The Indiana State 104 form is a Business Tangible Personal Property Return required for taxpayers in Indiana to report their business personal property. This form must be submitted to the Township Assessor by May 15, unless an extension is granted. Completing this form accurately is essential to avoid penalties and ensure compliance with state tax regulations.
To fill out the form, click the button below.
The Indiana State 104 form is essential for businesses reporting tangible personal property for tax purposes. Alongside this form, several other documents are often required to ensure compliance with state regulations. Each of these documents serves a specific purpose in the assessment and reporting process, contributing to accurate tax calculations and adherence to deadlines.
Understanding these additional forms and documents is crucial for taxpayers in Indiana. Each serves a distinct role in the property tax assessment process, helping to ensure compliance and avoid penalties. Timely and accurate reporting can significantly impact a business's financial obligations and overall tax liability.
Missing Deadline: Failing to submit the form by May 15 can result in penalties. Extensions must be requested in writing.
Incorrect Taxing District: Not filing separate returns for properties located in different taxing districts can lead to complications, as each district may have different tax rates.
Not Filing in Duplicate: Taxpayers with a total assessed value of $150,000 or more must file duplicate returns. Missing this requirement can lead to additional penalties.
Omitting Improvements: Failing to disclose any improvements made to real estate since the last assessment date can result in penalties. Complete details about the improvements are essential.
Underreporting Value: If the reported value is less than required, and the undervaluation exceeds five percent, a penalty of twenty percent on the additional taxes may be imposed.
Incomplete Information: Leaving sections of the form blank or failing to answer all questions can lead to delays and potential penalties. Each line must be completed accurately.
Incorrect Signature: The form must be signed by an authorized person. A missing or incorrect signature can invalidate the return.
Wrong Contact Information: Providing incorrect mailing addresses for assessment notices can cause important communications to be missed, leading to penalties.
Not Reporting All Tangible Personal Property: All personal property owned or controlled must be reported. Failing to do so can result in penalties and additional tax liabilities.
Ignoring Guidance: Not following the instructions provided in the form can lead to mistakes. Taxpayers should carefully read all instructions to ensure compliance.
Understanding the Indiana State 104 Form is essential for business owners in Indiana. Here are four key takeaways to keep in mind when filling out and using this form:
By following these guidelines, you can navigate the filing process more smoothly and avoid potential penalties. Stay proactive to ensure compliance with Indiana tax laws.
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BUSINESS TANGIBLE PERSONAL
FORM 104
PROPERTY RETURN
STATE OF INDIANA
State Form 10068 (R10 / 1-03)
Prescribed by the Department of Local Government Finance
INSTRUCTIONS: This form must be filed with the Township Assessor not later than May 15 unless an extension is granted in writing.
MARCH 1, 20 _________
For assessor's use only
Name of taxpayer (Please type or print)
Taxing District
Name under which business is conducted
Township
Address where property is located (Street and number, city)
County
ZIP code
Nature of business
Name and address to which assessment and tax notice to be mailed (if different than above)
Street and number, city
REQUIREMENTS AND PENALTIES
FILING REQUIREMENTS:
Property in more than one Taxing District - A taxpayer who has property in two or more taxing districts within the same township must file separate returns in each district covering only property located in that district. This is necessary since each taxing district may have different tax rates. [IC 6-1.1-3-10(b)]
Duplicate Return Requirement - Every taxpayer whose total combined assessed value of business personal property within a single taxing district is $150,000 or more must file each return in duplicate including the confidential returns and schedule attached thererto. See Regulation 16, Rule 2, Sec. 7(a). [IC 6-1.1-3-7(c)]
Total assessed value of business personal property filed in this taxing district is:
$150,000 or more
Less than $150,000
Multiple Location Taxpayers - Every taxpayer who is required to file in more than one township in the State of Indiana must file a summary form, Form 105 (available from the Department of Local Government Finance or local assessing officials), directly with the Department of Local Government Finance on or before July 15 of the assessment year. (Regulation 16, Rule 2, Sec. 6) [IC 6-1.1-3-10(a)]
Were expenditures made since March 1 of last year for improvements on any real estate owned, held, possessed, controlled or occupied by the tax- payer in the township wherein this return is filed? Yes No If Yes, attach a statement setting forth: Name of owner, location of real estate and explaining nature, cost, date construction of improvements was begun and date construction was completed. If not completed as of March 1, state the percentage completed at that time. (IC 6-1.1-5-13)
PENALTIES FOR FAILURE TO FILE COMPLETE RETURN FORMS:
Failure to file a return on or before the date, as required by law, will result in the imposition of a twenty-five dollar ($25.00) penalty. In addition, if a return is not filed within thirty (30) days after such return is due, a penalty equal to twenty percent (20%) of the taxes finally determined to be due with respect to the property which should have been reported will be imposed. A personal property return is not due until the expiration of any extension period granted by the township assessor under IC 6-1.1-3-7(b).
If the total assessed value that a person reports on a personal property return is less than the total assessed value that the person is required by law to report and if the amount of the undervaluation exceeds five percent (5%) of the value that should have been reported on the return, then the county auditor shall add a penalty of twenty percent (20%) of the additional taxes finally determined to be due as a result of the undervaluation.
In completing a personal property return for a year, a taxpayer must make a complete disclosure of all information relating to the value, nature or location of personal property owned, held, possessed or controlled on the assessment date [IC 6-1.1-3-9(a)], and information relating to improve- ments made since the preceding assessment date to real property owned, held, possessed or occupied. (IC 6-1.1-5-13)
This information would include, but not be limited to, completion of the heading and related information, answers to all questions and entries on all of the appropriate lines on the face of the return. If such information is not provided, the taxpayer will be contacted and directed to provide that informa- tion. In addition, a penalty of twenty-five dollar ($25.00) may be imposed. [IC 6-1.1-37-7(d)]
The above penalties are due on the property tax installment next due for the return whether or not an appeal is filed with the Indiana Tax Court with respect to the tax due on that installment. [IC 6-1.1-37-7(f)]
Total Tangible Personal Property
(Please check one)
ASSESSED VALUES
ASSESSED VALUES BY
Form 102
Form 103
BY TAXPAYER
TOWNSHIP ASSESSOR
PTABOA
(a)
(b)
(c)
Round Assessed Value to Nearest Ten Dollars
$
All vehicles used in farm or business and not subject to Excise Tax must be reported as depreciable personal property in the pools on Schedule A of Forms 102 or 103. All such property used for recreational purposes (not used in business) must be reported on Form 101.
SIGNATURE AND VERIFICATION
Under penalties of perjury, I hereby certify that this return (including accompanying schedules and statements), to the best of my knowledge and belief, is true, correct, and complete; reports all tangible personal property, subject to taxation, owned, held, possessed or controlled by the named taxpayer in the stated township or taxing district on the assessment date of this return, as required by law; and is prepared in accordance with IC 6-1.1 et seq., as amended, and regulations promulgated with respect thereto.
Signature of authorized person
Please print name
Date signed (mo., day, yr.)
Title
Telephone number
Signature of person preparing return based on all
(
)
information of which he has any knowledge