 Extension payment............................... 6 00 7 Prior year’s tax credit............................ 7 00 5 Nonrefundable tax credits (attach Schedule TCS)............................. 5 G Provider 3-Factor Apportionment Code 00 6 LLET liability (greater of line 3 less lines 4 and 5 or $175 minimum)........... 6 00 7 Estimated tax payments........................ 7 00 8 Certified rehabilitation tax credit.......... 8 00 8 LLET overpayment from Part I, 9 Film industry tax credit.......................... 9 00 10 Extension payment................................ 10 00 11 Prior year’s tax credit............................. 11 00 00 00 line 17..................................................... 8 00 9 Income tax paid on original return...... 9 00 10 Income tax overpayment on original 12 Income tax overpayment from Part II, line 13......................................... 12 00 13 LLET paid on original return.................. 13 00 14 LLET overpayment on original return....................................................... 14 00 15 LLET due (lines 6 and 14 less lines 7 through 13)............................................. 15 00 16 LLET overpayment (lines 7 through 13 less lines 6 and 14).............. 16 00 17 Credited to 2019 income tax.................. 17 00 18 Credited to 2019 interest........................ 18 19 Credited to 2019 penalty........................ 19 20 Credited to 2020 LLET............................ 20 return...................................................... 10 00 11 Income tax due (lines 4 and 10 less lines 5 through 9).................................... 11 00 12 Income tax overpayment (lines 5 through 9 less lines 4 and 10)................. 12 00 13 Credited to 2019 LLET........................... 13 00 14 Credited to 2019 interest....................... 14 15 Credited to 2019 penalty....................... 15 00 21 Amount to be refunded......................... 21 16 Credited to 2020 corporation income tax... 16 00 17 Amount to be refunded........................ 17 TAX PAYMENT SUMMARY OFFICIAL USE ONLY LLET INCOME 1 LLET due (Part I, Line 15) . $___________________ 1 Income tax due (Part II, Line 11) . $___________________ 2 Interest . $___________________ 2 Interest . $___________________ 3 Penalty . $___________________ 3 Penalty . $___________________ 4 Subtotal . $___________________ 4 Subtotal . $___________________ . TOTAL PAYMENT (Add Subtotals).................................. $______________________ 41A720S (10-19) 1111 P W 2 0 4 V A L # 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 ADDITIONS 2 State taxes based on net/gross income................................................................................................................. 2 3 Federal depreciation (do not include IRC §179 expense deduction)............................................................... 3 4 Related party expenses (attach Schedule RPC)................................................................................................. 4 5 Other (attach Schedule O-PTE)............................................................................................................................ 5 6 Total (add lines 1 through 5)............................................................................................................................... 6 SUBTRACTIONS 7 Federal work opportunity credit......................................................................................................................... 7 8 Kentucky depreciation (do not include IRC §179 expense deduction)............................................................ 8 9 Other (attach Schedule O-PTE)............................................................................................................................ 9 10 Kentucky ordinary income (loss) (line 6 less lines 7 through 9)...................................................................... 10 00 00 00 00 00 00 00 00 00 00 PART IV—EXPLANATION OF FINAL RETURN AND/OR SHORT–PERIOD RETURN ¨ Ceased operations in Kentucky ¨ Change of ownership ¨ Successor to previous business ¨ Change in filing status ¨ Merger ¨ 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? President’s Name Yes No President’s Home Address President’s Social Security Number / / 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 Here Paid Preparer Use Signature of Officer Date Name of Officer Title Signature of Preparer Date Name of Preparer or Firm ID Number Email and/or Telephone No. May the DOR discuss this return with this preparer? ¨ Yes ¨ No Enclose Include federal Form 1120S with all supporting schedules and statements. Refund or No Payment Kentucky Department of Revenue P. O. Box 856905 Louisville, KY 40285-6905 Payment Check Payable: Kentucky State Treasurer E-Pay Options: www.revenue.ky.gov With Payment Kentucky Department of Revenue P. O. Box 856910 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. 1 Indicate 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. _______________________________________________________ _______________________________________________________ _______________________________________________________ 2 If a foreign S corporation, enter the date qualified to do business in Kentucky. __ __ / __ __ / __ __ 3 List 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 ___________________ 4 The S corporation’s books are in care of: (name and address) _______________________________________________________ _______________________________________________________ _______________________________________________________ 5 Are 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. _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ 41A720S (10-19) 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 7 Are 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. 8 Is the entity filing this Kentucky tax return organized as a limited cooperative association per KRS Chapter 272A? Yes No 9 Is 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: _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ 10 Was this return prepared on: (a) cash basis, (b) accrual basis, (c) other ______________________________________ 11 Did 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):_______________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ 12 Is 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. 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 2 Net income (loss) from rental real estate activities (attach federal Form 8825)......... 2 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) 4 Portfolio income (loss): (a) Interest income.......................................................................................................... 