A. Every corporation that files a Louisiana Corporate Income 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, 2018, 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, 2019, every corporation with total assets with 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 income 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. 471520(B).
Authority Note
AUTHORITY NOTE: Promulgated in accordance with R.S. 47:287.614, 1511, and 1520.
Historical Note
HISTORICAL NOTE: Promulgated by the Department of Revenue, Policy Services Division, LR 44:1639 (September 2018).