On February 8, 2023 the Louisiana Department of Revenue published Revenue Information Bulletin No. 23-009 detailing administrative filing relief for eligible partnerships. (Louisiana did update the 2022 partnership instructions with these changes.)
Except as provided below, a partnership doing business in Louisiana or deriving any income from Louisiana sources is required to file an informational return with the Louisiana DOR using Form IT-565, Partnership Return of Income and include all required schedules and attachments.
Exceptions to the Filing Requirement for an Eligible Partnership
An eligible partnership is exempt from filing a state partnership return if one or more of the following provisions apply:
- The partnership’s gross receipts were less than $250,000 and the partnership’s total assets at the end of the tax year were less than $1 million.
- The partnership is not required to file IRS Form 1065 with the Internal Revenue Service.
- The partnership elected to be taxed as a corporation with the Internal Revenue Service and files Form CIFT-620 with Louisiana DOR.
Ineligible Partnerships
Regardless of the foregoing exceptions, the following two types of partnerships are required to file:
- Partnerships which are required to attach Schedule 6922, Louisiana Composite Partnership to the IT-565.
- Partnerships which have any partners or related parties with an approved passthrough entity election on file with the Department.