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Blank Louisiana Cift 620 PDF Form

The Louisiana CIFT 620 form is a tax return document used by corporations to report their income and franchise taxes to the state of Louisiana. This form is essential for ensuring compliance with state tax regulations and must be filed annually. Timely submission is critical, as deadlines can impact the corporation's financial standing and tax obligations.

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The Louisiana CIFT 620 form is an essential document for corporations operating within the state, as it serves as both the Corporation Income Tax Return and the Corporation Franchise Tax Return. Corporations must complete this form to report their income, calculate their tax liabilities, and determine any applicable credits or deductions. The form includes sections for basic information such as the corporation's legal name, trade name, and federal employer identification number. Additionally, it requires detailed financial data, including federal taxable income, gross revenues, and total assets. Corporations must also indicate their income tax apportionment percentage and provide information regarding any intercompany debt. The form facilitates the computation of both income and franchise taxes, allowing corporations to account for various nonrefundable credits, estimated tax payments, and any overpayments. Furthermore, it includes schedules that require additional disclosures related to assets, liabilities, and tax credits, ensuring a comprehensive overview of the corporation's financial standing. Properly completing the CIFT 620 form is crucial for compliance with Louisiana tax regulations and for accurately determining tax obligations.

Document Example

CIFT-620 (1/10)

Print your LA Revenue Account

Louisiana Department

Number here (NOT FEIN):

of Revenue

For ofﬁce use only.

Post Office Box 91011

Baton Rouge, LA 70821-9011

For name change, mark circle.

Legal Name

Trade Name

Louisiana

Corporation

Income Tax

Return for 2009

or Fiscal Year

Begun _______, 2009

Ended _______, 2010

Louisiana

Corporation

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				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		o Yes	o No
I.	Is CIFT-620A, Apportionment and Allocation Schedules included with this return?			I. u		o Yes	o No
J.	Do the books of the corporation contain intercompany debt?			J. u		o Yes	o No
K.	Is borrowed capital computed on a calendar or iscal year closing immediately prior to August 28, 2005?			K. u		o Yes	o No
		Computation of Income Tax

1A.	Louisiana net income before loss adjustments and federal income tax deduction –				u			00
	From either CIFT-620 Schedule D, Line 13 OR from CIFT-620A Schedule P, Line 31			1A.	u			00

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.

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)	7A.	u

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%.	7B.	u	.
				.
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 2009	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
	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 CIFT-620 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. 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		u
	through 19 and go to Line 20. – 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 2010	19. u

20.	Amount due – If Line14 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
	Make payment to Louisiana Department of Revenue. DO NOT SEND CASH.	25.	u

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

2053

Print your LA Revenue Account Number here. u _____________________________

Schedule NRC – Nonrefundable Tax Credits, Exemptions, and Rebates

	Description		Code	Corporation		Corporation
	Description		Code			Franchise Tax (B)
				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	160
	Educational Institutions
	Donations to	170
	Public Schools	170
	Public Schools

Description	Code
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

	Description	Code
	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	240
	Export Cargo
	Motion Picture Investment	251
	Research and Development	252

	Historic Structures	253

	Digital Interactive Media	254

Description	Code
Motion Picture Resident	256
Capital Company	257
LCDFI Credit	258
New Markets	259
Brownields Investor	260
Motion Picture Infrastructure	261
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 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	54F
	Property	54F
	Property

	Prison Industry Enhancement	55F

	Urban Revitalization	56F

	Description	Code
	Mentor-Protégé	57F

	Milk Producers	58F

	Technology	59F
	Commercialization	59F
	Commercialization
	Angel Investor	61F

	Musical and Theatrical	62F
	Production	62F
	Production

	Description	Code
	Wind and Solar Energy	64F
	Systems	64F
	Systems

	School Readiness Child	65F
	Care Provider	65F
	Care Provider

	School Readiness Business	67F
	- Supported Child Care
	School Readiness Fees
	and Grants to Resource	68F
	and Referral Agencies

	Description	Code
	Sugarcane Trailer Conversion	69F

	Retention and Modernization	70F

	Conversion of Vehicle to	71F
	Alternative Fuel	71F
	Alternative Fuel
	Research and Development	72F

	Other Refundable	80F

WEB2054

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

2055

Print your LA Revenue Account Number here. u _____________________________

For Schedule A-1 see Revenue Information Bulletins (RIB) 05-026 and (RIB) 06-026. Also see Revenue Ruling (RR) 06-010.

