The Louisiana CIFT 620 form is used for filing the Louisiana Corporation Income Tax Return and the Louisiana Corporation Franchise Tax Return. This form helps corporations report their income and calculate taxes owed to the state. For a smooth filing process, ensure you fill out the form accurately by clicking the button below.
The Louisiana CIFT 620 form is an essential document for corporations operating within the state, specifically for reporting income and franchise taxes. This form is used to file the Louisiana Corporation Income Tax Return and the Louisiana Corporation Franchise Tax Return, providing a comprehensive overview of a corporation's financial performance over the specified fiscal year. Corporations must indicate their legal name, trade name, and Louisiana Revenue Account Number at the top of the form. It requires detailed financial information, including federal taxable income, gross revenues, and total assets. Additionally, corporations must disclose whether their income was included in a consolidated federal income tax return and provide an apportionment percentage. The form also includes sections for calculating income tax and franchise tax, with provisions for nonrefundable credits and overpayments. Corporations can mark options for name or address changes, as well as indicate if they are filing an amended return. Completing this form accurately is crucial, as it ensures compliance with Louisiana tax laws and helps avoid potential penalties.
CIFT-620 (1/10)
Print your LA Revenue Account
u
Louisiana Department
Number here (NOT FEIN):
of Revenue
For office use only.
Post Office Box 91011
Baton Rouge, LA 70821-9011
uO
For name change, mark circle.
Legal Name
Trade Name
Louisiana
Corporation
Income Tax
Return for 2009
or Fiscal Year
Begun _______, 2009
Ended _______, 2010
Franchise Tax Return for 2010 or Fiscal Year
Begun _______, 2010
Ended _______, 2011
For address change, mark circle.
For amended return, mark circle.
Entity is not required to ile franchise tax
Address
City
State
ZIP
Calendar year returns are due April 15. See instructions for iscal years.
OFinal return
Mark the appropriate circle for
O Short period return
Short period or Final return.
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
D.
Income tax apportionment percentage (two decimal places)
D. u
.
%
E.
Gross revenues
E. u
F.
Total assets
F. u
G.
NAICS code
G. u
H.
Was the income of this corporation included in a consolidated federal income tax return?
H. u
o Yes
o No
I.
Is CIFT-620A, Apportionment and Allocation Schedules included with this return?
I. u
J.
Do the books of the corporation contain intercompany debt?
J. u
K.
Is borrowed capital computed on a calendar or iscal year closing immediately prior to August 28, 2005?
K. u
Computation of Income Tax
1A.
Louisiana net income before loss adjustments and federal income tax deduction –
From either CIFT-620 Schedule D, Line 13 OR from CIFT-620A Schedule P, Line 31
1B.
Subchapter S corporation exclusion – See instructions, page 16. Attach schedule.
1C.
Loss carryforward [$
.00] less federal tax refund applicable to loss [$
.00] Attach schedule.
1D.
Loss carryback [$
1E.
Federal income tax deduction – See instructions, page 16.
1E1.
Federal Disaster Relief Credits – See instructions, page 17.
1F.
Louisiana taxable income – Subtract Lines 1B, 1C, 1D, and 1E from Line 1A.
2.
Louisiana income tax – From CIFT-620 Schedule E, Line 4
3.
Total nonrefundable income tax credits – From CIFT-620 Schedule NRC, Line 10
4.
Income tax after nonrefundable credits – Subtract Line 3 from Line 2.
5.
Estimated tax payments – From CIFT-620 Schedule I, Line 7
6.
Amount of income tax due or overpayment – Subtract Line 5 from Line 4.
*Complete the following page, sign and date return and remit
any amount due shown on Line 25. Do not send cash.
WEB
FOR OFFICE USE ONLY.
Field lag
SPEC
CODE
www.revenue.louisiana.gov2052
2052924
Print your LA Revenue Account Number here. u _____________________________
Computation of Franchise Tax
7A.
