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The Vermont BI-472 form is a crucial document for entities operating within the state, particularly for those that are filing as partnerships or S corporations. This form captures essential financial information, including ordinary business income, net rental income, and capital gains or losses. It requires the entity to provide various income figures, such as guaranteed payments and section 179 deductions, which directly affect the overall tax liability. Additionally, the form facilitates the apportionment of income to Vermont, allowing businesses to determine their tax obligations accurately. By detailing income sources and ensuring that all amounts are reported in whole dollars, the BI-472 helps maintain transparency and compliance with state tax regulations. Entities must also account for any income passed through to nonresidents, which adds another layer of complexity to the filing process. Completing this form accurately is essential for ensuring that businesses meet their tax responsibilities while maximizing potential deductions.

Dos and Don'ts

When filling out the Vermont BI-472 form, it's important to follow certain guidelines to ensure accuracy and compliance. Here are nine things you should and shouldn't do:

  • Do print your responses clearly in blue or black ink.
  • Don't use pencil or any other color of ink.
  • Do enter all amounts in whole dollars; avoid using cents.
  • Don't leave any required fields blank; ensure all necessary information is provided.
  • Do attach this form to Form BI-471 as instructed.
  • Don't forget to indicate loss amounts by placing an “X” in the appropriate box.
  • Do double-check your calculations, especially when adding or multiplying lines.
  • Don't overlook the importance of using the correct federal forms as references.
  • Do review the completed form for any errors before submission.

Similar forms

The Vermont BI-472 form is similar to the federal Form 1120S, which is used by S corporations to report income, deductions, and credits. Both forms require businesses to provide a detailed account of their ordinary business income and other income sources. The structure of these forms is similar, as they both break down income into specific categories, such as rental income and capital gains. This allows for a clear comparison of financial performance and ensures that the income reported aligns with federal requirements.

Another document that resembles the Vermont BI-472 is the federal Form 1065. This form is designed for partnerships and also captures various types of income and deductions. Like the BI-472, it includes sections for reporting guaranteed payments and net rental income. Both forms help ensure that the income is accurately apportioned to the appropriate state, making it easier for entities to comply with state tax laws while also aligning with federal regulations.

The Schedule K-1 is also akin to the Vermont BI-472 form. This document provides detailed information about each partner's share of income, deductions, and credits from a partnership. Similar to the BI-472, the K-1 breaks down income sources, allowing for clarity in reporting. Both documents serve the purpose of distributing income to individual partners or shareholders, ensuring that everyone involved understands their tax obligations based on the entity's overall performance.

The Vermont Schedule BA-402 is another document that shares similarities with the BI-472. This form is used to calculate apportionment percentages for businesses operating in multiple states. Both forms require careful calculations to determine how much income is attributable to Vermont. By using these forms together, businesses can ensure that they are accurately reporting their income and complying with state tax laws.

Form 4797, which is used to report the sale of business property, is also comparable to the Vermont BI-472. Both forms address capital gains and losses, allowing businesses to report their financial outcomes from property sales. The inclusion of capital gains in both forms highlights the importance of tracking these transactions for tax purposes, ensuring that businesses can accurately report their financial activities.

The federal Schedule E is similar as well, as it is used to report supplemental income and loss. This form captures income from rental real estate, partnerships, and S corporations, much like the BI-472. Both forms require detailed reporting of various income sources, making it easier for taxpayers to compile their financial information in one place for tax reporting.

In the realm of financial documentation, clarity and standardization are paramount, and various forms serve to streamline this process, such as the smarttemplates.net, which provides templates that can aid in organizing essential applicant information, thereby refining the job application process across different sectors.

Lastly, the Vermont Form BI-471 is closely related to the BI-472. While the BI-471 serves as the main business income tax return, the BI-472 provides additional details about specific income types. Both forms work together to ensure comprehensive reporting of a business's financial activities, helping to maintain transparency and compliance with state tax regulations.

Common mistakes

  1. Not using blue or black ink. It's important to follow the instruction to ensure clarity.

  2. Failing to attach the form to Form BI-471. This step is necessary for proper processing.

  3. Entering amounts in cents instead of whole dollars. All figures should be rounded to whole dollars.

  4. Overlooking the requirement to place an “X” in the box next to the line number for loss amounts. This indicates whether a loss is being claimed.

  5. Not including the entity name as it appears on Form BI-471. Consistency is key for identification.

  6. Incorrectly calculating the apportionable income. Make sure to add Lines 1-7 and subtract Line 8 accurately.

  7. Missing the apportionment percentage from Schedule BA-402. This percentage is essential for determining Vermont income.

  8. Neglecting to check the boxes for lines indicating losses. This can lead to misunderstandings in the processing of the form.

  9. Forgetting to calculate the nonresident estimated payment requirement correctly. This is calculated by multiplying Line 18 by 6.6%.

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Vermont Non-Composite

 

 

 

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Schedule BI-472

 

 

 

* 1 8 4 7 2 1 1 0 0 *

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PRINT in BLUE or BLACK INK

 

 

 

 

 

 

 

ATTACH TO FORM BI-471

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Entity Name (same as on Form BI-471)

 

Fiscal Year Ending (YYYYMMDD)

FEIN

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Place an “X” in the box left of the line number to indicate a loss amount.

 

 

 

 

 

 

 

Enter all amounts in whole dollars.

 

1.

 

Ordinary Business Income (federal Form 1120S, Line 21 or

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Check to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

federal Form 1065, Line 22)

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ç indicate

 

 

.00

 

 

 

 

 

 

 

2.

