Louisiana Administrative Code
Title 61 - REVENUE AND TAXATION
Part III - Administrative and Miscellaneous Provisions
Chapter 15 - Mandatory Electronic Filing of Tax Returns and Payment
Section III-1503 - Corporation Franchise Tax Returns-Electronic Filing Requirements
Universal Citation: LA Admin Code III-1503
Current through Register Vol. 50, No. 9, September 20, 2024
A. Every corporation that files a Louisiana Corporation Franchise Tax Return shall be required to file the return electronically with the Department of Revenue using the electronic format prescribed by the department as follows:
1. For tax periods beginning on or after
January 1, 2019, every corporation with total assets which have an absolute
value equal to or greater than $500,000 (total assets with a value equal to or
greater than $500,000 or with a value equal to or less than -$500,000) shall
file the return electronically.
2.
For tax periods beginning on or after January 1, 2020, every corporation with
total assets which have an absolute value equal to or greater than $250,000
(total assets with a value equal to or greater than $250,000 or with a value
equal to or less than -$250,000) shall file the return
electronically.
3. For purposes of
this Section, assets shall mean:
a. total
worldwide assets of the corporation as reported on Line F of the LA CIFT
620;
b. total assets shall include
both tangible and intangible assets; and
c. total assets shall be valuated based upon
book value which takes into account depreciation and depletion of
assets.
4. Corporations
required to electronically file their Louisiana Corporation Franchise Tax
Return may not send paper versions of any forms to be included as part of their
return.
5. This electronic filing
mandate applies to corporations and preparers who file the return on a business
entity's behalf.
B.
1. Failure to comply with this electronic
filing requirement of this section will result in the assessment of a penalty
as provided for in
R.S.
47:1520(B).
2. Waiver of the penalty provided for in
paragraph 1 of this subsection shall only be allowed as provided for in
R.S.
47:1520(B).
AUTHORITY NOTE: Promulgated in accordance with R.S. 47:609, 1511, and 1520.
Disclaimer: These regulations may not be the most recent version. Louisiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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