BI-471: Business Income Tax Return (2024)
Vermont · Vermont Department of Taxes · Used for tax years 2024
Form BI-471 is Vermont’s 2024 Business Income Tax Return for partnerships, S corporations, and LLCs. It reports Vermont taxes, payments and credits, and calculates the balance due or overpayment.
Who files this form
Form BI-471 is Vermont’s Business Income Tax Return for partnerships, Subchapter S corporations, and LLCs. The supplied form does not give detailed filing requirements.
What you'll need
Have the entity’s name, address, FEIN, primary six-digit NAICS number, tax-year beginning and ending dates, and federal return type available. You will also need the total number of owners and how many are Vermont residents or nonresidents.
Depending on the entity’s situation, the form calls for:
- Schedule BI-472 for non-composite entities and Schedule BI-473 for composite entities.
- Schedules K-1VT, including Lines 11 and 12, for distributed payments and withholding.
- Schedule BI-477, completed and attached if the entity had income or losses from at least one state other than Vermont.
- Authorization or documentation attached if checking Box G for the listed nonresident estimated payment provisions.
- Payment information from Form BA-403, Form REW-171 and REW Schedule A, and Form WH-435, as applicable.
- The prior-year overpayment applied to this return and the net income adjustment for Vermont’s disallowance of bonus depreciation.
How to file
Complete the entity information, applicable checkboxes, tax computation, payments and credits, and reconciliation. Enter all amounts in whole dollars.
The responsible officer must sign and date the return. The form also provides a paid-preparer signature section.
Mail the return and check to:
Vermont Department of Taxes
133 State Street
Montpelier, VT 05633-1401
Make the check payable to Vermont Department of Taxes.
Common mistakes
- Entering cents: The form says to enter all amounts in whole dollars.
- Leaving out Schedule BI-477: If you answer Yes to having income or losses from at least one state other than Vermont, complete and attach this schedule.
- Checking Box G without support: The form requires attached authorization or documentation.
- Overlooking use tax: Line 5 covers taxable items on which no sales tax was charged, including online purchases.
Questions people ask
What minimum entity tax does the form show?
Line 1 lists a $250 Vermont minimum entity tax. The form also lists $0 exception checkboxes for no Vermont activity or inactive status, an investment club under § 5921, and IRC § 761. It refers filers to instructions for details, but those instructions were not supplied.
Where do non-composite and composite entities report tax?
Non-composite entities use Lines 2a through 2c. Line 2a takes the nonresident estimated payment requirement from Schedule BI-472, Line 6. Composite entities report Vermont composite tax on Line 3 using Schedule BI-473, Line 11.
Can an overpayment be refunded or applied to next year?
Yes. Line 17 records the overpayment to be credited to the next tax year, and Line 18 records the overpayment to be refunded.
Can the Department discuss the return with my preparer?
The form includes a checkbox allowing the Vermont Department of Taxes to discuss the return with the preparer shown.