Instructions For Filing Form Ct-990t printable pdf download

STATE OF CONNECTICUT

DEPARTMENT OF REVENUE SERVICES

Who Must File

Estimated Tax

Form CT-990T must be filed by any organization that has unrelated

Every organization subject to the tax on unrelated business

business taxable income attributable to a trade or business

income whose 1998 estimated tax is $1000 or more must file

carried on within Connecticut and:

estimated tax payment coupons. Refer to General Instructions on

Forms CT-990T ESA, ESB, ESC and ESD, Estimated Unrelated

Is exempt from taxation under the

Business Income Tax . Four preprinted estimated tax payment

provisions of Section 501 of the Internal

coupons with instructions are mailed to organizations that paid

Revenue Code;

an estimated tax or whose Connecticut unrelated business tax

Is an organization described in Section

liability was $1000 or more in 1998. Safe harbor provisions have

511(a)(2)(A) of the Internal Revenue Code

been established for calculating the required estimated tax

or a trust described in Section 511(b)(2)of

installment due.

the Internal Revenue Code; and

Is subject to taxation on income from an

Interest

unrelated trade or business under the

Interest accrues at the rate of 1% per month or fraction thereof

provisions of the Internal Revenue Code.

from the due date of the return through the date of payment.

Interest due on the underpayment of estimated tax is computed

I, Computation of Interest Due on

Due Date of Return

using

The due date of this return is the same as the due date of federal

Underpayment of Estimated Tax.

Form 990-T. In general, the due date of federal Form 990-T is the

15th day of the fifth month following the close of the income year

Late Payment

(May 15 for calendar year filers). However, the due date for

Penalty -

The penalty for underpayment of tax is 10%

domestic trusts and for foreign trusts having an office or place of

(.10) of the amount due or $50, whichever is

business in the United States is the 15th day of the fourth month

greater.

(April 15 for calendar year filers); and the due date for foreign

trusts not having an office or place of business in the United

Late Filing

States is the 15th day of the sixth month (June 15 for calendar

Penalty -

In the event that no tax is due, the

year filers).

Commissioner of Revenue Services may

impose a $50 penalty for the late filing of any

Request for Extension

return or report that is required by law to be

To get an extension of time to file the annual return, the

filed.

organization must file a Form CT-990T EXT, Application for

Extension of Time to File Unrelated Business Income Tax Return ,

not later than the due date of the return, with payment of the total

Criminal

tax due. Filing Form CT-990T EXT automatically extends the due

Penalties -

Anyone who willfully fails to pay the tax or to

date for six months.

file a return will be fined up to $1000, or

imprisoned up to one year, or both, in addition

Where to File

to any other penalty.

Please use the pre-addressed envelope that is enclosed with

the return or mail to: Department of Revenue Services

Where any person willfully files a tax return

PO Box 5014

known by that person to be fraudulent or false

Hartford CT 06102-5014

in any material matter, that person may be

fined up to $5000 or imprisoned from

Amended Returns

one to five years, or both.

Any organization that fails to include items of income or deduction

or makes any other error on a return must file an amended Form

Waiver of Penalty

CT-990T, and check the Amended Return block on the front page

An organization may be entitled to a waiver of penalty if the failure

of the return. A copy of the amended federal return must be

to file or pay tax was due to reasonable cause. Requests for a

attached to substantiate any changes to federal unrelated

penalty waiver must be in writing and contain a clear and complete

business taxable income.

explanation. Do not include the penalty waiver request with Form

CT-990T. Mail separately to:

Internal Revenue Service Changes

Corrections to unrelated business taxable income by the Internal

DRS Penalty Review Committee

Revenue Service must be reported on or before the due date or

PO Box 5089

extended due date of the next return or within 90 days after receipt

Hartford CT 06102-5089

of the notice of correction from the Internal Revenue Service,

whichever is later. All federal adjustments must be reported on

NOTE: Interest on underpayments or late payments cannot be

Form CT-990T. Check the Amended Return block on the front

waived. Before a penalty waiver can be granted, a taxpayer must

page of the return. An extension request for reporting federal audit

pay all tax and interest due.

changes must be submitted in writing to the Commissioner of

Revenue Services setting forth the reason additional time is

required.

CT-990T Instructions (Rev. 12/98)

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Instructions For Filing Form Ct-990t

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