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This document serves as the Louisiana Corporation Income Tax Return form (CIFT-620), which corporations use to report their income and calculate the applicable income and franchise taxes owed to the

How to fill out louisiana corporation income tax

How to fill out Louisiana Corporation Income Tax Return (CIFT-620)

1. Obtain the Louisiana Corporation Income Tax Return form (CIFT-620) from the Louisiana Department of Revenue website or your local office.
2. Fill out the basic information at the top of the form, including the corporation's name, address, and federal employer identification number (FEIN).
3. Complete the income section by reporting total gross receipts and other income as required.
4. Deduct allowable expenses in the appropriate section to determine the taxable income.
5. Calculate the corporation's tax liability based on the Louisiana tax rates applicable to the taxable income.
6. Fill out the credits section to apply any relevant tax credits that the corporation may qualify for.
7. Review the completed form for accuracy and ensure all required schedules and attachments are included.
8. Sign and date the form before submitting it by the due date, either electronically or by mail.

Who needs Louisiana Corporation Income Tax Return (CIFT-620)?

1. Any corporation conducting business in Louisiana, including domestic and foreign corporations, must file the Louisiana Corporation Income Tax Return (CIFT-620).
2. Corporations that have gross receipts exceeding a certain threshold or have Louisiana-source income are also required to file.

People Also Ask about

What is the standard deduction for Louisiana income tax?

The annual exemption calculation for dependent exemptions has been removed. The standard deduction for single filers is $12,500. The standard deduction for Married and Head of Household filers is $25,000. The income tax tables have been replaced by a flat tax rate of 3.09%.

Do retirees pay state income tax in Louisiana?

In addition, for Louisiana individual income tax purposes, retirement benefits paid under the provisions of Chapter 1 Title 11 of the Louisiana Revised Statutes, including disbursements of money from DROP accounts, are exempt from state taxation.

What is Louisiana state corporate income tax?

Louisiana's corporate income tax rate was cut to 5.5 percent as of January 1, 2025, via House Bill 2, adopted in special session in late 2024. The bill also eliminated several distortionary exemptions. Previously, the state had a three-bracket system with rates ranging from 3.5 percent to 7.5 percent.

What is Louisiana CIFT 620?

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.

What are the changes in Louisiana state income tax for 2025?

For taxable periods beginning on or after January 1, 2025, the individual income tax rate is a flat 3%. The graduated brackets and rates for income tax have been repealed.

What is the new tax law in Louisiana?

Beginning on January 1, 2025, Louisiana taxpayers will see a single-rate income tax structure, making it the latest state to join the flat tax revolution. Individual income tax. The U.S. imposes a progressive income tax where rates increase with income.

What is the new income tax law in Louisiana?

HB10 shifts Louisiana's individual income tax from a marginal rate structure to a 3.0% flat income tax. For tax years beginning on or after January 1, 2025, Louisiana's personal income tax rate will be 3.0% on all income.

Am I required to file a Louisiana tax return?

Who must file. Louisiana residents, part-year residents of Louisiana, and nonresidents with income from Louisiana sources who are required to file a federal income tax return must file a Louisiana Individual Income Tax Return.

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What is Louisiana Corporation Income Tax Return (CIFT-620)?

The Louisiana Corporation Income Tax Return (CIFT-620) is a tax form used by corporations to report their income and calculate their state income tax obligations in Louisiana.

Who is required to file Louisiana Corporation Income Tax Return (CIFT-620)?

Corporations operating in Louisiana, including C Corporations and certain foreign corporations that derive income from Louisiana sources, are required to file the CIFT-620.

How to fill out Louisiana Corporation Income Tax Return (CIFT-620)?

To fill out the CIFT-620, corporations must provide financial information such as gross income, allowable deductions, and any applicable credits, and calculate the net taxable income before applying the state tax rate.

What is the purpose of Louisiana Corporation Income Tax Return (CIFT-620)?

The purpose of the CIFT-620 is to report corporate income, calculate tax liability, and ensure compliance with Louisiana state tax laws for corporations.

What information must be reported on Louisiana Corporation Income Tax Return (CIFT-620)?

The CIFT-620 requires reporting information including total revenue, expenses, net income, business activity, and any applicable tax credits, as well as the corporation's identifying information.