Best QuickBooks Consulting & Training in Slidell, LA

The Louisiana Department of Revenue has issued a bulletin to provide administrative filing guidance for eligible partnerships pending finalization of the rulemaking process. Partnerships are required to file an informational return with the Department using Form IT-565 (Partnership Return of Income) and include all required schedules and attachments. A return is required for all partnerships doing business in Louisiana or any partnership deriving any income from Louisiana sources. However, an eligible partnership is exempt from filing a state partnership return if one or more of the following provisions apply: - the partnership's gross receipts were less than $250,000 and the partnership's total assets at the end of the tax year were less than $1 million; - the partnership is not required to file IRS Form 1065; - and the partnership elected to be taxed as a corporation with the IRS and files Form CIFT-620 with the Department. Regardless of these exceptions, partnerships that are required to attach Schedule 6922 (Louisiana Composite Partnership) to the IT-565 and partnerships that have any partners or related parties with an approved pass-through entity election on file with the Department are required to file. (Louisiana Revenue Information Bulletin No. 24-008, 02/06/2024.)...