WOODFORD COUNTY TAX ADMINISTRATOR NET PROFITS LICENSE FEE RETURN Name and Address of Business
I t--_---'-'A.;::.C.;::.CO=U:....:.NT.!....!..,!N.,::::;O.:..... _-1,.--::C:..:...A=L=E:....:.ND:.:....:.AR/FISCAL YEAR ENDED
I
MONTH OFFICE
DUE DATE
MON - FRI ANY NAME OR ADDRESS
CHANGE
ABOVE
1. Nature of Business 3. If Business
was Discontinued,
0 or Sale 0
Dissolution
in Woodford
County
_
State When
_
I-----.JI
0
_
Started
---,1
Attach a copy of Federal Tax Return used as basis of License Fee and 1099's issued work in Woodford County.
(859) 873-5701
QUESTIONS (ANSWER IN FULL) 2. Date Business
Il...---l
f------------'for
'=="-:-=:=:-:-:C":":"-,-;;"7":"::==,..-;-:-~;-;-;--;-:------------{
YEAR
HOURS:
8:00-5:00
INDICATE
I
DAY
0
4. Did you have employees in Woodford County? Yes No 5. Basis upon which tax return is prepared DCash Accrual 6. Business Type: c-ccre S-Corp Partnership Sole-Prop. Fiduciary Other (Specify) _
0
0 0
o
If by sale, give Name and Address of successor
7. Has the IRS changed prior year? No
0
0
0
the Net Income as originally reported for any of Changes for each year)
0 0Yes (Attach Schedule
SCHEDULE A 17. ENTER ADJUSTED
ANNUAL PAYROLL
(from line 16)
NET PROFIT
0 0.000000% 0
1B. Enter percentage from line 30. 19. Net Profit Allocation (line 17 x LINE 18)
PAYROLL
20. License Fee - 1.5000% of line 19
0
-
21. Credits - (
X 1.50%
RATE
) Estimated
payments
or (
) credit from prior year
22. Balance of license fee due (line 20 minus line 21)
0
23. Interest - 12~00 % per annum or 1% per month AMOUNT
DUE
Calculateinterest on amountowed on Ijne 20 from original due date
Make checks payable and mail to: WOODFORD COUNTY ADMINISTRATOR
•
TAX
24. Penalty - 25.00 % MAX; $25 Min; 5% per month 25. BALANCE DUE (lineS 22+23+24)
0
26. If overpaid
0
Indicate ( ) Refund or ( ) Credit Refundswill be given for morethan $50.00. Otherwiseyour accountwill be credited.
103 SOUTH MAIN ST ROOM 201 VERSAILLES KY 40383 Phone Number (859) 873-5701
BUSINESS APPORTIONMENT APPORTIONMENT 27. Receipts
Woodford
FACTORS
from the sale, lease, or rental of goods,
28. Payroll Factor (employee 29. TOTAL PERCENTS
compensation)
services
or property
.
Total Everywhere
II
0.000000% 1.1========
II
11
:............................................................................................................................
30. AVERAGE PERCENTAGE (Line 29 divided by number of percents)
Percent
Enter on line 18; Schedule A
_ 0.000000%
I
0.000000%
I========~ ------0.000000%
I herebycertify, under penaltyof perjury,that the statementsmade herein and any supportingschedulesare true, correct,and completeto the bestof my knowledge.
Signed Title Date THIS RETURN IS DUE ON OR BEFORE APRIL 15, FOR THE CALENDAR YEAR OR WITHIN 105 DAYS OF THE END OF YOUR FISCAL YEAR FORM WCNP
Rev.7/14/2008
COMPLETE
THE APPLICABLE
COLUMN AND ATTACH CORRESPONDING
FEDERAL SCHEDULES
EVEN IF A LOSS WAS INCURRED
INDIVIDUAL 1. Non-employee 1040 (Attach
conpensation
more than one schedule, against
3. Capital reported
as "other income"
on Federal
page 1 of 1040 and form 1099 if applicable)
2. Net profit per each Federal
netted
reported
Schedule
C, E, and/or F
losses incurred
(rr reporting
on any schedule
cannot be
the other schedules.)
gain from Federal on Schedule
Form 4797 of Federal
D of Form 1040 (Attach
Form 6252
Form 4797, pages
1 and 2 or Form 6252.) 4. Ordinary
gain or (loss) on the sale of property
or business
per Federal
5. Ordinary
income or (loss) per Federal Form 1065 (Attach
1065,
Pages
Schedules(s) 6. Taxable . Ordinary
1, 2, and 3, Schedules
of Other Deductions,
income or (loss) per Federal or (loss) per Federal
1120 or 1120A, pages of other Deductions
1120, 1120A,
Form 1120 or 1120A or
1 &2 or 1120S, pages
& Rental Schedule(s)
& deducted
Schedule
and Rental
Form 1120S (Attach Form
7. State income taxes and occupational
8. Additions
Form
if applicable.)
income
income
used in trade
Form 4797 (attach Form 4797 pages 1 and 2.)
on the Federal
1, 2, and 3, Schedule
if applicable.) license taxes based upon
Schedule
C, E, F, or Form 1066,
or 1120S. from Schedule
K of Form 1065 or 1120S (Attach
K of Form 1065 or 1120S and Rental Schedule(s),
if applicable.) 9. Net operating
loss deducted
on Form 1120.