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.

Schedule A-1 Computation of Franchise Tax Base

1. Capital Stock:

1A.	Common Stock – Include paid-in or Capital Surplus			00

1B.	Preferred Stock – Include paid-in or Capital Surplus			00
2. Total Capital stock – Add Lines 1A and 1B.				00

3. Surplus and undivided proits				00

4. Surplus reserves – Include any excessive reserves or undervalued assets.				00

5. Total – Add Lines 2, 3, and 4.				00

6. Due to subsidiaries and affiliates				00
7. Deposit liabilities to affiliates – Included in the amount on Line 6				00

8. Accounts payable less than 180 days old – Included in the amount on Line 6				00

9. Adjusted debt to affiliates – Subtract Lines 7 and 8 from Line 6.				00

10A. If Line 9 above is greater than zero, AND Line 5 above is greater than or equal to zero, subtract Line 5				00
from line 9. If both conditions of this line do not apply, skip to Line 10B.				00


10A1. If Line 10A is less than zero, print zero on Line 11 and Line 24, column 3. If Line 10A is greater than zero,
multiply Line 10A by 50% and print this amount on Line 11 and Line 24, column 3.

10B. If Line 9 is greater than zero, AND Line 5 is less than or equal to zero, subtract Line 5 from Line 9.				00
Multiply the difference by 50% and print the result here.				00
Multiply the difference by 50% and print the result here.
10B1. Print the lesser of Line 9 or Line 10B on Line 11 and Line 24, column 3. If Line 9 equals Line 10B, print that
amount on Line 11 and on Line 24, column 3.
11. Print the amount from either Line 10A1 or 10B1.				00
	1	2	3
	End of year	70% reduction	Total
		for items of debt	(See note below.)

12.Accounts payable

13.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. – Complete Schedule B. Do Not include indebtedness from the Louisiana Infrastructure Bank.

14.Other current liabilities – Attach Schedule.

Do Not include items of surplus. See RIB 06-026.

15.Loans from stockholders – Attach Schedule.

16.End of year balance due to subsidiaries and affiliates, less amount on Line 11. If less than zero, print zero.

17.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. – Do Not include indebtedness from the Louisiana Infrastructure Bank.

18.Other liabilities – Attach schedule.

Do Not include items of surplus. See RIB 06-026.

19.Capital Stock: Common Stock

		Preferred Stock

20.		Paid-in or capital surplus – Include items of paid-in capital in excess
		of par value.
21.		Surplus reserves – Attach schedule.

22.		Earned surplus and undivided proits

23.		Excess reserves or undervalued assets

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

	25. Total – Add the amounts in Column 3, Lines 12 through 24. Print the total in
		Column 3 and on CIFT-620 Page 2, Line 7A . Round to the nearest dollar.
Note: Print in Column 1 those items that are included in the franchise taxable base. Multiply Lines 12 through 18 by the percentage
	of reduction in Column 2. Subtract the result from Column 1 and print the amount in Column 3.

			WEB	2056

Print your LA Revenue Account Number here. u _____________________________

All applicable schedules must be completed.

Schedule B – Analysis of Schedule A1, Column 1, Lines 13, 15, and 18

Original date of inception

Due date

Payee

Installment amount

Balance due

Taxable amount

Schedule C – Analysis of Schedule A, Line 30, Column 2 – Earned surplus and undivided proﬁts per books

1.	Balance at beginning of year			5. Distributions:	a. Cash

2.	Net income per books				b. Stock

3.	Other increases – Itemize.				c. Property

				6. Other decreases – Itemize.


				7. Total – Add Lines 5 and 6.

4.	Total – Add Lines 1, 2, and 3.			8. Balance at end of year – Subtract Line 7 from Line 4.


			Schedule D – Computation of Louisiana Taxable Income
		Schedule D need not be completed if Form CIFT-620A, Schedule P is iled with this return.

