The Alabama 65 form is a tax document used by partnerships and limited liability companies (LLCs) to report their income to the Alabama Department of Revenue. This form must also be filed by syndicates, pools, and joint ventures. Accurate completion and timely submission of the Alabama 65 are crucial to ensure compliance with state tax regulations.
The Alabama 65 form is a crucial document for partnerships and limited liability companies (LLCs) operating in Alabama. This form serves as the Return of Income, allowing these entities to report their financial activities for the calendar year or fiscal year. It is also applicable for syndicates, pools, and joint ventures. When filling out the Alabama 65, companies must provide essential information such as their federal business code, employer identification number, and total federal income and deductions as indicated on Form 1065. Additionally, the form requires details about the company's structure, including the number of members and whether it operates in multiple states. It also includes schedules for calculating separately stated and non-separately stated income, as well as apportionment factors that determine how much income is allocated to Alabama. Completing this form accurately is vital, as it directly impacts tax obligations and compliance with state regulations. A copy of the federal Form 1065 must accompany the Alabama 65 to ensure completeness, making it essential for partnerships and LLCs to understand the requirements and deadlines associated with this important filing.
FORM
*10000165*
ALABAMA
65
DEPARTMENT OF REVENUE
• CY
• FY 2010
•SY
Partnership/Limited Liability Company Return of Income
ALSO TO BE FILED BY SYNDICATES, POOLS, JOINT VENTURES, ETC.
Important!
For Calendar Year 2010 or Fiscal Year
DEPARTMENT USE ONLY
beginning • _________________________________, 2010, and ending • ____________________________, _________
FN
You Must Check
Applicable Box:
FEDERAL BUSINESS CODE NUMBER
FEDERAL EMPLOYER IDENTIFICATION NUMBER
•
Amended Return
Name of Company
Total Federal income as shown on
Initial Return
Form 1065, line 8.
Final Return
Number and Street
Total Federal deductions as shown on
General Partnership
Form 1065, line 21.
City or Town
State
9 Digit ZIP Code
Limited Partnership
Total assets as shown on Form 1065.
LLC/LLP
Check if the company operates
If above name or address is different from the one
in more than one state
shown on your 2009 return, check here
.
. . •
. .
. . . .
Qualified Investment
Check if the company qualifies for the Alabama
Number of Members
CN
Partnership
Enterprise Zone Credit or the Capital Credit .
. . . . .
. . . . •
During The Tax Year
State in Which Company Was Formed
Nature of Business
Date Qualified in Alabama
Number of Nonresident Members
Included in Composite Filing . . .
UNLESS A COPY OF FEDERAL FORM 1065 IS ATTACHED THIS RETURN IS INCOMPLETE
SCHEDULE A
COMPUTATION OF SEPARATELY STATED AND NONSEPARATELY STATED INCOME
1
Federal Ordinary Income or (Loss) from trade or business activities
. . . . . . . . . . . . . . . . . . .
2
Net short-term and long-term capital gains – income or (loss)
3
.Salaries and wages reduced for federal employment credits
•(
)
4
. . . . . . . .Net income or (loss) from rental real estate activities
Reconciliation
5
. . . . . . . . . . . .Net income or (loss) from other rental activities
6
Net gain or (loss) under I.R.C. §1231 (other than casualty losses)
to Alabama
7
Adjustments due to the Federal Economic Stimulus Act of 2008
Basis (see
(attach schedule)
instructions)
. . . . . . . . . .
8
Other reconciliation items (attach schedule)
9
.Net reconciling items (add lines 2 through 8)
10
Net Alabama nonseparately stated income or (loss) (add line 1 and line 9)
11
Contributions
12
. . . . . . . . . . . . . . . . . . . . .Oil and gas depletion
13
. . . . . .I.R.C. §179 expense deduction (complete Schedule K)
Separately
14
. . . . . . . . . . . . . . . . . . . . . . . . . .Casualty losses
15
Portfolio income or (loss) less expenses (complete Schedule K)
Stated Items
16
Other separately stated items (attach schedule)
(Related to
Business
17
. . . . . . . .Net separately stated items (add line 11 through 16)
18
Total separately stated and nonseparately stated items (add line 10 and line 17)
Income)
19
Alabama apportionment factor from Schedule D, line 4
%
Do not multiply line 18 by line 19
20
Nonseparately Stated Income Allocated and Apportioned to Alabama from Schedule D, line 7
•I authorize a representative of the Department of Revenue to discuss my return and attachments with my preparer.
