316 Neb. Admin. Code, ch. 24, § 223 - INCOME TAX RETURNS; FILING REQUIREMENTS; DUE DATES; AND PAYMENT OF TAX

223.01 Corporate Taxpayers; Filing Requirements. Every corporate taxpayer having nexus in Nebraska, including a cooperative organization and an organization that is exempt from federal income tax that is required to report its unrelated business income, must file a Nebraska Corporation Income Tax Return, Form 1120N, for the tax year.

223.02 Corporate Taxpayers; Due Date. The due date for the Nebraska Corporation Income Tax Return, Form 1120N, is the same as the due date for the corresponding federal return.

223.03 Corporate Taxpayers; Payment of Tax. A corporate taxpayer must pay the entire amount of tax on or before the prescribed due date, without regard to any extension granted for filing the return. The Tax Commissioner may require some or all corporate taxpayers to file returns electronically and may require some corporate taxpayers to remit payments electronically.

223.04 Pass-through Entities; Filing Requirement. Except as provided in Reg-223.04A, every pass-through entity having income derived from Nebraska sources must file a Nebraska Return of Partnership Income, Form 1065N, or a Nebraska S Corporation Income Tax Return, Form 1120-SN, for the tax year. The Form 1065N or Form 1120-SN must show all items of income, gain, loss, deduction, and credit, and the names, addresses, and Social Security numbers or federal ID numbers of each owner who is entitled to share in the income and deductions of the pass-through entity.

223.04A A pass-through entity which has only Nebraska resident owners, and derives 100% of its income from Nebraska sources, is not required to file a Form 1065N or Form 1120-SN, but the owners must report their proportionate share of the income, gain, loss, or deduction from the pass-through entity.

223.04B A limited partnership deriving income from sources entirely outside Nebraska is not required to file Form 106 5N.

223.05 Pass-through Entities; Due Dates.

223.05A The due date for the Nebraska S Corporation Income Tax Return, Form 1120-SN. is the same as the due date for the corresponding federal return.

223.05B The due date for the Nebraska Return of Partnership Income, Form 1065N, is the same as the due date for the corresponding federal return.

223.05C If the return was filed by mail postage prepaid, and properly addressed to the Department, the date of a U.S. Postal Service postmark stamped on the envelope is the date of filing. If there is no U.S. Postal Service postmark, the return must be received by the Department on or before the prescribed due date to be timely filed.

223.05D A private postage meter date or a date stamped by a private delivery service will be considered the date of receipt if the date of the stamp is no more than four days before the date the return is received by the Department excluding Saturdays, Sundays, or legal holidays.

Notes

316 Neb. Admin. Code, ch. 24, § 223

Adopted effective 7/5/2020