1.		Federal taxable income				1.

			Additions to Federal Taxable Income

2.		Net operating loss deduction claimed on federal return				2.

3.		Dividends received deduction claimed on federal return				3.

4.		Louisiana income tax deducted on federal return				4.

5.		Other additions to federal taxable income – Attach schedule.				5.

6.		Total additions – Add Lines 2 through 5.				6.

			Subtractions from Federal Taxable Income

7.		Refunds of Louisiana income tax reported on federal return				7.

8.		Louisiana depletion in excess of federal depletion – Attach schedule.				8.

9.		Expenses not deducted on the federal return due to Internal Revenue Code Section 280(C)				9.

10.		Road Home – The amount included in federal taxable income.				10.

11.		Other subtractions – Attach schedule.				11.

12.		Total subtractions – Add Lines 7 through 11.				12.

13.		Louisiana net income before S corporation exclusion, loss adjustments, and federal income tax deduction –
		Add the amount on Line 1 to the amount on Line 6, and subtract the amount on Line 12. Round to the				13.
		nearest dollar. Print here and on CIFT-620, Page 1, Line 1A.

WEB	2057

Print your LA Revenue Account Number here. u _____________________________

All applicable schedules must be completed.

Schedule E – Calculation of Income Tax

1. Print the amount of net taxable income from CIFT-620, Page 1, Line 1F.

	Column 1		Column 2
2. Calculation of tax	Net income	RATE	Column 2
2. Calculation of tax	Net income	RATE	TAX
	in each bracket		TAX
	in each bracket

a. First $25,000 of net income		x 4% =

b. Next $25,000		x 5% =

c. Next $50,000		x 6% =

d. Next $100,000		x 7% =

e. Over $200,000		x 8% =

3.Add the amounts in Column 1, Lines 2a through 2e and print the result.

4.Add the amounts in Column 2, Lines 2a through 2e. Round to the nearest dollar. Print in Column 2 and on CIFT-620, Page 1, Line 2.

Schedule F – Calculation of Franchise Tax

1.Print the amount from CIFT-620, Page 2, Line 7 or Line 8, whichever is greater.

2.Print the amount of Line 1 or $300,000, whichever is less.

3.Multiply the amount on Line 2 by $1.50 for each $1,000 or major fraction and print the result.

4.Subtract Line 2 from Line 1 and print the result.

5.Multiply the amount on Line 4 by $3.00 for each $1,000 or major fraction and print the result.

6.Add Lines 3 and 5. Round to the nearest dollar. Print the result here and on CIFT-620, Page 2, Line 9.

Schedule G – Reconciliation of Federal and Louisiana Net Income

Schedule G is required if Form CIFT-620A, Apportionment and Allocation Schedules are iled with this return.

Important! See R.S. 47:287.71 and R.S. 47:287.73 for information.

1.Print the total net income calculated under federal law before special deductions.

2.Additions to federal net income: a. Louisiana income tax

Subtractions from federal net income:

a.Dividends

b.Interest

c.Road Home – The amount included in federal taxable income

3.Louisiana net income from all sources – The amount should agree with Form CIFT-620A, Schedule P, Line 26.

WEB

2058

	Print your LA Revenue Account Number here. u _____________________________
All applicable schedules must be completed.
	Schedule H – Reconciliation of Income Per Books with Income Per Return

1. Net income per books		7. Income recorded on books this year, but not
		included in this return – Itemize.
2. Louisiana income tax		included in this return – Itemize.

3. Excess of capital loss over capital gains

4. Taxable income not recorded on books this
year – Itemize.
year – Itemize.		8. Deductions in this tax return not charged
		8. Deductions in this tax return not charged
		against book income this year:

		a. Depreciation

		b. Depletion

5. Expenses recorded on books this year, but not		c. Other
5. Expenses recorded on books this year, but not
deducted in this return:

a. Depreciation

b. Depletion

c. Other

		9. Total – Add Lines 7 and 8.

		10. Net income from all sources per return –
6. Total – Add Lines 1 through 5.		Subtract Line 9 from Line 6.
6. Total – Add Lines 1 through 5.

