Form 20es - Estimated Corporation Excise Or Income Tax

Oregon

2002

Form 20ES Instructions

Estimated Corporation Excise or Income Tax

Important information

If EFT is an undue burden for you, call 503-947-2017 for

assistance.

Has your business closed? Are you no longer doing business

Form 20ES, Estimated Tax Coupons. Send each payment with

in Oregon? Have you filed a final Oregon tax return? If you

the correct numbered quarterly coupon voucher, Form 20ES.

are no longer required to make estimated tax payments and

If you received preprinted coupons, please use them for

have received this booklet in error, please contact us to close

faster processing. Do not send estimated tax payments with

your account. Refer to page 4.

Form 20, 20-I, 20-S, or 20-INS. It is the taxpayer’s duty to

obtain the correct forms. Failure to obtain them is not an ex-

What is estimated tax?

cuse for failure to make estimated tax payments as required

by law. Form 20ES payment coupons are available on our

Estimated tax is the amount of tax you expect to owe when

Web site at

you file your 2002 Oregon corporation excise or income tax

The 2002 forms are designed for faster processing. Special

return.

ink is used on the coupons to aid processing of your pay-

Who must pay estimated tax? You must make estimated tax

ment. It is important that you use the original forms (not

payments if you expect to owe net tax after credits of $500

copies) when making your payments.

or more. The same requirement applies if you are an S cor-

Payment due dates. Estimated tax payments are paid quar-

poration paying tax on income from built-in gains, certain

terly, as follows:

capital gains, and excess passive investment income.

Calendar-year filers: April 15, June 15, September 15, and

If you fail to make estimated tax payments as required, you

December 15.

may be subject to interest on any underpayment of esti-

mated tax.

Fiscal-year filers: The 15th day of the 4th, 6th, 9th, and 12th

months of your fiscal year.

Corporation excise and income tax rate. The tax rate is 6.6

percent.

Private foundation: The first quarterly payment for a pri-

vate foundation is due on or before the 15th day of the 5th

Method of payment. Estimated tax payments may be made

month of the tax year.

electronically or by mail using Form 20ES.

If the due date falls on a Saturday, Sunday, or legal holiday,

Electronic funds transfer (EFT). The department accepts cor-

use the next regular business day.

poration estimated tax payments by EFT. EFT reduces both

Short-year taxpayers. If your return is filed for a period of

the time and expense of processing payments and enhances

less than 12 months, estimated payments are due as follows:

accuracy.

• If the period covered is less than four months, only one

For payment periods beginning on or after January 1, 2002,

payment is required. It is equal to 100 percent of the esti-

you must make your Oregon estimated tax payments by EFT

mated tax and is to be paid on or before the due date of

if you are required to make your federal estimated tax pay-

the tax return.

ments by EFT.

• If the period covered is four months or longer but less

For payment periods that began on or after July 1, 2001 and

than six months, two payments are required. One-half of

before January 1, 2002, you must make your Oregon esti-

the estimated tax is due on the 15th day of the fourth

mated tax payment by EFT if you expect your total annual

month. The balance is to be paid on or before the due date

estimated tax liability to exceed $50,000.

of the tax return, not including extensions.

Voluntary participation. If you do not meet the dollar

• If the period covered is six months or longer but less

amounts for mandatory participation in the EFT program,

than nine months, three payments are required. One-third

you may participate on a voluntary basis.

of the estimated tax is due on the 15th day of the fourth

To register, call 503-947-2017. An EFT program guide will be

month and the 15th day of the sixth month. The balance

mailed to you upon request or you may access the guide on

is to be paid on or before the due date of the tax return,

our Web site at

not including extensions.

Form 20es - Estimated Corporation Excise Or Income Tax - 2002

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