Indiana Code 6-3-4.5-6. Partnership duties; partner level adjustments report; remittance; tiered partner duties; amended return; election
(1) supply to its direct partners and the department a partner level adjustments report attributable to each partner in the form and manner prescribed by the department;
Terms Used In Indiana Code 6-3-4.5-6
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- pass through entity: means :
Indiana Code 6-3-1-35
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(3) remit any pass through entity tax due under IC 6-3-2.1.
(b) If the partner is a tiered partner, the tiered partner shall, not later than the applicable deadline for the tiered partner:
(1) file an amended return for the taxable year and for any other affected year reporting its share of the adjustments;
(2) supply its owners or beneficiaries and the department amended statements reflecting the adjustments attributable to the owner or beneficiary, or a report, in the form and manner prescribed by the department; and
(3) remit any tax due under IC 6-3, IC 6-3.6, or IC 6-5.5, including any pass through entity tax, composite tax, or withholding tax due under IC 6-3-2.1, IC 6-3-4-12, IC 6-3-4-13, IC 6-3-4-15, and IC 6-5.5-2-8.
(c) Upon receipt of a partner level adjustments report or any statement from tiered partners arising from a partner level adjustments report, the taxpayer receiving the report or statement shall file an amended return for the taxable year reporting the adjustments along with any other affected year and remit any tax due not later than the applicable deadline for the partner.
(d) Notwithstanding any other provision of this chapter or IC 6-3-4-11:
(1) A partnership that has been issued a report of proposed partnership adjustments, or a tiered partner that is a partnership that has received a partner level adjustment report or statement arising from a report of final partnership adjustments, may elect to pay any tax due arising from a report of final partnership adjustments.
(2) Such election must be filed with the department not later than sixty (60) days after the department issues the report of proposed partnership adjustments or, in the case of an election by a tiered partner, not later than the date by which the tiered partner is required to file an amended return under this section.
(3) The computation of tax and other provisions governing this election shall be in a manner consistent with an election under section 9(c) of this chapter.
(4) If a partnership has made an election under this chapter to report and remit any tax due at the partnership level for a taxable year, the partnership shall be considered to have made a timely election under this subsection with regard to any adjustments in the report of partnership adjustments for that taxable year.
(5) No election may be made under this subsection after April 30, 2023.
As added by P.L.159-2021, SEC.18. Amended by P.L.1-2023, SEC.14; P.L.9-2024, SEC.187.