	Schedule I – Summary of Estimated Tax Payments

Check number

Date

Amount

1.Credit from prior year return

2.First quarter estimated payment

3.Second quarter estimated payment

4.Third quarter estimated payment

5.Fourth quarter estimated payment

6.Payment made with extension request

7. Total

Additional Information Required

1.Indicate principal place of business. ___________________________

2.Describe the nature of your business activity and specify your principal product or service, both in Louisiana and elsewhere.

Louisiana:

Elsewhere:

3.Indicate the date and state of incorporation. ____________________

4.Indicate parishes in which property is located.

5.At the end of the tax year, did you directly or indirectly own 50% or more of the voting stock of any corporation or an interest of any part- nership, including any entity treated as a corporation or partnership?

o Yes o No

If “yes,” show name, address, and percentage owned.

6.At the end of the tax year, did any corporation, individual, partnership, trust, or association directly or indirectly own 50% or more of your vot-

ing stock? o Yes o No

If “yes,” show name, address, and percentage owned.

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2059

	Corporation Apportionment and Allocation Schedules
	COMPLETE ALL APPLICABLE SCHEDULES.
CIFT-620A (1/10)	Print your LA Revenue Account Number here. u ___________________________________

Name as shown on CIFT-620

Income taxable period covered

Schedule M - Computation of Corporate Franchise Tax and Income Tax Property Ratios

				Located in Louisiana
	Located everywhere		Franchise tax	Income tax property factor
			property factor	Income tax property factor
			property factor
1. Items	2. Beginning of year	3. End of year	4. End of year	5. Beginning of year	6. End of year

Intangible assets

1.Cash.........................................................

2.Notes and accounts receivable................

3. Reserve for bad debts

(

) (

)

4.Investment in U.S. govt. obligations.........

5.Stock and obligations of subsidiaries.......

6.Other investments – Attach schedule. .....

7.Loans to stockholders ..............................

8.Other intangible assets – Attach schedule.

9. Accumulated depreciation

(

) (

)

10. Total intangible assets – Add Lines 1-9...

	Real and tangible assets
11.	Inventories
12.	Bldgs. and other depreciable assets
12.	Bldgs. and other depreciable assets
13.	Accumulated depreciation
13.	Accumulated depreciation	(	)	(	)	(	)	(	)	(	)
14.	Depletable assets
14.	Depletable assets
15.	Accumulated depletion
15.	Accumulated depletion	(	)	(	)	(	)	(	)	(	)
16.	Land
16.	Land
17.	Other real & tangible assets – Attach sch.
17.	Other real & tangible assets – Attach sch.
18.	Excessive reserves, assets not relected
18.	Excessive reserves, assets not relected
	on books, or undervalued assets
19.	Total real and tangible assets –
19.	Total real and tangible assets –
	Add Lines 11 through 18
20.	Total assets – Add Lines 10 and 19
20.	Total assets – Add Lines 10 and 19
21.	Print the amount from Line 19 above
21.	Print the amount from Line 19 above
22.	Less real and tangible assets not used
22.	Less real and tangible assets not used
	in production of net apportionable income
	– Attach schedule
23.	Balance
23.	Balance
24.	Beginning of year balance
24.	Beginning of year balance
25.	Total – Add Lines 23 and 24
25.	Total – Add Lines 23 and 24

26. Franchise tax property ratio (Line 20, Column 4 ÷ Line 20, Column 3)					............................		__ __ __ . __ __ %

27. Income tax property ratio (Line 25, Column 6 ÷ Line 25, Column 3) ..........................................................................................................

