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Screen PHLNPT - Philadelphia Net Profits Tax Return (1065)
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Overview
Use this screen to complete the Philadelphia Net Profits Tax Return. If information transferred from the application doesn't require additional data or coding, the application shows it on the form only, not in the input screen.
note
To access this input screen, select File, Client Properties, Pennsylvania tab, and mark the checkbox for NPT, BIRT.
General Information
Amended return
If Form PA-65 is amended and this box is blank, the City of Philadelphia Net Profits Tax return is marked as amended. If Form PA-65 isn't amended but you need to amend the Net Profits Tax return, enter
1
. If you don't need to amend the Net Profits Tax return when amending Form PA-65, enter 2
and the Net Profits Tax return won't be marked as an amended return.General footnote
Use the statement to enter any miscellaneous information that needs to be conveyed with the return. The general footnote appears as a separate item in each collation.
Income Adjustments
Taxes based on net income
The application transfers tax amounts from the federal Inc, 4835-2, Rent, and F-2 screens to a statement. Use the type codes listed in the fieldview and in the following table to classify the amounts as taxes based on income or other types of taxes. Items classified as taxes based on income are included on Form NPT Business Income (Loss) Worksheet.
Type Code | Description | Destination |
|---|---|---|
O | Other (default) | Doesn't transfer to return. |
T | Taxes based on income | Form NPT Business Income (Loss) Worksheet. |
Disposal of Property with Section 179 Expense in Prior Year
Gain / loss reported separately from federal Schedule K, line 20c
The IRS requires partnerships to separately report the disposition of assets where Section 179 expense was claimed in a prior year. These dispositions are no longer reported on Form 4797 and Form 8824, but instead are reported on federal Schedule K, line 20c. This amount is calculated from information entered in the federal 8824PT, SalePT, and K1Sale screens.
The application reduces the basis of the asset by the amount of the Section 179 deduction when calculating the gain or loss. This amount is included on the Form BIRT Adjustments to Federal Taxable Income Worksheet and the Philadelphia NPT Worksheet A and B, Business Income (Loss) Worksheet. Use the
Force
box to override the calculated amount. If 0
(zero) is entered, no adjustment is made.Section 179 included in gain / loss
This box contains the total Section 179 expense deduction that was originally claimed on the assets sold during the tax year. This amount is provided for reference purposes only.
Worksheet D
Corporate members’ distributive share of Philadelphia BIRT taxable income (Force)
The application calculates the corporate member’s distributive share of the Philadelphia Business Income and Receipts Tax taxable income using the profit percentages of corporate partners as entered in partner data entry. Enter an amount to override the calculated amount.