[Ritaxpronews] Rhode Island Division of Taxation -- Section 965

[Downing, Neil (DOR)]

The Rhode Island Division of Taxation yesterday filed, as final, a regulation that provides guidance to C corporations and their advisors on how to report Section 965 income for Rhode Island tax purposes.

Also yesterday, the Division posted Rhode Island Schedule 965 ("965 Transition Tax Statement") and a related Advisory.


  *   To view the Advisory: https://urldefense.proofpoint.com/v2/url?u=https-3A__go.usa.gov_xUfnZ&d=DwIFAg&c=tSLbvWYfvulPN3G_n48TUw&r=3N0CXa2u4V7_DU38-YjSBY2i0S2qGG60dynqKUqOstM&m=xazwXByBv4QW7yb7HvnKEd36jDumlqxZnfnZ3940DkM&s=1DUmTukMWr2GaccEmrUcSBJxE46dgf_5tPMajfUpBBo&e=



  *   To view the Regulation: https://urldefense.proofpoint.com/v2/url?u=https-3A__go.usa.gov_xUf8c&d=DwIFAg&c=tSLbvWYfvulPN3G_n48TUw&r=3N0CXa2u4V7_DU38-YjSBY2i0S2qGG60dynqKUqOstM&m=xazwXByBv4QW7yb7HvnKEd36jDumlqxZnfnZ3940DkM&s=0gmau1e0qsyLNh6WOSLA9SXz8Dpig_o3sjJt7jMnyCc&e=



  *   To view Rhode Island Schedule 965: https://urldefense.proofpoint.com/v2/url?u=https-3A__go.usa.gov_xUf8S&d=DwIFAg&c=tSLbvWYfvulPN3G_n48TUw&r=3N0CXa2u4V7_DU38-YjSBY2i0S2qGG60dynqKUqOstM&m=xazwXByBv4QW7yb7HvnKEd36jDumlqxZnfnZ3940DkM&s=sS_YjkTg47I8XWCx4v6FhcvH_Pcnw_pzA6EehSCVuZo&e=

" Software Vendors: The Division of Taxation has updated its schema to allow for the e-filing of Rhode Island Schedule 965.

" Tax Preparers:

  *   It is up to each software vendor to determine whether to reconfigure tax year 2017 software to allow for the e-filing of Rhode Island Schedule 965.
  *   If Rhode Island Schedule 965 is not available as part of your tax preparation software, you may download the schedule from the Division's website and attach a completed copy as a PDF when e-filing your client's return (assuming that your software allows for PDF attachments): https://urldefense.proofpoint.com/v2/url?u=https-3A__go.usa.gov_xUf8S&d=DwIFAg&c=tSLbvWYfvulPN3G_n48TUw&r=3N0CXa2u4V7_DU38-YjSBY2i0S2qGG60dynqKUqOstM&m=xazwXByBv4QW7yb7HvnKEd36jDumlqxZnfnZ3940DkM&s=sS_YjkTg47I8XWCx4v6FhcvH_Pcnw_pzA6EehSCVuZo&e=.
  *   If you have Section 965 income, make sure that the amount on Line 5 of the Rhode Island Schedule 965 carries over to line 1 of Form RI-1120C ("Business Corporation Tax Return"). Please also see the filing instructions on the schedule: https://urldefense.proofpoint.com/v2/url?u=https-3A__go.usa.gov_xUf8S&d=DwIFAg&c=tSLbvWYfvulPN3G_n48TUw&r=3N0CXa2u4V7_DU38-YjSBY2i0S2qGG60dynqKUqOstM&m=xazwXByBv4QW7yb7HvnKEd36jDumlqxZnfnZ3940DkM&s=sS_YjkTg47I8XWCx4v6FhcvH_Pcnw_pzA6EehSCVuZo&e=.


Neil Downing
Chief Revenue Agent
Rhode Island Division of Taxation
One Capitol Hill
Providence, R.I. 02908

Email: Neil.Downing at tax.ri.gov<mailto:Neil.Downing at tax.ri.gov>
Phone: (401) 574-8115

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