Schedule N - Computation of Corporate Franchise Tax Apportionment Percentage

__ __ __ . __ __ %

1. Description of items used as ratios	2. Total amount 3. Louisiana amount 4. Percent (Col. 3 ÷ Col. 2)
1. Net sales of merchandise, charges for services, and other revenues
A. Sales – See instructions, page 24
B. Charges for services – See instructions, page 24

C. Other Revenues – See instructions, page 24.

(i)	Rents and royalties	For Manufacturers
		This is your apportionment ratio. Print
(ii)	Dividends and interest from subsidiaries
		here and on Page 2, Line 7B of CIFT-620.
(iii)	Other dividends and interest	Do NOT proceed further.
		▼
(iv) All other revenues
D. Total – Add the amounts in Columns 2 and 3. Calculate the ratio and
print the result in Column 4. For taxpayers whose primary business is		__ __ __ . __ __ %
. ..manufacturing, use this apportionment ratio. See instructions, page 24
2. Franchise tax property ratio – Print in Column 4 the percentage from Schedule M, Line 26		__ __ __ . __ __ %
...........................................................................................................................3. Total of applicable percents in Column 4		__ __ __ . __ __ %
4. Average of percents – Divide Line 3 by applicable number of ratios. Print here and on CIFT-620, Page 2, Line 7B
		__ __ __ . __ __ %

WEB

2060

Print your LA Revenue Account Number here. u _____________________________

Schedule P - Computation of Louisiana Net Income

Column 3 must be completed. Column 2 must also be completed if the separate accounting method is used.

Those corporations employing the separate accounting method should review R.S. 47:287.94H for guidance.	2. LA amounts	3. Totals
1. Items	(Lines 1 through 25)

1.Gross receipts ______________________ Less returns and allowances _______________

2.Less: Cost of goods sold and/or operations – Attach schedules. ........................................................................

3.Gross proit ...........................................................................................................................................................

4.Gross rents ...........................................................................................................................................................

5.Gross royalties ......................................................................................................................................................

6.Income from estates, trusts, partnerships.............................................................................................................

7.Income from construction, repair, etc. ..................................................................................................................

8.Other income – Attach schedule. .........................................................................................................................

9.Total income – Add Lines 3 through 8.............................................................................................................................................

10. Compensation of officers .....................................................................................................................................

11. Salaries and wages (not deducted elsewhere).....................................................................................................

12. Repairs – Do not include cost of improvements or capital expenditures. ............................................................

13. Bad debts..............................................................................................................................................................

14. Rent ......................................................................................................................................................................

15. Taxes – Attach schedule. .....................................................................................................................................

16. Interest ..................................................................................................................................................................

17. Contributions.........................................................................................................................................................

18.Depreciation – Attach schedule. ...........................................................................................................................

19.Depletion – Attach schedule. ................................................................................................................................

20.Advertising ............................................................................................................................................................

21.Pension, proit sharing, stock bonus, and annuity plans ......................................................................................

22.Other employee beneit plans...............................................................................................................................

23.Other deductions – Attach schedule.....................................................................................................................

24.Total deductions – Add Lines 10 through 23........................................................................................................

25.Net income from Louisiana sources – If separate (direct) method of reporting is used, print here and on Line 31.

26.Net income from all sources – Subtract Column 3, Line 24 from Column 3, Line 9. ..........................................

27.Allocable income from all sources – See instructions, page 25. Attach schedule supporting each amount.

A.Net rents and royalties from immovable or corporeal movable property .........................................................

B.Royalties from the use of patents, trademarks, etc. – See instructions, page 25............................................

C.Income from estates, trusts, and partnerships .................................................................................................

D.Income from construction, repair, etc. – See instructions, page 25.................................................................

E.Other allocable income.......................................................................................................................................

28.Net income subject to apportionment – Subtract Lines 27A through 27E from Line 26, Column 3. ...................

29.Net income apportioned to Louisiana – See instructions, page 25. .....................................................................

30.Allocable income from Louisiana sources – See instructions, page 26. Attach schedule supporting each amount.

A.Net rents and royalties from immovable or corporeal movable property .........................................................

B.Royalties from the use of patents, trademarks, etc. – See instructions, page 26............................................

C.Income from estates, trusts, and partnerships .................................................................................................

D.Income from construction, repair, etc. – See instructions, page 26.................................................................

E.Other allocable income.....................................................................................................................................

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

Add Column 3, Line 29 to Column 2, Lines 30A through 30E. Print the result or the amount on Line 25,

whichever is applicable, here and on Form CIFT-620, Page 1, Line 1A. Round to the nearest dollar. .....................................................