Total capital stock, surplus, undivided proits, & borrowed capital – From CIFT-620 Schedule A-1, Line 25, Column 3)
7B.
Franchise tax apportionment percentage – From CIFT-620A Schedule N, either Line1D OR Line 4 –
Percentage must be carried out to 2 decimal places. Do not exceed 100.00%.
7C.
Franchise taxable base – Multiply Line 7A by Line 7B.
8.
Amount of assessed value of real and personal property in Louisiana in 2009
9.
Louisiana franchise tax – From CIFT-620 Schedule F, Line 6
10.
Total nonrefundable franchise tax credits – From CIFT-620 Schedule NRC, Line 11
11.
Franchise tax after nonrefundable credits – Subtract Line 10 from Line 9.
12.
Previous payments
12. u
13.
Amount of franchise tax due or overpayment – Subtract Line 12 from Line 11.
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.
15A. Other refundable credits – From CIFT-620 Schedule RC, Line 6
15A. u
15B. Subtotal – Add Lines 15 and 15A and print the result.
15B.
16.
Net income and franchise taxes overpayment. If Line 14 is equal to Line 15B, print zero on
Lines 16 through 23 and go to Line 24. If Line 14 is less than Line 15B, subtract Line 14 from
Line 15B and print the result here. If Line 14 is greater than Line 15B, print zero on Lines 16
through 19 and go to Line 20. – See instructions, page 17.
17.
Amount of overpayment you want to donate to The Military Family Assistance Fund
18.
Amount of overpayment you want Refunded
18. u
19.
Amount of overpayment you want Credited to 2010
19. u
20.
Amount due – If Line14 is greater than Line 15B, subtract Line 15B from Line 14 and print the result.
21.
Delinquent iling penalty – See instructions, page 17.
22.
Delinquent payment penalty – See instructions, page 17.
23.
Interest – See instructions, page 17.
24.
Additional donation to The Military Family Assistance Fund
25.
Total amount due – Add Lines 20 through 24.
Make payment to Louisiana Department of Revenue. DO NOT SEND CASH.
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
()
2053
Schedule NRC – Nonrefundable Tax Credits, Exemptions, and Rebates
Description
Code
Franchise Tax (B)
Income Tax (A)
1.
7.
Total Income Tax Credits: Add credit amounts in Column A. Print here and on CIFT-620, Line 3.u
Total Franchise Tax Credits: Add credit amounts in Column B. Print here and on CIFT-620, Line 10. u
For further information about these credits, please see instructions beginning on page 18.
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
Other
199
Atchafalaya Trace
200
Previously Unemployed
208
Recycling Credit
210
Basic Skills Training
212
Dedicated Research
220
New Jobs Credit
224
Refunds by Utilities
226
Eligible Re-entrants
228
Neighborhood Assistance
230
Cane River Heritage Area
232
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
LCDFI Credit
258
New Markets
259
Brownields Investor
260
Motion Picture Infrastructure
261
299
Biomed/University Research
300
Tax Equalization
305
Manufacturing Establishments
310
Enterprise Zone
315
399
Schedule RC – Refundable Tax Credits and Rebates
Amount of Credit Claimed
F
Total: Add lines 1 through 5. Print the result here and on Line 15A.
For further information about these credits, please see instructions beginning on page 20.
Inventory Tax
50F
Ad Valorem Natural Gas
51F
Ad Valorem Offshore Vessels
52F
Telephone Company
54F
Property
Prison Industry Enhancement
55F
Urban Revitalization
56F
Mentor-Protégé
57F
Milk Producers
58F
Technology
59F
Commercialization
Angel Investor
61F
Musical and Theatrical
62F
Production
Wind and Solar Energy
64F
Systems
School Readiness Child
65F
Care Provider
School Readiness Business
67F
- Supported Child Care
School Readiness Fees
and Grants to Resource
68F
and Referral Agencies
Sugarcane Trailer Conversion
69F
Retention and Modernization
70F
Conversion of Vehicle to
71F
Alternative Fuel
72F
Other Refundable
80F
WEB2054
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
Reserve for bad debts
Inventories
Investment in United States government obligations
Other current assets – Attach schedule.
