MAINE REVENUE SERVICES FORM 941P-ME Due on or Before PASS-THROUGH ENTITY RETURN OF MAINE INCOME TAX WITHHELD FROM MEMBERS 12941P0 04 30 2013 Period Covered 01 01 2012 - 12 31 2012 Federal Identi cation No Check here if your address changed. A. Check this box and complete Schedule 3P if you are claiming the Compliant Taxpayer or Composite Filing exemption from pass-through entity withholding for any non-resident member. See Schedule 3P instruction.
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How to fill out the 941p Me 2012 Form online
Filling out the 941p Me 2012 Form online can streamline your reporting process for pass-through entity income tax withheld from members. This guide offers clear, step-by-step instructions to assist you in completing the form accurately.
Follow the steps to successfully complete the 941p Me 2012 Form online.
- Press the ‘Get Form’ button to access the 941p Me 2012 Form, which you can then view and edit in your preferred editor.
- Begin by entering your Federal Identification Number in the designated field. Ensure it is accurate to avoid processing delays.
- Indicate the period covered by the form, which should reflect the year 2012, from January 1, 2012, to December 31, 2012.
- If your address has changed, check the box provided and complete Schedule 3P for any necessary exemptions regarding non-resident members.
- Complete the pass-through entity withholding amount for the year, taken from Schedule 2P, line 12. Ensure that calculations are consistent.
- Fill in the amount due with this return, calculated as the difference between line 1 and line 2 if applicable, reflecting any amounts owed.
- If applicable, indicate any overpayment that is to be refunded in section 3b. This reflects the amount if the overpayment exceeds the pass-through entity withholding.
- Proceed to fill out Schedule 1P to provide details on entity apportionment, including Maine sales and apportionment factors.
- In the Schedule 2P section, list each member involved, including their name, Social Security Number or EIN, distributive share percentage, and the Maine income tax withheld.
- Once all sections are filled out, review the information for accuracy, and prepare to submit it according to the filing instructions outlined.
- After confirming that all information is correct, save your changes, and either download, print, or share the completed form as needed.
Start filling out the 941p Me 2012 Form online now for an efficient tax filing experience.
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Get answers to your most pressing questions about US Legal Forms API.
Does Maine accept federal partnership extension?
Partnership and S-Corporation - Maine allows an automatic six-month extension of time to file if a federal extension has been granted. If any pass-through entity withholding is due, however, that amount must be paid by March 15.
What is Maine pass-through withholding?
A pass-through entity having Maine-source income may file a composite income tax return for all of its eligible nonresident individual members who agree to participate. If a nonresident member participates in the composite return, an individual income tax return is not required from that member.
Does Maine require a partnership tax return?
Types of partnerships: Liability & tax considerations Partnerships are considered pass-through entities, meaning the owners of Maine partnerships pay taxes on the business revenue using their personal tax returns. The partnership itself files no tax return, but some types are required to file an annual report.
Who must file a Maine partnership return?
WHO MUST FILE. Partnerships, LLCs, and S corporations filing federal Forms 1065 or 1120S that do business in Maine or that have resident partners or shareholders must file. S corporations that have federal taxable income must also file Form 1120ME.
What is the tax rate for partnerships in Maine?
Partnership A (lower-tier entity) must withhold 7.15% of Partnership B's share of Maine source income, and assign that withholding to Partnership B.
What is Maine franchise tax?
The Maine franchise tax is imposed on banks and financial institutions. The franchise taxpayer can choose between two tax options. Option 1 is a two-part tax consisting of 1% of Maine income and 0.008% of Maine assets. Option 2 is a tax on assets only and is imposed at 0.039% of Maine assets.
Can you avoid the Maine state tax when you sell your home?
Some individuals may be eligible for an exemption or reduction of the required REW payment. To apply for an exemption or reduction, use Form REW-5. This form must be submitted at least 5 business days prior to the closing. Forms not received timely may be denied an exemption or reduction.
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