Schedule Q - Computation of Income Tax Apportionment Percentage

1. Description of items used as ratios	2. Total amount 3. Louisiana amount	4. Percent (Col. 3 ÷ Col. 2)
1. Net sales of merchandise and/or charges for services		For Manufacturers or Merchandisers.
A. Sales – See instructions, page 26		This is your apportionment ratio. Use this
		result in determining income apportioned
B. Charges for services – See instructions, page 26
		to Louisiana on Line 29, Sch. P above. Do
C. Other gross apportionable income		NOT proceed further.

D.Total – Add the amounts in Columns 2 and 3. Calculate the ratio and print the result in Column 4. For taxpayers whose primary business is manufacturing

or merchandising, use this apportionment ratio. See instructions, page 26

__ __ __ . __ __ %

2.Wages, salaries, and other personal service compensation paid

	during the year – Print the amounts in Column 2 and Column 3.
		__ __ __ . __ __ %
	Calculate the ratio and print the result in Column 4
3.	Income tax property ratio – Print percentage from Schedule M, Line 27	__ __ __ . __ __ %
4.	Total of percents in Column 4	__ __ __ . __ __ %
5. Average of percents – Multiply this result by the amount on Schedule P, Line 29 to determine the amount of Louisiana apportionable income.		__ __ __ . __ __ %
	WEB
		2061

Dos and Don'ts

When filling out the Louisiana CIFT 620 form, there are several important guidelines to follow. Below is a list of actions to take and avoid:

Do print your LA Revenue Account Number clearly at the top of the form.
Do ensure all applicable schedules are completed and attached.
Do double-check all calculations to avoid errors in reported income and taxes.
Do sign and date the return before submission.

Don't send cash as payment; always use a check or money order.
Don't leave any required fields blank; fill in all necessary information.
Don't forget to mark the appropriate circles for name or address changes, if applicable.
Don't submit the form late; adhere to the April 15 deadline for calendar year returns.

Create Common Templates

Louisiana Department of Motor Vehicles Forms - Documentation must be retained for future reference and verification if necessary.

A Durable Power of Attorney (DPOA) is a legal document that allows you to designate someone to make decisions on your behalf if you become incapacitated. In Arizona, this form is essential for ensuring your financial and medical matters are handled according to your wishes. For those looking to understand how to properly complete and execute this document, you can find a helpful resource at https://arizonapdfs.com/durable-power-of-attorney-template, which is crucial for protecting your interests.

2022 Form 540 - Taxpayers must provide Social Security numbers for themselves and their dependents.

Detailed Instructions for Filling Out Louisiana Cift 620

Filling out the Louisiana CIFT 620 form is an essential step for corporations to report their income and franchise taxes. To ensure accuracy and compliance, follow the steps outlined below carefully. Each section of the form requires specific information, so gather all necessary documents before you begin.

Print your Louisiana Revenue Account Number at the top of the form.
Indicate if this is a name change, address change, or an amended return by marking the appropriate circle.
Provide the legal name and trade name of the corporation.
Fill in the fiscal year dates: start and end dates.
Mark whether this is a final return, short period return, or a regular return.
Complete the Federal Employer Identification Number (FEIN) section.
Input the federal taxable income.
Enter the income tax apportionment percentage.
Fill in gross revenues and total assets.
Provide the NAICS code for your corporation.
Answer the questions regarding consolidated federal income tax returns and intercompany debt.
Complete the computation of income tax section, including net income and various deductions.
Calculate the Louisiana income tax and nonrefundable income tax credits.
Determine the amount of income tax due or any overpayment.
Proceed to the computation of franchise tax section, filling in capital stock and assessed values.
Calculate the Louisiana franchise tax and any applicable nonrefundable credits.
Finalize the total income and franchise tax due or overpayment.
Complete the declaration section by signing and dating the form.
Make payment to the Louisiana Department of Revenue, ensuring not to send cash.

Documents used along the form

The Louisiana CIFT 620 form is an essential document for corporations filing income and franchise taxes in Louisiana. Along with this form, several other documents may be required to ensure compliance with state tax regulations. Here’s a list of forms that are often used in conjunction with the CIFT 620, along with a brief description of each.

