What problem does it solve? 1. Annual report filing is a prerequisite for maintaining an active business status. Businesses that fail to file annual reports for 2 consecutive years will be revoked. The integration would result in full compliance and in timely manner. 2. Filing annual report with CBT/Partnership tax returns is quick, easy, and convenient. 3. Filing due date based on the anniversary of formation or registration is eliminated –Taxpayer’s don’t have to remember or look-up these dates. Time is saved. What is your solution and who does it apply to? All profit corporations (domestic and foreign), as well as all limited partnerships, limited liability companies, and LLPs must submit annual reports and associated fees each year with their CBT and Partnership income tax returns. What is the anticipated impact? The streamlined system allows corporations to submit corporate tax returns and annual reports with fees concurrently, reducing burden on the taxpayer to remember when it’s due based upon business registration anniversary date. Businesses that fail to file annual reports for two consecutive years may have their charter voided or authority to do business. The streamlined system would ensure annual reports are filed with business tax returns, and taxpayer’s would no longer have to go through the cumbersome reinstatement procedure. The risk of businesses that solicit annual report filings for a fee that are not reputable and may not perform the expected services after a customer makes the required payment will be eliminated. Because the tax preparer files the report along the business tax returns. Cost associated with mailing annual report notices will be saved.
This content is created by the open source Your Priorities citizen engagement platform designed by the non profit Citizens Foundation