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Get Ky Form 720 Instructions

41A720(I) (11-12) Commonwealth of Kentucky DEPARTMENT OF REVENUE 720 INSTRUCTIONS 2012 KENTUCKY CORPORATION INCOME TAX AND LLET RETURN PURPOSE OF INSTRUCTIONS These instructions have been designed.

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(502) 564-3490. Annual Reports.

Tax form 720, Quarterly Federal Excise Tax Return, is used to calculate and make excise tax payments on certain categories of income/assets. Excise taxes are taxes paid when purchases are made on a specific good. ... They are paid on purchases of specific goods.

Form 720 is a tax form required of businesses that deal with the sale of certain goods (like alcohol or gasoline) and services (for instance, tanning salons). These businesses are required to pay extra taxes, known as Excise Taxes , and they are accounted for through this form.

Like S corporations, standard LLCs are pass-through entities and are not required to pay federal income tax. However, in Kentucky, LLCs are required to pay the LLET. The LLET aside, income from the LLC is distributed to individual members, who then pay federal and state taxes on the amount distributed to them.

They may also be obtained by writing FORMS, Department of Revenue, P. O. Box 518, Frankfort, KY 40602-0518, or by calling (502) 564 3658.

Select the Kentucky income tax forms and schedules that fit your filing needs. Fill in your tax information online. Perform basic mathematical calculations. Electronically sign and e-file your Kentucky tax return. Print your tax return for record keeping and filing.

If you own a business that deals in goods and services subject to excise tax, you must prepare a Form 720 quarterly to report the tax to the IRS. ... However, you may not be aware you're paying this tax since it's usually included in the price of goods, such as the gasoline you purchase for your car.

The LLET is a tax on the Kentucky gross receipts or gross profits (i.e., gross receipts less cost of goods sold, as that term is statutorily defined) from the sale of tangible property of each non-exempt corporation and limited liability tax pass-through entity ( LLPTE ), such as a limited liability company ( LLC ), ...

CORPORATION NET INCOME TAX A Limited Liability Entity Tax (LLET) applies to both C corporations and Limited Liability Pass-Through Entities (LLPTEs) and is not an alternative to another tax. However, corporations paying the LLET are allowed to apply that amount as a credit towards its regular corporate income tax.

IRS is currently accepting electronically-filed Forms 720. Forms can be submitted online 24 hours per day.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232