CIFT-620A: This is the Apportionment and Allocation Schedules form. It provides the necessary details for calculating how much of a corporation's income is taxable in Louisiana versus other states.
CIFT-620 Schedule D: This schedule is used to report the corporation's federal taxable income and any adjustments that may apply. It is crucial for determining the corporation's Louisiana taxable income.
Motor Vehicle Power of Attorney: This form allows one person to authorize another to navigate various motor vehicle transactions, ensuring that necessary tasks like buying, selling, or transferring ownership are managed effectively. For a comprehensive template, visit Fast PDF Templates.
CIFT-620 Schedule E: This schedule calculates the Louisiana income tax owed. It includes lines for reporting total nonrefundable income tax credits and determining the final tax liability.
CIFT-620 Schedule NRC: This is the Nonrefundable Tax Credits, Exemptions, and Rebates schedule. It lists any nonrefundable credits the corporation may be eligible for, which can reduce the overall tax liability.
CIFT-620 Schedule RC: This form details Refundable Tax Credits and Rebates. It allows corporations to claim credits that can result in a refund from the state.
CIFT-620 Schedule A: The Balance Sheet schedule. This document summarizes the corporation's assets, liabilities, and equity, providing a financial snapshot required for tax calculations.
CIFT-620 Schedule A-1: This schedule computes the franchise tax base. It helps in determining the amount of franchise tax owed based on the corporation’s capital structure.
Federal Tax Return (Form 1120): While not specific to Louisiana, the federal tax return is often needed to support the information reported on the CIFT 620 and its associated schedules.

Each of these forms plays a vital role in accurately reporting a corporation's financial situation and tax obligations in Louisiana. Ensuring all relevant documents are completed and submitted correctly can help avoid delays and penalties. Always consider consulting a tax professional for guidance tailored to your specific circumstances.

Your Questions, Answered

What is the Louisiana CIFT 620 form?

The Louisiana CIFT 620 form is a tax return specifically designed for corporations operating in Louisiana. It covers both the Louisiana Corporation Income Tax and the Louisiana Corporation Franchise Tax. This form must be filed annually by corporations to report their income and calculate the taxes owed to the state.

Who is required to file the CIFT 620 form?

Any corporation that does business in Louisiana or has income sourced from Louisiana is generally required to file the CIFT 620 form. This includes both domestic and foreign corporations that meet certain criteria. If your corporation has no taxable income or is not subject to franchise tax, you may not need to file, but it’s always good to check with a tax professional.

When is the CIFT 620 form due?

For corporations operating on a calendar year, the CIFT 620 form is due on April 15. If your corporation operates on a fiscal year, the due date will depend on the end of your fiscal year. Always refer to the specific instructions for your fiscal year to ensure timely filing.

What information do I need to complete the CIFT 620 form?

To complete the CIFT 620 form, you will need various pieces of information, including:

Your corporation's legal name and trade name.
Federal Employer Identification Number (FEIN).
Federal taxable income.
Gross revenues and total assets.
Apportionment percentage and NAICS code.
Details about any nonrefundable tax credits.

Gathering this information beforehand can streamline the filing process.

What are the penalties for late filing of the CIFT 620 form?

Filing the CIFT 620 form late can result in penalties and interest on any unpaid taxes. The penalties can vary based on how late the form is filed. It’s important to file on time to avoid these additional costs. If you anticipate a delay, consider filing for an extension to mitigate penalties.

Can I amend my CIFT 620 form after it has been filed?

Yes, you can amend your CIFT 620 form if you discover errors or need to make changes. To do this, you must mark the appropriate circle on the form indicating that it is an amended return. Attach any necessary documentation that supports your amendments. Always keep a copy of the original and the amended return for your records.

What if my corporation has no income to report?

If your corporation has no income to report, you may still be required to file the CIFT 620 form, especially if you are subject to franchise tax. Even if there is no tax due, filing a return ensures compliance with state regulations. Always consult the instructions for guidance based on your specific situation.

Where do I send the completed CIFT 620 form?

