The Connecticut Business Entity Tax must be paid again in 2015. The tax is due every other year, so no tax was paid in 2014. The amount of the tax is $250 and it is due on the 15th day of the fourth month after year end. Calendar year end taxpayers must file and pay by April 15, 2015. The tax can either be paid on-line at the CT DRS website or with Form OP-424.
Here are the basics of the tax:
- Taxable entities: S corporations, Limited Liability Companies, Limited Partnerships, Limited Liability Partnerships
- Nontaxable entities: C corporations, SMLLC taxed as a C corporation, Qualified S corp subsidiary, General Partnerships
- Filing requirement: Taxable entities formed in CT and taxable entities formed in other states that are required to be registered with the CT Secretary of State.
Note that the requirements to register with the Secretary of State are not the same as the income tax nexus standards. For example, entities that solicit sales in CT that are approved outside of CT, only own real or tangible personal property in CT or transact business in interstate commerce will likely have income tax nexus but are not considered to be transacting business in CT for purposes of the Business Enterprise Tax.
Please contact Randy Smith if you have questions about the Connecticut Business Entity Tax.