 

Net Rental Real Estate Income (federal Form 1120S, Schedule K, Line 2, or

 

 

loss

 

 

 

 

 

 

 

 

 

 

 

 

 

Check to

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

federal Form 1065, Schedule K , Line 2)

 

 

ç indicate

 

 

.00

 

 

 

 

 

 

 

3.

 

Other Net Rental Income (federal Form 1120S, Schedule K, Line 3c, or

 

 

loss

 

 

 

 

 

 

 

 

 

 

 

 

 

Check to

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

federal Form 1065, Schedule K, Line 3c)

 

 

ç indicate

 

 

.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

loss

 

 

 

 

 

 

 

 

 

 

4.

 

Guaranteed Payments (Partnership only - federal Form 1065, Schedule K, Line 4)

4

 

 

.00

 

 

 

 

 

 

 

5.

 

Net short term and long term capital gains or losses. (federal Form 1120S,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Check to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule K, Lines 7 and 8a, or federal Form 1065, Schedule K, Lines 8 and 9a.). . .

 

 

5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ç indicate

 

 

.00

 

 

 

 

 

 

 

6.

 

Net section 1231 gain or loss. (federal Form 1120S, Schedule K, Line 9, or

 

 

loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Check to

 

 

 

 

 

 

 

 

 

 

 

 

 

federal 1065, Schedule K Line 10)

 

6

 

 

 

 

 

 

 

 

 

 

 

 

 

ç indicate

 

 

.00

 

 

7.

 

Other income or loss. (federal Form 1120S, Schedule K, Line 10, or

 

 

 

loss

 

 

 

 

 

 

 

 

 

 

Check to

7

 

 

 

 

 

 

 

 

 

 

 

 

federal Form 1065, Schedule K, Line 11.)

 

ç indicate

 

 

.00

 

 

8.

 

Section 179 Deduction (federal Form 1120S, Schedule K, Line 11 or

 

 

 

loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Form 1065, Schedule K, Line 12)

8

 

 

.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9.

 

Apportionable income (Add Lines 1-7, then subtract Line 8)

 

Check to

9

 

 

 

 

 

 

 

 

 

 

 

ç indicate

 

 

.00

 

 

 

 

 

 

 

 

 

 

 

 

 

loss

 

 

 

 

 

10.

Apportionment percentage (From Schedule BA-402, or 100%)

10

 

 

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11.

Business Income Apportioned to Vermont (Multiply Line 9 by Line 10)

 

Check to

11

 

 

 

 

 

 

 

 

 

 

ç indicate

 

 

.00

 

 

12.

Income directly allocable to Vermont generated by this entity

 

 

 

loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Capital gain on real estate and physical assets located in Vermont, royalties on

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

property located in Vermont, etc.)

 

Check to

12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ç indicate

 

 

.00

 

 

 

 

 

 

 

13.

Vermont business income distributed to this entity by a

 

loss

 

 

 

 

 

 

 

 

 

 

 

Check to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

different entity via Schedule K-1VT

 

13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ç indicate

 

 

.00

 

 

 

 

 

 

 

14.

Vermont sourced capital gain distributed to this entity via

 

loss

 

 

 

 

 

 

 

 

 

 

 

Check to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule K-1VT

 

14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ç indicate

 

 

.00

 

 

 

 

 

 

 

15.

Other Vermont sourced income distributed to this entity by a

 

loss

 

 

 

 

 

 

 

 

 

 

 

Check to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

different entity via Schedule K-1VT

 

15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ç indicate

 

 

.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

loss

Check to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16.

Total Vermont Net Income (Add Lines 11 through 15)

 

16

 

 

 

 

 

 

 

 

 

 

ç indicate

 

 

.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

loss

 

 

 

 

 

 

17.

Percentage of income from Line 16 passed through to nonresidents

 

17

 

 

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18.

Total income passed through to nonresidents (Multiply Line 16 by Line 17)

 

Check to

 

 

 

 

 

 

 

 

 

 

 

ç indicate

18

 

 

.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

loss

 

 

 

 

 

 

19.

Nonresident estimated payment requirement (Multiply Line 18 by 6.6%)

 

19

 

 

.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5454

 

Schedule BI-472

Page 1 of 1

Rev. 10/18

Documents used along the form

The Vermont BI-472 form is used to report business income for entities operating in Vermont. When filing this form, there are several other documents that may also be required to provide additional information or support. Below are some common forms that often accompany the BI-472.

  • Form BI-471: This is the primary business income tax return form for entities in Vermont. It provides a comprehensive overview of the entity's income and deductions and is essential for calculating overall tax liability.
  • Schedule K-1VT: This form is used to report income, deductions, and credits passed through from partnerships or S corporations to their partners or shareholders. It helps in determining each individual’s share of the entity's income for tax purposes.
  • Bill of Sale Form: This document is essential for transferring ownership of personal property and serves as a legal record of the transaction. For more information, you can visit https://toptemplates.info/bill-of-sale.
  • Schedule BA-402: This document calculates the apportionment percentage for businesses operating in multiple states. It is necessary for determining how much of the business income is taxable in Vermont compared to other jurisdictions.
  • Federal Form 1120S or 1065: These forms are used to report income for S corporations and partnerships, respectively. They provide the federal income details that are needed to complete the Vermont BI-472 accurately.

Each of these forms plays a crucial role in ensuring that the business income is reported correctly and that the tax obligations are met. It is important to complete all required forms accurately to avoid potential issues with tax compliance.