Loans to stockholders
Stock and obligations of subsidiaries
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.
2055
Filling out the Louisiana CIFT 620 form is an important step for corporations operating in the state. This form is used to report income and franchise taxes, and it requires accurate information to ensure compliance with state tax laws. Follow the steps below to complete the form correctly.
After completing the form, it is essential to review all entries for accuracy. This will help prevent delays or issues with your tax filing. Once you are satisfied with the information provided, submit the form to the Louisiana Department of Revenue by the due date to ensure compliance and avoid penalties.
The Louisiana CIFT 620 form is used by corporations to report their income and franchise taxes to the Louisiana Department of Revenue. It is necessary for corporations operating in Louisiana to file this form annually to comply with state tax regulations.
Any corporation that conducts business in Louisiana and meets certain income thresholds must file the CIFT 620 form. This includes both domestic and foreign corporations. If a corporation's income is below the threshold, it may still need to file for franchise tax purposes.
The CIFT 620 form is due on April 15 for calendar year filers. For corporations with a fiscal year, the due date is the 15th day of the fourth month following the end of the fiscal year. It is essential to file on time to avoid penalties.
To complete the CIFT 620 form, corporations need to provide:
Additionally, any relevant schedules must be attached, such as CIFT-620A for apportionment and allocation.
Late filing of the CIFT 620 form can result in penalties and interest on the amount due. The penalty for late filing is generally a percentage of the tax due, and interest accrues on unpaid taxes until they are paid in full. Timely filing is crucial to avoid these additional costs.
Yes, the CIFT 620 form can be amended if there are errors or changes to the originally filed return. To amend, the corporation must mark the appropriate box on the form and provide the corrected information. It is advisable to file an amended return as soon as the error is discovered.
The completed CIFT 620 form should be mailed to the Louisiana Department of Revenue at the address specified on the form. It is important to ensure that the form is sent to the correct address to avoid delays in processing.
Neglecting to Include the LA Revenue Account Number: Always remember to print your Louisiana Revenue Account Number at the top of the form. Failing to do so can delay processing and lead to complications.
Incorrectly Marking the Status of the Return: Be sure to select the correct status for your return, whether it’s for a name change, address change, or if it’s an amended return. Mislabeling can result in your return being processed incorrectly.
Inaccurate Reporting of Federal Taxable Income: Double-check the figures you enter for federal taxable income. Errors in this section can affect your overall tax calculations significantly.
Omitting Required Schedules: Ensure that all applicable schedules, such as CIFT-620A and CIFT-620 Schedule E, are included with your return. Missing schedules can lead to delays or rejections.
Failing to Sign and Date the Return: It’s crucial to sign and date your return before submission. An unsigned return is considered incomplete and will not be processed.
Incorrectly Calculating Tax Credits: When claiming nonrefundable tax credits, ensure that the calculations are accurate and that you have the necessary documentation. Mistakes here can lead to incorrect tax liabilities.
Not Keeping Copies of Submitted Forms: Always retain copies of your submitted forms and any accompanying documentation. This practice can be invaluable if questions arise about your submission later on.
The Louisiana CIFT 620 form is essential for corporations to report their income and franchise taxes. Several other forms and documents often accompany this primary form to ensure compliance with state regulations. Below is a list of these related documents, each serving a specific purpose in the tax filing process.
Using these forms in conjunction with the CIFT 620 ensures that corporations fulfill their tax obligations accurately and efficiently. Properly completing each document can help avoid penalties and streamline the filing process.
The Louisiana CIFT-620 form is similar to the federal Form 1120, which is the U.S. Corporation Income Tax Return. Both forms are used by corporations to report their income, deductions, and tax liability to the respective tax authorities. They require detailed financial information, including revenue, expenses, and tax credits. The CIFT-620 form, however, includes specific sections related to Louisiana tax laws, such as state-specific deductions and credits, which are not found on the federal form.
