What is the BET?
The BET is a $250 tax due every other taxable year and is imposed on most businesses.
Who is liable for the BET?
The BET applies to the following business types formed under Connecticut law and to non-Connecticut entities required to register with or obtain a certificate of authority from the Secretary of the State before transacting business in the state:
• S corporations;
• Limited liability companies (LLCs), including single member LLC’s, which includes:
• Limited liability partnerships (LLPs); and
• Limited partnerships (LPs).
Fee is $250 per filing and the next filing date (for calendar year businesses) is 4/15/19 which covers 1/1/17 – 12/31/18.
If you were in business at any point in 2017 or 2018, this still needs to be filed.
Click on the link for some FAQs about the change in the BET:
http://www.ct.gov/drs/cwp/view.asp?a=1454&q=506078
Did you know? In addition to the BET, all businesses registered with the Secretary of State must file an annual report and pay an annual fee to the Secretary of State. Some reminders about Annual Report with Secretary of State:
- $20/yr for LLCs and Partnerships, $150/yr for Corporations and $50 for Non-Profits.
- Bills ARE NOT sent unless you sign up for email reminders – you must be responsible for monitoring your status
- The due date is based on business type and registration date.
- Businesses can look up if they are current and file/pay for annual report through the C.O.N.C.O.R.D. link:
http://www.concord-sots.ct.gov/CONCORD/
As always, we are here to help – call or email with any questions you have!
