S Corporation Franchise Or Income Tax Return And Instructions For Form Tc20s Page 20
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32Suspension for Failure to
The penalty for underpayment of the extension
prepayment is 2 percent per month of the unpaid
Pay Tax Due
tax during the extension period. If the return is not
filed by the extension due date, failure to file and
Utah law provides for suspension of the corporation’s
failure to pay penalties will apply, as if the extension
right to do business in Utah if the corporation fails
had not been granted.
to pay taxes due before 5 p.m. on the last day of the
Penalty for failure to file an information return or
eleventh month after the due date.
complete supporting schedule is $50 for each
return or schedule to a maximum of $1,000.
The penalty for each underpayment of required
estimated tax or required quarterly installments
is determined by applying the state interest rate(s)
in effect for the period of the underpayment, plus
four percentage points to the amount of the under-
payment for the period of the underpayment.
For a list of additional penalties, that may be
imposed please refer to UCA §59-1-401.
Interest
The calendar year interest rate applicable for all
taxes and fees administered by the Tax Commis-
sion is two percentage points above the federal
short-term rate in effect for the preceding fourth
calendar quarter. The Internal Revenue Service
publishes this rate in September of each year.
The interest rate for most taxes and fees adminis-
tered by the Tax Commission for the 2001 calendar
year is 8 percent.
Supporting Federal Information
Form 1120-S, as filed with the IRS, should be
attached when filing the Utah S Corporation Fran-
chise or Income Tax return (Form TC-20S). In
addition, federal Schedule K-1 forms must be filed
for each shareholder.
First Time Filers
A copy of the IRS letter of authorization, “Notice of
Acceptance as an S Corporation,” must be at-
tached to the S Corporation Franchise or Income
Tax Return, TC-20S, when filing for the first time.
Corporation Changes
Corporation changes (e.g., name change, merger,
or ceasing to do business in Utah) must be reported
to both:
Division of Corporations
Department of Commerce
160 E 300 S
Salt Lake City, UT 84145
and
Tax Commission
Master File Maintenance
210 N 1950 W
Salt Lake City, UT 84134.
Page 2
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