Form 1120w-Me - Estimated Tax Worksheet - 2013 (Page 2 of 2) in pdf

FORM 1120ES-ME INSTRUCTIONS

Maine Estimated Tax Payment Voucher For Corporations

3. DUE DATES FOR ESTIMATED

. WHO MUST PAY ESTIMATED

second required installment for

TAX?

TAX INSTALLMENTS.

the taxable year must be no less

than 90% of the corporation’s

Installment payments are due on

Every

corporation

subject

income tax liability for the ﬁ rst

the 15th day of the 4th, 6th, 9th and

taxation under 36 M.R.S.A., Part 8

half of the current year, less the

(Income Taxes) must pay estimated

12th months following the beginning

amount of the ﬁ rst installment for

tax. If the income tax liability for

of the corporation’s ﬁ scal year. If

the taxable year as determined

the due date falls on a Saturday,

the current tax year or for the prior

under this provision.

tax year reduced by any allowable

Sunday or legal holiday, substitute

credits is less than $1,000, the

the next succeeding day which is

5. UNDERPAYMENT PENALTY.

not a Saturday, Sunday or legal

requirement is waived.

See 36

A penalty equal to the interest rate on

M.R.S.A. § 5228(2).

holiday.

overdue taxes accrues automatically

2. AMOUNT OF ESTIMATED TAX TO

4. AMOUNT OF INSTALLMENTS.

on underpayments of the required

BE PAID.

installment amount for the period

The amount of estimated tax due

of underpayment.

The period of

The estimated tax must be no less

for the taxable year must be paid in

underpayment is the period of time

four equal installments unless:

than the smaller of the following:

from the date the installment is due

a. An amount equal to the preceding

a. The taxpayer establishes by

until the underpayment is satisﬁ ed

year’s tax liability, if that preceding

adequate

record

the

actual

or until the tax return to which the

distribution of tax liability and

year was a taxable year of 12

estimate installment applies is due,

months; or

allowable credits during the tax

whichever occurs earlier. Calculate

year; or

the underpayment penalty on Form

b. An amount equal to 90% of the

2220ME.

tax liability for the current tax

b. The

taxpayer

large

year.

corporation

deﬁ ned

6. SHORT TAXABLE YEAR.

IRC § 6655(g)(2)(A).

Such

Exception: Large corporations as

For a corporation having a tax

large corporations may elect

deﬁ ned by IRC § 6655(g)(2)(A),

year of less than 12 months, the

to determine the ﬁ rst required

are required to pay estimated taxes

estimated tax must be paid in full

installment for any taxable year

in accordance with paragraph b,

by the 15th day of the last month of

based on the preceding year’s

except as provided in 36 M.R.S.A.

the tax year. If you are ﬁ ling a tax

state income tax liability, if that

§ 5228(5)(C)

return for a short tax year, identify

preceding year was a taxable

your next ﬁ ling period in the space

year of 12 months.

However,

provided on the voucher.

if the corporation so elects, the

1120W-ME INSTRUCTIONS

Line 5

Column A - Quarterly Estimate. Divide line 2b by 4 and enter the result in each row.

Column B - Prior Year Overpayment. Enter the amount from line 3 on row 1 of this column. If this amount is larger than

the amount on row 1 of column A, subtract the amount in column A from this amount. Enter the result in column

B, row 2. Repeat this procedure on each line until the amount of overpayment is used.

Column C - Balance Due. Subtract column B, row 1 from column A, row 1 and enter the result here. This amount is the

balance due for the quarter. The total of all four rows in this column should equal the amount on line 4 (Balance

of estimated Maine corporate income tax).

Column D - Date Paid. Enter the date the balance in column C is paid.

Column E - Check or Transaction #. Enter the check number or the bank transaction number for the quarterly payment

made.

Form 1120w-Me - Estimated Tax Worksheet - 2013 Page 2

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