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INDIANA WITHHOLDING CHANGES FOR 2013

By Angela N. Crawford, CPA - Manager

Effective January 1, 2013, all businesses in Indiana must file and pay their sales and withholding taxes electronically. Businesses currently filing paper coupons will need to transition to filing through INtax, the state's online program.

The e-file mandate includes non-resident withholding. As a reminder, withholding for non-resident partners in a partnership or shareholders in an S-corporation is required when the partner/shareholder receives a distribution from their investment in a business during the year. If changes in income result in an overpayment at the end of the year, an overpayment can be refunded on the annual composite tax filing or individual return (whichever is applicable).

Many businesses with non-resident partners/shareholders make one time annual distributions and have only an annual withholding filing/payment requirement. The annual filers are still subject to the e-file requirements. Since the annual payment is due in April during the normal "busy season", it's important to make sure businesses are setup on INtax prior to April 2013 to ensure a timely filing and payment can be made during this busy time.

The Indiana Department of Revenue is making an effort to make the transition to e-filing as painless as possible. The first step is to register with INtax as soon as possible. A Quickstart Guide to the INtax website is located at http://www.in.gov/dor/files/quick-start-full-page.pdf. Depending on what information you have available, the registration process could require you to contact the Department for an access code, so we recommend you do not wait until a filing is due, but to set this up as soon as possible.

 

If you have further questions or would like to speak to one of our professionals regarding any of the tax issues discussed above, please contact your Blue & Co. advisor or e-mail us at blue@blueandco.com or call us at 317-848-8920
 

Please visit our website at http://www.blueandco.com for more information regarding the services we provide.

CIRCULAR 230 DISCLOSURE: To ensure compliance with recently-enacted U.S. Treasury Department Regulations, we are now required to advise you that, unless otherwise expressly indicated, any federal tax advice contained in this communication, including any attachments, is not intended or written by us to be used, and cannot be used, by anyone for the purpose of avoiding federal tax penalties that may be imposed by the federal government or for promoting, marketing or recommending to another party any tax-related matters addressed herein.


 

 

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