Please
Sign
Here
Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and belief, they are true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
(
Signature of general partner
Date
Daytime Telephone No.
Social Security No.
Preparer’s
Signature
Paid
Firm’s name (or yours, •
if self-employed)
Use Only
and address
Check if
Preparer’s Social Security No.
self-employed
Telephone No.
E.I. No.
()
ZIP Code
Email Address
Mail to: Alabama Department of Revenue, Individual and Corporate Tax Division, P.O. Box 327441, Montgomery, AL 36132-7441
ADOR
on or before April 15, 2011. (Fiscal Year Returns must be filed on or before the 15th day of the fourth month following the close of the fiscal year.)
*10000265*
Form 65 — 2010
Page 2
SCHEDULE B
ALLOCATION OF NONBUSINESS INCOME, LOSS, AND EXPENSE
Identify by account name and amount all items of nonbusiness income, loss, and expense removed from apportionable income and those items which are directly allocable to Alabama. Adjustment(s) must also be made for any proration of expens- es under Alabama Income Tax Rule 810-27-1-4-.01, which states, “Any allowable
deduction that is applicable to both business and nonbusiness income of the tax- payer shall be prorated to each class of income in determining income subject to tax as provided…” (See instructions).
DIRECTLY ALLOCABLE ITEMS
ALLOCABLE GROSS INCOME / LOSS
RELATED EXPENSE
NET OF RELATED EXPENSE
Column A
Column B
Column C
Column D
Column E
Column F
Everywhere
Alabama
(Col. A less Col. C)
(Col. B less Col. D)
Nonseparately stated items
1a
1b
1c
1d Total (add lines 1a, 1b, and 1c)
Separately stated items
1e
1f
1g
1h Total (add lines 1e, 1f, and 1g)
SCHEDULE C
APPORTIONMENT FACTOR SCHEDULE – Do not complete if the entity operates exclusively in Alabama.
TANGIBLE PROPERTY AT COST FOR
EVERYWHERE
PRODUCTION OF BUSINESS INCOME
BEGINNING OF YEAR
END OF YEAR
Inventories
Land
Furniture and fixtures
Machinery and equipment
Buildings and leasehold improvements
IDB/IRB property (at cost)
Government property (at FMV)
Less Construction in progress (if included)
Totals
Average owned property (BOY + EOY ÷ 2)
Annual rental expense
x8 =
. . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total average property (add line 11 and line 12)
13a
. . . . . .
. . . . . . . . . . . .
13b
. . . . . . . . . . . . . . . . . . . . . . . . . . . . .Alabama property factor — 13a ÷ 13b = line 14
. . . . . . . . . . .
. . . . . . .
