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Kansas Business Income Election
Extracted from PDF file 2023-kansas-form-k-120el.pdf, last modified October 2019Business Income Election
K-120EL KANSAS 150918 Business Income Election (Rev. 10-19) Business Name Employer Identification Number (EIN) Number and Street of Principal Office Tax year ending date for which the election is first effective City ZIP Code State _____ / _____ / ________ Are you currently doing business in Kansas? o Yes o No If no, and this election is for your first year in Kansas, enter the date the articles of incorporation, or application for authority to engage in business in Kansas, were filed with the Secretary of State’s Office: _____ / _____ /________ Is the above corporation included in a combined report of unitary corporations? o No o Yes If yes, list the names and federal employer identification numbers of each corporation in the space provided. If additional space is needed, enclose a separate sheet. Name of Corporation Employer Identification Number (EIN) BUSINESS INCOME ELECTION I hereby elect that all income derived by: _____________________________________________________________________________ (Name of Corporation) from the acquisition, management, use or disposal of tangible and intangible property will constitute business income on the Kansas income tax return for the above listed taxable year and the subsequent nine taxable years. I understand that this election is effective and irrevocable and is binding on all members of a unitary group of corporations. SIGN HERE _____________________________________________________ Signature of Officer ______________________________ Title ______________________ Date This election must be sent separately from the income tax return and within the time limits set by law (see instructions on back). To ensure receipt, send this election by certified mail to: KANSAS CORPORATE INCOME TAX P O Box 750260 TOPEKA KS 66699-0260 INSTRUCTIONS FOR K-120EL GENERAL INFORMATION COMPLETING FORM K-120EL K.S.A. 79-3288b provides taxpayers with a business income election option. For all taxable years beginning after December 31, 1995, a taxpayer may elect to have all income derived from the acquisition, management, use or disposition of tangible and intangible property treated as business income. The election will be effective and irrevocable for the taxable year of the election and the following nine taxable years. The election is also binding on all members of a unitary group of corporations. Type or print all requested information, and answer both questions. TIME LIMITS FOR FILING THE ELECTION The business income election must be submitted to the Kansas Department of Revenue in accordance with these time limits in the law. Not currently doing business in Kansas — Taxpayers doing business in Kansas for the first time that intend to make the election for its initial year must file the K-120EL within 60 days after filing the articles of incorporation or application for authority to engage in business with the Kansas Secretary of State. Currently doing business in Kansas — The election must be filed on or before the last day of the tax year immediately proceeding the tax year for which the election is made. EXAMPLE: If the election is for tax year ending December 31, 2017, the election must be filed by December 31, 2016. The election statement: Note that once made, the election becomes effective and cannot be revoked. This business income election is binding on all members of a unitary group. An officer of the business listed at the top of the form must sign this election. FILING THE ELECTION This form must be filed with the Kansas Department of Revenue within the time limits established by law for the taxpayer’s filing situation and must be sent separately from the Income Tax return. To ensure receipt of your election, mail the completed form by certified mail to: Kansas Corporate Income Tax PO Box 750260 Topeka, KS 66699-0260 For questions regarding this form or others, you can write to the address above or contact the the Department of Revenue: Topeka: 785-368-8222 Fax: 785-291-3614 ksrevenue.gov
K-120EL Business Income Election Rev. 10-19
More about the Kansas Form K-120EL Corporate Income Tax Tax Credit TY 2023
We last updated the Business Income Election in February 2024, so this is the latest version of Form K-120EL, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form K-120EL directly from TaxFormFinder. You can print other Kansas tax forms here.
Other Kansas Corporate Income Tax Forms:
TaxFormFinder has an additional 73 Kansas income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form K-4 | Employees Withholding Allowance Certificate |
| Form K-120ES | Corporate Estimated Tax Payment Vouchers |
| Form K-41 | Fiduciary Income Tax |
| Form IA-81 | Claim to Support Withholding Tax Credit |
| Form 1041V | Fiduciary Income Tax Voucher |
View all 74 Kansas Income Tax Forms
Form Sources:
Kansas usually releases forms for the current tax year between January and April. We last updated Kansas Form K-120EL from the Department of Revenue in February 2024.
Form K-120EL is a Kansas Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Kansas Form K-120EL
We have a total of eleven past-year versions of Form K-120EL in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Form K-120EL
K-120EL Business Income Election Rev. 10-19
2022 Form K-120EL
K-120EL Business Income Election Rev. 10-19
2021 Form K-120EL
K-120EL Business Income Election Rev. 10-19
2020 Form K-120EL
K-120EL Business Income Election Rev. 10-19
2019 Form K-120EL
K-120EL Business Income Election Rev. 10-19
2018 Form K-120EL
Business Income Election K-120EL Rev. 10-17
2017 Form K-120EL
Business Income Election K-120EL Rev. 10-17
2016 Form K-120EL
K-120EL Business Income Election Rev. 7-16
2015 Form K-120EL
K-120EL Business Income Election (Rev. 6-13)
2013 Form K-120EL
K-120EL Business Income Election (Rev. 6-13)
2011 Form K-120EL
Microsoft Word - K-120EL_FINAL_7-02.doc
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