10. Total income - add line 1 through
line 9
11. Subtractions
from Schedule
(Attach
K tD FDrm 1065 Dr 1120S and Rental Schedule(s)
Schedule
12. Alcoholic
13.
Beverage
Other Adjustments
14. Professional (Attach
expenses
0
0
0
0
0
0
0
0
K of Form 1065 or Form 1120S.
Sales Deduction
(attach
0 rr applicable)
(see directions)
schedule)
not reimbursed
by the Partnership.
schedule)
15. Total Deductions
16. Adjusted
- add lines 11 through14
Net Profit-Subtract
Line 15 from line 10. Enter here .
and on Line 17 on the front page.
*Detailed
instructions
are available
on our website:
www.woodfordcounty.ky.gov
-go to our website -click on forms
(listed toward the top of the page)
-click on Net Profit License
Fee Return Instructions
NET PROFIT LICENSE FEE RETURN FORM WCNP GENERAL INSTRUCTIONS The following instructions are provided to aid the taxpayer in the completion of Form WCNP, Net Profit License Fee Return. They are not intended to be all-inclusive and therefore should be used only as a supplement to the existing ordinances and regulations. If you have any questions that are not addressed in these instructions, please refer to the Occupational Tax Ordinance 2008-14.
WHO MUST FILE Each separate corporation, limited liability company, business development corporation, partnership, limited partnership, registered limited liability partnership, sole proprietorship, associate, joint stock company, receivership, trust, professional service organization, or other legal entity engaged in business with 1) business activity in Woodford County and 2) business nexus in Woodford County sufficient to justify the imposition of the license tax.
YOU MUST FILE FORM WCNP EVEN IF: -Your business activity resulted in a loss for the tax year. Complete Form WCNP according to the instructions provided, sign the form and return to the Woodford County Tax Administrator. -You were not actively engaged in business during the year but do intend to resume operations at a future date. Write “NO ACTIVITY” on Form WCNP, sign the form, and return it. -Your business activity ceased prior to the beginning of the tax year but you have not provided written notification that operations ceased. Indicate “No Activity” and “Final Return” on form WCNP, complete Question #3, sign the form and return it. -Your business was operational for a portion of the tax year but ceased operation prior to the completion of the year. Complete WCNP according to the instructions and indicate “Final Return” on the form, complete Question #3, sign the form and return it. -You filled out an application to do business within the county with the intention of starting a business but never conducted business within the county and do not intend to do so in the future. Indicate “No Activity” and “Final Return” on Form WCNP, complete question #3, sign the form and return it.
DUE DATE Calendar or Fiscal Year end: Form WCNP, Net Profit License Fee Return must be filed and all taxes paid on or before the 15th day of the fourth month after the close of the calendar/fiscal year.
WHERE TO FILE Mail FORM WCNP along with supporting schedules to:
Make checks payable to: Tax Administrator
Tax Administrator 103 South Main St. Room 201 Versailles, KY 40383
TAX COMPUTATION INDIVIDUAL, PARTNERSHIP, CORPORATION Line 1
Enter the amount of non-employee compensation reported on Federal Form 1099 MISC or the amount of other income per form 1040. Note: Line 1 should only be completed by individuals who received payments for contract services who are not claiming business expenses and did not own or operate a business during the year (Attach a copy of Federal Form 1040, page 1 and Form 1099 MISC.)
Line 2: Enter the net profit as shown on Federal Schedule C, C-EZ, E, and/or F. Enter $0.00 for each schedule on which a loss was incurred. (Attach a copy of page 1 and 2 of the Federal Schedule(s) C, C-EZ, E, and/or F. Note: Rental income should be reported on line 2 only if the rental property constitutes an activity. An activity is defined as “compensation received for the renting of three (3) or more residential rental units. All commercial rental property is considered to have business activity. Line 3: Enter 100% of the short term capital gains and long term capital gains carries over from Federal Form 4797 or Federal Form 6252 (installment sales) to Federal Schedule D representing gain from the sale of property used in the trade or business (Attach a copy of Form 4797, pages 1 and 2, or Form 6252.) Tobacco Buyout money is not exempt from Woodford County Occupational Taxes. Line 4: Enter the net gain or (loss) from the sale of property used in the trade or business per Federal Form 4797. (Attach a copy of Federal Form 4797, pages 1 and 2.) Line 5: Enter the ordinary income or (loss) per Federal Form 1065. (Attach a copy of Federal Form 1065, pages 1, 2, and 3, Schedule K, Schedule of Other Deductions, and Rental Schedule(s) if applicable.) Line 6: Enter the taxable income or loss after special deductions and net operating loss per Federal Form 1120 of 1120A or the ordinary income or loss per Federal Form 1120S (Attach a copy of Federal Form 1120 or 1120A, pages 1 and 2 or Federal form 1120S, pages 1, 2 and 3, Schedule of Other Deduction, and Rental Schedule(s) is applicable.) Line 7: Enter any deduction taken for state or local taxes (based on income) or license fees (based on income), by an individual on Federal Schedule C, E, or F, by a partnership on Form 1065, or by a corporation on Form 1120, 1120A, or 1120S. Line 8: Enter the total of income items listed below which are allocated to the partners or shareholders and are not included as income on Federal Form 1065 or 1120S. (Attach a copy of Schedule K, and Rental Schedule(s), if applicable). Net income from rental real estate activities Net income from other rental activities Portfolio Income Interest Income Dividend Income Royalty Income
Net short-term capital gain Net long term capital gain Other portfolio income Guaranteed payments to partners Net gain under Sec 1231 (other than due to casualty or theft)
Line 9: Enter the amount of any net operating loss, if taken as a deduction on Federal Form 1120. Line 10: Enter the total of Line 1 through 9, as applicable.