The completed CIFT 620 form should be mailed to the Louisiana Department of Revenue at the address specified on the form. Be sure to send it well in advance of the due date to ensure it is received on time. Avoid sending cash; use a check or money order for any payments due.

How can I get help if I have questions about the CIFT 620 form?

If you have questions about completing the CIFT 620 form, you can contact the Louisiana Department of Revenue directly. They offer resources and assistance for corporations filing their taxes. Additionally, consulting with a tax professional can provide personalized guidance tailored to your corporation's needs.

Common mistakes

Filling out the Louisiana CIFT 620 form can be a complex process, and mistakes can lead to delays or complications. One common error is failing to provide the correct Louisiana Revenue Account Number. This number is crucial for the Louisiana Department of Revenue to identify your corporation accurately. Without it, your return may not be processed correctly, potentially leading to penalties or additional scrutiny.

Another frequent mistake involves incorrect reporting of federal taxable income. It is essential to ensure that the amount reported in Section B is accurate and reflects the corporation's true income. Miscalculating this figure can result in overpayment or underpayment of taxes, which may have serious financial implications. Always double-check your calculations and consider consulting with a tax professional if you are unsure.

Additionally, many individuals overlook the importance of including all required schedules with the CIFT 620 form. For instance, if you are required to submit the CIFT-620A, Apportionment and Allocation Schedules, failing to do so can lead to the rejection of your return. It is vital to review the instructions carefully and ensure that all necessary documentation is attached before submission.

Finally, neglecting to sign and date the return is a common oversight. This step is not merely a formality; it signifies that the information provided is accurate to the best of your knowledge. Without a signature, the return may be considered incomplete, which can further complicate your tax obligations. Taking the time to review your form thoroughly can help avoid these pitfalls and ensure a smoother filing process.

Misconceptions

Misconception 1: The CIFT-620 form is only for large corporations.

This is not true. The CIFT-620 form is required for all corporations operating in Louisiana, regardless of size. Small businesses must also comply with this tax filing requirement.

Misconception 2: Filing the CIFT-620 form is optional.

Filing the CIFT-620 form is mandatory for corporations that meet certain criteria. Failing to file can result in penalties and interest on unpaid taxes.

Misconception 3: The form can be filed at any time during the year.

Corporations must file the CIFT-620 form by April 15 for calendar year returns. There are specific deadlines for fiscal year returns as well.

Misconception 4: Only profits are taxed; losses do not matter.

While profits are taxed, corporations can also account for losses. The form allows for loss carryforwards and carrybacks, which can reduce taxable income in future years.

Misconception 5: The CIFT-620 form is the same as the federal tax return.

The CIFT-620 form is specific to Louisiana and has different requirements than federal tax returns. Corporations must complete both forms separately.

Misconception 6: All corporations must pay franchise tax.

Not all corporations are required to pay franchise tax. Some entities may be exempt based on their specific circumstances or structure.

Misconception 7: The CIFT-620 form is straightforward and easy to complete.

While some may find it straightforward, the form can be complex. Proper attention to detail is necessary to avoid errors that could lead to audits or penalties.

Misconception 8: Assistance is not available for completing the form.

Help is available through various resources, including the Louisiana Department of Revenue's website, tax professionals, and accounting firms that specialize in corporate tax filings.

Document Attributes

Fact Name	Details
Form Purpose	The Louisiana CIFT-620 form is used for filing both the Corporation Income Tax Return and the Corporation Franchise Tax Return for corporations operating in Louisiana.
Filing Deadline	Corporation tax returns must be filed by April 15 for calendar year entities. Fiscal year entities should refer to specific instructions for their deadlines.
Governing Laws	This form is governed by Louisiana Revised Statutes Title 47, specifically sections related to corporate income and franchise taxes.
Amendments	Corporations can mark a circle on the form to indicate if they are submitting an amended return, which may be necessary for corrections.
Information Required	The form requires details such as federal employer identification number, federal taxable income, and gross revenues, among other financial information.
Attachments	Schedule CIFT-620A, Apportionment and Allocation Schedules, must be included if applicable, along with any other necessary schedules for accurate reporting.