SALARIES, WAGES, COMMISSIONS AND OTHER COMPENSATION
15a
15b
15c
RELATED TO THE PRODUCTION OF BUSINESS INCOME
Alabama payroll factor — 15a ÷ 15b = 15c
SALES
Destination sales
. . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Origin sales
. .Total gross receipts from sales
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Dividends
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Interest
21
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Rents
22
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Royalties
23
. . . . . . .Gross proceeds from capital and ordinary gains
24Other •____________________________________ (Federal 1065, line •_____ ) •
25
Alabama sales factor — 25a ÷ 25b = line 25c
25a •
25b
25c
26
Sum of lines 14, 15c, and 25c ÷ 3 = ALABAMA APPORTIONMENT FACTOR (Enter here and on line 4, Schedule D, page 3)
*10000365*
Page 3
SCHEDULE D
APPORTIONMENT AND ALLOCATION OF INCOME TO ALABAMA
1 Net Alabama nonseparately stated income or (loss) from line 10, Schedule A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2 Nonseparately stated (income) or loss treated as nonbusiness income (line 1d, Column E, Schedule B)
– please enter income as a negative amount and losses as a positive amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 Apportionable income or (loss) – add line 1 and line 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 Apportionment factor from line 26, Schedule C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5 Income or (loss) apportioned to Alabama (multiply amount on line 3 by the percentage on line 4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6 Nonseparately stated income or (loss) allocated to Alabama as nonbusiness income (Column F, line 1d, Schedule B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7 Nonseparately Stated Income Allocated and Apportioned to Alabama (add lines 5 and 6). Enter this amount on line 20,
Schedule A and line 1, Schedule K – Alabama Amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1•
6•
7•
SCHEDULE E
OTHER INFORMATION
Indicate method of accounting
(a) •
cash
(b) •
accrual
(c) •
other
Check if the company is currently being audited by the IRS
What years are involved? __________________________________
Check if the IRS has completed any audits
4Enter this company’s Alabama Withholding Tax Account Number •
5 Briefly describe your operations •
6 Indicate if company has been(a) • dissolved(b) • sold(c) • incorporated If company has been dissolved, sold, or incorporated, complete the following:
Nature of change •
Name and address of new company, corporation, or owner(s) •
7Location of the partnership records •
8 Check if an Alabama business privilege tax return was filed for this entity •
If the privilege tax return was filed using a different FEIN, please provide the name and FEIN used to file the return.
FEIN: •
NAME: •
9Taxpayer’s email address:
SCHEDULE K
DISTRIBUTIVE SHARE ITEMS
Federal Amount
Apportionment
Alabama Amount
Enter on Alabama
Factor
Schedule K-1
Alabama Nonseparately Stated Income (Schedule D, line 7)
Part III, Line M
Separately Stated Items:
. . . . . .Contributions
Part III, Line S
Oil and gas depletion
Part III, Line Z
I.R.C. §179 expense deduction
a. Amount allowed on 1065
. . . . . . . . . . . . . . . . . . . . . .b. Adjustments required (see instructions)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .c. Amount to be apportioned
Part III, Line O
. . .Casualty losses
Part III, Line W
. . .Portfolio income
Part III, Line Q
Interest expense related to portfolio income
Part III, Line P
Other expenses related to portfolio income (attach schedule)
Part III, Line R
Other separately stated business items (attach explanation)
Part III, Line T
Small business health insurance premiums (attach explanation)
Part III, Line Y
. . . . . . . . . . .Separately stated nonbusiness items (attach schedule)
Part III, Line AA
. . . . . . . .Composite payment made on behalf of owner/shareholder
Part III, Line U
. . . . . . . . . . . . . . . . . . . . . . . . . . . .U.S. taxes paid (attach explanation)
Part III, Line V
Alabama exempt income (attach explanation)
Part III, Line AB
Transactions with Owners:
100%
Property distributions to owners
Part III, Line X
Guaranteed payments to partners
Part III, Line N
CHECK LIST
HAVE THE FOLLOWING FORMS BEEN ATTACHED TO THE FORM 65?
ALABAMA SCHEDULE K-1 (one for each owner)
ALABAMA SCHEDULE NRA (if applicable)
FEDERAL FORM 1065 (entire form as filed with the IRS)
*10000465*
Page 4
Required Entity Information For Partnerships and LLCs
1. List general partners.
NAME OF GENERAL PARTNER
SSN / FEIN
ADDRESS
a.•
b.•
c.•
d.•
e.•
PERCENT OF OWNERSHIP
2. List other states in which the Partnership/LLC operates, if applicable.
3. At any time during the tax year, did the Partnership/LLC transact business in a foreign country?
Yes
No
If yes, complete the information below:
NAME OF COUNTRY
NATURE OF BUSINESS
TAXABLE INCOME
REPORTED TO COUNTRY
a. •
b. •
c. •
d. •
e. •
4. At any time during the tax year, did the Partnership/LLC invest in another Pass-Through entity?
NAME OF ENTITY
FEIN
PERCENT OF
OWNERSHIP
5.Person to contact for information regarding this return:
Name:
Telephone Number: (
Email:
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The Alabama Form 65 is similar to the Federal Form 1065, which is used for partnerships to report income, deductions, gains, losses, and other tax-related information. Both forms require partnerships to disclose their financial activities and provide a breakdown of income and expenses. Just like the Alabama Form 65, the Federal Form 1065 includes sections for separately stated and non-separately stated items, allowing partnerships to report their income accurately. Additionally, both forms necessitate the attachment of supporting schedules to provide detailed information regarding income allocation and apportionment.
