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audit” within 30 days of the conclusion of the federal audit. Use

supporting forms and schedules to indicate the ending month

Form 725 for reporting federal audit adjustments and check the

and year for which the return is filed.

Amended Return box.

• A calendar year is a period from January 1 through

Interest—Interest at the tax interest rate is applied to the

December 31 each year. This would be entered as:

LLET liability not paid by the date prescribed by law for

filing the return (determined without regard to extensions

1 2 1 3

thereof). The tax interest rate for 2014 is available online at

__ __ / __ __

or you may contact the Department of

Mo.

Yr.

Revenue at (502) 564–8139 to obtain the tax interest rate.

• A fiscal year is 12 consecutive months ending on the last day

Penalties

of any month except December. A fiscal year ending January

31, 2014, would be entered as:

Failure to file an LLET return by the filing date including

extensions—2 percent of the tax due for each 30 days or

0 1 1 4

__ __ / __ __

fraction thereof that the return is late (maximum 20 percent).

The minimum penalty is $10. KRS 131.180(1)

Mo.

Yr.

• A 52/53–week year is a fiscal year that varies between 52 and

Jeopardy Fee—A $100 minimum penalty on all nonfiled returns,

53 weeks. Example: A 52/53–week year ending the first week

when the taxpayer fails to file a return or provide information

of January 2014, would be entered as:

after being requested to do so by the Department of Revenue.

KRS 131.150(2)

1 2 1 3

__ __ / __ __

Failure to pay LLET by the payment date—2 percent of the tax

due for each 30 days or fraction thereof that the payment is

Mo.

Yr.

overdue (maximum 20 percent). The minimum penalty is $10.

Failure to properly reflect the Taxable Year Ending may result

KRS 131.180(2)

in delinquency notices or billings for failure to file.

Late payment or underpayment of estimated tax—10 percent

Item A—Enter the six–digit Kentucky Corporation/LLET Account

of the late payment or underpayment. The minimum penalty

Number on the applicable line at the top of each form and

is $25. KRS 131.180(3)

schedule and also on all checks and correspondence. This

number was included in correspondence received from the

Failure or refusal to file an LLET return or furnish information

Department of Revenue at the time of registration. If a composite

requested in writing—5 percent of the tax assessed for each

return (Schedule CP) is being filed, leave account number

30 days or fraction thereof that the return is not filed or the

blank.

information is not submitted (maximum 50 percent). The

minimum penalty is $100. KRS 131.180(4)

Using an incorrect account number, such as an account number

for withholding or sales and use tax, will result in the payment

Negligence—10 percent of the tax assessed. KRS 131.180(7)

and/or return being credited to another taxpayer’s account.

Fraud—50 percent of the tax assessed. KRS 131.180(8)

If the Kentucky Corporation/LLET Account Number is not known,

telephone (502) 564–8139.

Cost of Collection Fees

Item B—Check the box indicating the method used in

(a) 25 percent on all taxes which become due and owing for any

determining the amount of LLET due on Schedule LLET, Section

reporting period, regardless of when due. These collection

D, Line 1. If a composite return (Schedule CP) is being filed, do

fees are in addition to all other penalties provided by law.

not complete Item B.

KRS 131.440(1)(b)

LLET Nonfiling Status Code–Return not Required

(b) 25 percent on all taxes assessed and collected by the

Department of Revenue for taxable periods ending before

If the single member LLC is not required to file an LLET return,

October 1, 2011. KRS 131.440(1)(b)

enter one of the following two–digit codes in the space provided.

Failure to include a valid code will delay the processing of the

tax return and may result in a tax notice for assessment of

period for nonfiled returns eligible for amnesty. KRS

taxes and penalties.

131.440(1)(b)

FORM 725—SPECIFIC INSTRUCTIONS

REASON

CODE

Period Covered

A property or facility which has been certified

as a fluidized bed energy production facility as

File the 2013 return for calendar year 2013 and fiscal years

defined in KRS 211.390.

that begin in 2013. For a fiscal year, fill in the taxable period

An alcohol production facility as defined in KRS

beginning and ending at the top of Form 725.

247.910.

A qualified investment pass–through entity as

All Kentucky individually owned single member LLCs must

defined in KRS 141.206(15).

enter Taxable Year Ending at the top right of Form 725 and

Instructions For Form 725 - Kentucky Single Member Llc Individually Owned Llet Return - 2013 Page 6

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