Another document that shares similarities with the CIFT-620 is the IRS Form 1065, used by partnerships to report their income, deductions, and credits. Like the CIFT-620, Form 1065 requires comprehensive financial data and includes schedules for detailing income and expenses. However, while the CIFT-620 focuses on corporate income tax, Form 1065 is specifically designed for partnerships, reflecting the different structures and tax treatments of these entities.
The CIFT-620 also resembles the California Form 100, which is the California Corporation Franchise or Income Tax Return. Both forms are intended for corporate entities operating within their respective states and require similar financial disclosures. Each form mandates the reporting of gross income, deductions, and tax credits, but the California form adheres to state-specific tax regulations, similar to how the CIFT-620 aligns with Louisiana tax laws.
Additionally, the New York State Form CT-3 bears resemblance to the CIFT-620. This form is utilized by corporations operating in New York to report their income and calculate their franchise tax. Both forms require detailed financial information and include specific sections for tax credits and deductions. The CT-3 is tailored to New York's tax regulations, paralleling the CIFT-620's focus on Louisiana's tax framework.
The CIFT-620 is also similar to the Texas Franchise Tax Report, which corporations in Texas must file. Both documents serve to report income and determine tax liability based on state-specific criteria. They require corporations to provide financial details, including revenue and expenses. The Texas report, however, has its own unique calculations and exemptions that differ from those in Louisiana.
Another comparable document is the Florida Corporate Income Tax Return (Form F-1120). This form, like the CIFT-620, is used by corporations to report their income and calculate their tax obligations to the state. Both forms necessitate the disclosure of financial information, including income and deductions, while also accommodating state-specific tax rules and credits.
Lastly, the Massachusetts Form 355 is akin to the CIFT-620, as it is used by corporations to report income and calculate taxes owed to the state. Both forms require a detailed account of financial activities, including revenue and deductions. The Massachusetts form includes its own set of specific regulations and tax credits, reflecting the state's unique tax environment, similar to how the CIFT-620 addresses Louisiana's tax requirements.
When completing the Louisiana CIFT 620 form, attention to detail is crucial. Here are seven important tips to help you navigate the process effectively.
By following these guidelines, you can help ensure that your submission is complete and accurate, facilitating a smoother processing experience with the Louisiana Department of Revenue.
This form is required for all corporations operating in Louisiana, regardless of size. Even small businesses must file if they meet certain income thresholds.
Filing the CIFT-620 is mandatory for corporations that do business in Louisiana. Failure to file can result in penalties and interest on unpaid taxes.
The CIFT-620 form can change from year to year. It is important to use the correct version for the tax year being filed.
Corporation income tax returns are typically due on April 15 for calendar year filers. Specific deadlines may vary for fiscal year filers.
This form also includes sections for franchise tax. Corporations must calculate and report both types of taxes on the same form.
Supporting schedules, such as CIFT-620A and others, must be included with the CIFT-620. Incomplete submissions may delay processing.
Foreign corporations doing business in Louisiana are also required to file the CIFT-620 form, just like domestic entities.
Cash payments are not accepted. Corporations must remit payments via check or electronic methods as specified by the Louisiana Department of Revenue.
While missing the deadline can result in penalties, corporations can still file late returns. It is advisable to file as soon as possible to minimize penalties.
Ensure you fill in your Louisiana Revenue Account Number at the top of the CIFT-620 form. This number is crucial for proper processing.
Mark the appropriate circles for any changes, such as name or address changes, and indicate if this is an amended return.
Be mindful of the due date. Calendar year returns must be filed by April 15. Fiscal year returns have their own deadlines.
Complete all necessary schedules, such as CIFT-620A for apportionment and allocation, to ensure accurate reporting of income and franchise taxes.
After calculating your taxes, sign and date the return. Do not send cash; payments should be made by check or electronic transfer.