Another document that resembles the Alabama Form 65 is the Schedule K-1 (Form 1065). This form is used to report each partner's share of income, deductions, and credits from the partnership. Similar to the Alabama Form 65, which requires reporting on distributive share items, the Schedule K-1 breaks down the financial information for each partner, ensuring transparency in income distribution. Both documents play a crucial role in informing partners about their tax obligations and ensuring accurate reporting to tax authorities.
The Alabama Corporate Income Tax Return (Form 20C) is also comparable to the Alabama Form 65. While the Form 65 is specifically for partnerships and limited liability companies, Form 20C is designed for corporations. Both forms require the reporting of income, deductions, and credits, and they share similar structures regarding the allocation of income to Alabama. Each form includes sections for calculating apportionment factors, which determine how much income is subject to state tax, thus ensuring consistency in tax reporting across different business entities.
Additionally, the Alabama Business Privilege Tax Return (Form CPT) shares similarities with the Alabama Form 65. This form is used by various business entities, including partnerships, to report their business activity and pay the associated privilege tax. Both forms require detailed financial information, including gross receipts and other relevant metrics. The Business Privilege Tax Return also necessitates the disclosure of business operations and ownership structure, paralleling the requirements found in the Alabama Form 65.
Lastly, the IRS Form 8832, which is used to elect how a business entity will be classified for federal tax purposes, has similarities with the Alabama Form 65. Both forms address the structure of a business entity, whether it operates as a partnership, corporation, or another classification. While the Form 8832 focuses on the entity's tax classification, the Alabama Form 65 emphasizes income reporting. However, both documents require careful consideration of the entity's operational structure and its implications for tax responsibilities at both federal and state levels.
Filling out the Alabama 65 form can seem daunting, but understanding its key components can make the process much smoother. Here are some essential takeaways to keep in mind:
By keeping these points in mind, you can approach the Alabama 65 form with greater confidence and clarity. Proper preparation will not only help you comply with state regulations but also ensure that you maximize any potential credits or deductions available to your business.
The Alabama 65 Form is a tax return specifically designed for partnerships and limited liability companies (LLCs) in Alabama. It serves as a report of income, deductions, and other financial information for the tax year. This form must also be filed by syndicates, pools, joint ventures, and similar entities.
Any partnership or LLC operating in Alabama must file the Alabama 65 Form. This includes general partnerships, limited partnerships, and LLCs. Additionally, if your entity conducts business in multiple states, you are still required to file this form to report income earned in Alabama.
The form is due on April 15 of the year following the tax year for calendar year filers. For those on a fiscal year, the deadline is the 15th day of the fourth month following the close of the fiscal year. For example, if your fiscal year ends on June 30, your form would be due by October 15.
To complete the form, you will need details such as the name and address of the company, federal business code, federal employer identification number (EIN), total federal income, deductions, and assets. You also need to provide information about the nature of the business, the number of nonresident members, and whether the company qualifies for any tax credits.
If you do not attach a copy of Federal Form 1065 to your Alabama 65 Form, your return will be considered incomplete. This could lead to delays in processing your return and potential penalties. Always ensure that all required documents are included when submitting your form.
Yes, you can amend your Alabama 65 Form if you discover an error after submission. To do this, check the box indicating that you are filing an amended return and provide the corrected information. It’s crucial to file the amendment as soon as possible to avoid penalties or interest on any additional tax owed.
If your partnership operates in multiple states, you will still need to file the Alabama 65 Form to report income earned in Alabama. You may also need to apportion income and deductions based on the income generated in each state. Consult with a tax professional to ensure compliance with all state tax laws.
The completed Alabama 65 Form should be mailed to the Alabama Department of Revenue, Individual and Corporate Tax Division, P.O. Box 327441, Montgomery, AL 36132-7441. Make sure to send it by the due date to avoid any late fees or penalties.