Get La Dor Cift-401w 2024-2025

WHO MUST FILE? DOMESTIC CORPORATIONS – Corporations organized under the laws of Louisiana must file an income and franchise tax return (Form CIFT-620) each year unless exempt from both taxes.

The LA Department of Revenue Account Number for the Business can be found on the first page of your Louisiana income tax return, Louisiana sales tax return, or Louisiana employer withholding form. The format for the account # is #######-001 for Partnerships, LLCs, and Corporations.

Withholding Formula (Effective Pay Period 03, 2022) If the Amount of Taxable Income Is:The Amount of Tax Withholding Should Be:Over $0 but not over $12,5001.85%Over $12,500 but not over $50,000$231.25 plus 3.50% of excess over $12,500Over $50,000$1,543.75 plus 4.25% of excess over $50,000 25 Feb 2022

Domestic Corporations – Corporations organized under the laws of Louisiana must file Form CIFT-620, Louisiana Corporation Income and Franchise Tax return, each year unless exempt from both taxes.

Any corporation or entity taxed as a corporation for federal income tax purposes meeting any of the following provisions, unless specifically exempted under the provisions of R.S. 47:608, must file a Louisiana corporation franchise tax return: Organized under the laws of Louisiana.

Louisiana Tax Rates, Collections, and Burdens Louisiana also has a corporate income tax that ranges from 3.50 percent to 7.50 percent. Louisiana has a 4.45 percent state sales tax rate, a max local sales tax rate of 7.00 percent, and an average combined state and local sales tax rate of 9.55 percent.

Partners who are Louisiana resident estates and trusts are required to file Form IT-541 to report partnership income. Partners who are themselves partnerships are required to file all applicable Louisiana tax returns.