4(a) (b) Dividend income........................................................................................................ (b) (c) Royalty income.......................................................................................................... (c) (d) Net short-term capital gain (loss) (attach federal Schedule D and Kentucky Schedule D, if applicable).......................................................................................... (d) (e) Net long-term capital gain (loss) (attach federal Schedule D and Kentucky Schedule D, if applicable).......................................................................................... (e) (f) Other portfolio income (loss) (attach schedule)...................................................... (f) 5 IRC §1231 net gain (loss) (other than due to casualty or theft) (attach federal Form 4797 and Kentucky Form 4797)............................................................................... 5 6 Other income (loss) (attach schedule)............................................................................ 6 7 Charitable contributions (attach schedule)..................................................................... 7 8 IRC §179 expense deduction (attach federal Form 4562 and Kentucky Form 4562)........................................................................................................................ 8 9 Deductions related to portfolio income (loss) (attach schedule).................................. 9 10 Other deductions (attach schedule)................................................................................ 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 (a) ________________________________________ ....................................................... 12(a) (b) ________________________________________ ....................................................... (b) (c) ________________________________________ ....................................................... (c) (d) ________________________________________ ....................................................... (d) (e) ________________________________________ ....................................................... (e) 41A720S (10-19) 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 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) 13 (a) Type of IRC §59(e)(2) expenditures > (b) Amount of IRC §59(e)(2) expenditures..................................................................... (b) 14 Tax-exempt interest income............................................................................................ 14 15 Other tax-exempt income................................................................................................ 15 16 Nondeductible expenses................................................................................................. 16 17 Total property distributions (including cash) other than dividends reported on line 19 below..................................................................................................................... 17 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 00 00 00 00 00 SECTION B—LLET Pass-through Items (Required) 1 2 3 4 5 Kentucky gross receipts from Schedule L, Section A, Column A, line 2...................... 1 Total gross receipts from Schedule L, Section A, Column B, line 2............................. 2 Kentucky gross profits from Schedule L, Section A, Column A, line 5 ....................... 3 Total gross profits from Schedule L, Section A, Column B, line 5................................ 4 Limited liability entity tax (LLET) nonrefundable credit from page 1, Part I, the total of lines 4 and 6, less $175....................................................................................... 5 00 00 00 00 00 SECTION C—Apportionment Pass-through Items 1 Kentucky receipts from Schedule A, Part I, line 1.......................................................... 1 2 Total receipts from Schedule A, Part I, line 2.................................................................. 2 00 00 SECTION D—Apportionment for Providers (KRS 141.121 (1)(e)) 1 2 3 4 Kentucky property from Schedule A, Part I, line 5 ........................................................ 1 Total property from Schedule A, Part I, line 6................................................................ 2 Kentucky payroll from Schedule A, Part I, line 8............................................................ 3 Total payroll from Schedule A, Part I, line 9................................................................... 4 41A720S (10-19) 00 00 00 00 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 Kentucky 1(a) (b) 2 3(a) (b) 4 5 Gross receipts less returns and allowances............................................. 1(a) Kentucky statutory gross receipts reductions (see instructions)............ (b) Adjusted gross receipts (line 1(a) less line 1(b))....................................... 2 Cost of goods sold (attach Schedule COGS)............................................. 3(a) Kentucky statutory cost of goods sold reductions (see instructions)..... (b) Adjusted cost of goods sold (line 3(a) less line 3(b))............................... 4 Gross profits (line 2 less line 4).................................................................. 5 00 00 00 00 00 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 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 [ ] 3 Enter the amount from line 1 or line 2.............................................................. 3 00 00 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 1 Enter 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.............................................................................................. 1 41A720S (10-19) 00 Column B Total 00 00 00 00 00
Form 720S
More about the Kentucky Form 720S Corporate Income Tax Tax Return
We last updated the Kentucky S Corporation Income Tax and LLET Return in May 2021, and the latest form we have available is for tax year 2019. This means that we don't yet have the updated form for the current tax year. Please check this page regularly, as we will post the updated form as soon as it is released by the Kentucky Department of Revenue. You can print other Kentucky tax forms here.
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TaxFormFinder has an additional 129 Kentucky income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Kentucky Form 720S.
| Form Code | Form Name |
|---|---|
| 720S - Schedule K | Kentucky Schedule K for S Corporations with Economic Development Project(s) |
| Form 720S Instructions | Kentucky S Corporation Income Tax and LLET Return Instructions |
| 720S - Schedule K-1 | Shareholders Share of Income, Credits, Deductions, Etc |
View all 130 Kentucky Income Tax Forms
Form Sources:
Kentucky usually releases forms for the current tax year between January and April. We last updated Kentucky Form 720S from the Department of Revenue in May 2021.
Form 720S is a Kentucky Corporate Income Tax form. Like the Federal Form 1040, states each provide a core tax return form on which most high-level income and tax calculations are performed. While some taxpayers with simple returns can complete their entire tax return on this single form, in most cases various other additional schedules and forms must be completed, depending on the taxpayer's individual situation, to create a complete income tax return package.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Kentucky Form 720S
We have a total of seven past-year versions of Form 720S in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
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