Line 11: Enter the total of items listed below which are allocated to the partners or shareholders which are not included as losses or expenses on Federal Form 1065 or Form 1120S, as they are allowable deductions for occupational tax purposes. (Attach a copy of Schedule K and Rental Schedule(s), if applicable.) Net loss from rental real estate activities Net loss from other rental activities Portfolio losses Net short-term capital loss Net long-term capital loss Deductions related to portfolio income
Net loss under Sec 1231 (other than due to casualty or theft) Charitable contributions Expense deductions for recovery property (Section 179)
Note: Contributions made to any Retirement Plans and/or Medical Insurance Premiums paid on behalf or partners or shareholders are not deductible on WCNP. Line 12: For computing the alcoholic beverage sales deduction, follow the directions below and attach a copy of the computation sheet. Kentucky alcoholic beverage sales divided by total sales equals the alcoholic beverage percentage. A deduction may be taken only if the business engaged in the selling of alcoholic beverages had a profit. Individual: Multiply the alcoholic beverage percentage by the net profit of the business engaged in the sale of alcoholic beverages as reported on Line 2. Partnerships: Multiply the alcoholic beverage percentage by line 10. Corporations: Multiply the alcoholic beverage percentage by line 10. Line 13: If a deduction was taken for any other amount that is deemed to be not deductible, then enter that amount here (Attach a full explanation, including amounts, of all items). Line 14: Enter the amount of professional expense incurred by the partners that were NOT reimbursed by the partnership. (Attach a schedule listing partners name(s), the type of deduction and the amount of each deduction.) Line 15: Enter the total of Lines 11 through 14. Line 16: Subtract line 15 from line 10. This entry represents your “Adjusted Net Profit”. Enter this amount on line 17 of WCNP.
BUSINESS APPORTIONMENT Lines 27 – 30 – Must be completed by all licensees with sales revenue and/or payroll both within and outside of Woodford County. Completion of the schedule allocates to Woodford County the proportionate part of the licensee’s total business activity attributable to Woodford County. Percentages are to be carried to four (4) decimal places. If your business is conducted entirely within Woodford County, then you do not need to complete this section. Enter 100% on page 1, line 3 of WCNP. Line 17: Enter the adjusted net profit from line 16. Line 18: Enter the business apportionment from schedule or 100% if all of your business is Woodford County. Line 19: Multiply Line 17 by line 18 Line 20: Multiply Line 19 by 1.50% and enter the result on this line.
Line 21: Enter the amount of any estimated payments or credit from a prior year on this line. Line 22: Subtract Line 21 from line 20. Enter the result on this line. Line 23: If the license fee is not paid by the due date of the return then interest is assessed at the rate of twelve (12%) per annum. (1% per month or any portion of a month) Interest is assessed even if you received an extension. Line 24: If the license fee is not paid by the due date of the return, a penalty is assessed at the rate of five (5%) percent for each calendar month or portion of a month the license fee remains unpaid. The minimum penalty due is $25.00; the maximum penalty due is twenty-five (25%). Multiply the tax due by the appropriate percentage. Enter the result on line 24, but not less than $25.00. Line 25: Add Lines 22 through 24. If the balance is a positive number, then enter the balance due on line 25. Pay this amount. If the balance is negative, go to line 26. Line 26: Enter the overpayment on this line. If you do not indicate if you would like a refund or a credit for a future tax year, you will receive a credit. Overpayments of $50.00 or less will be automatically credited to future tax year(s) unless this is the final return to be filed for Woodford County.
ANNUAL PAYROLL This section is reserved for the following: Farmers with fewer than 5 employees who pay the withholding taxes annually and Federal Government employees. The tax due should be calculated on gross wages. You may not deduct any amount contributed to a retirement or deferred compensation plan, welfare benefit, or any amounts reimbursed for expenses.
NOTE: REFUNDS MAY BE REQUESTED FOR PREVIOUS 2 TAX YEARS.
