For calendar year Partnerships and Limited Liability Companies, this date will generally be April 15. A copy of the entity's federal return and all schedules must be attached to this return. This information must also be given to the shareholder, partner or member whom it concerns. Composite returns relieve the included shareholders, partners or members from the responsibility of filing individual income tax returns. Only entities with more than twenty shareholders, partners or members may file composite returns.
Composite returns can include only natural persons.
Once composite filing has been approved by the commissioner, that approval continues in effect until revoked for failure to meet the requirements for composite filing or until the entity withdraws its election. To the extent that the tax due is less than the estimated tax payments made by the entity on behalf of its shareholders, partners, or members, refund shall be paid to the entity and not the individual shareholders, partners and members. Each composite return must have attached to it a power of attorney signed by each qualified nonresident shareholder, partner or member evidencing the authority of the S corporation, Partnership or Limited Liability Company to act on the shareholder's, partner's or member's behalf and authorizing the Department to disclose confidential information to the S corporation, Partnership, or Limited Liability Company as necessary to verify the returns.