The State of Connecticut Department of Revenue Services announced some important changes for McDonald's Owner Operators with businesses located in CT. We wanted to remind you of these recent changes.
New in 2020
Effective January 1, 2020 the Business Entity Tax (BET) has been eliminated. For more information, please visit the Connecticut State Department of Revenue Services website by clicking
here.
Also effective on January 1, 2020, all businesses in the state of Connecticut must update their registered agent on their annual report when they file online. Additionally, they must report their North American Industry Classification System code (NAICS code) for their business. McDonald’s Owner Operators should use the code of 722513 – Limited Service Restaurant for their entities.
Lastly, the filing fee for annual reports will be increasing from $20 to $80 effective July 1, 2020. In order to take advantage of the current $20 filing fee, Owner Operators should file all past due annual reports prior to July 1, 2020. Because of the elimination of the BET, the filing fee increase still results in a net savings for businesses of $65 annually.
As always, we are here to help. Please reach out to a member of the Laufer LLP team with any questions by calling
631-226-9600. And be sure to follow us on
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