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Wednesday, April 29, 2015

MT Department of Revenue - Business Income Tax Filing - FIRST REQUEST

Have you recently received correspondence from the Montana Department of Revenue with the subject "Business Income Tax Filing - FIRST REQUEST" ?

Several of our 943 AG employers have received this correspondence in the last couple weeks.  Prior to 2012, 943 employers were not required to have a MT withholding account and many of our employers had to open an account that year to fulfill the new requirement.
As part of the processing of tax returns and W-2s, the MT DOR attempts to reconcile the W-2s filed by employers to a business tax return.  However, not all businesses are required to file a separate business entity tax return.  Many ranchers and sole proprietors can file their business income and expenses through their personal 1040 tax return via a Schedule C or Schedule F.  

If you receive one of these letters, please feel free to bring it to our office for us to complete.  If you prefer to complete it yourself, all that is necessary is to mark the box in Part I, Question 1 next to "Form 1040, Schedule C."  In some of the early letters issued, the MT DOR failed to consider the possibility of AG employers filing through Schedule F.  If you are a 943 AG employer, cross out "Schedule C" and write in "Schedule F."  Then, complete Question 2 with your FEIN and SSN.  Complete Part III with your contact information and return the letter to the address provided.  

If you have any questions, please contact our office for assistance.