Instructions For Form 1120-W - 2009

ADVERTISEMENT

2 0 09
Department of the Treasury
Internal Revenue Service
Instructions for
Form 1120-W
income tax liability and at least $500. To apply, file Form 4466,
Section references are to the Internal Revenue Code unless
Corporation Application for Quick Refund of Overpayment of
otherwise noted.
Estimated Tax, after the end of the tax year and before the
IRS E-Services Make Taxes Easier
corporation files its income tax return. Form 4466 may not be
filed later than the 15th day of the 3rd month after the end of the
Now, more than ever before, businesses can enjoy the benefits
tax year.
of filing and paying their federal taxes electronically. Whether
you rely on a tax professional or handle your own taxes, the
Depository Methods of Tax Payment
IRS offers you convenient programs to make filing and paying
taxes easier.
Some corporations (described below) are required to
You can e-file your Form 1120 tax return and certain other
electronically deposit all depository taxes, including estimated
business income tax returns; Form 940 and 941 employment
tax payments.
tax returns; Form 1099 and certain other information returns.
Electronic deposit requirement. The corporation must make
Visit for more information.
electronic deposits of all depository taxes (such as employment
You can pay taxes online or by phone using the free
tax, excise tax, and corporate income tax) using the Electronic
Electronic Federal Tax Payment System (EFTPS). Visit www.
Federal Tax Payment System (EFTPS) in 2009 if:
eftps.gov or call 1-800-555-4477 for more information. EFTPS
The total deposits of such taxes in 2007 were more than
is required for certain corporations; see Depository Methods of
$200,000 or
Tax Payment below.
The corporation was required to use EFTPS in 2008.
If the corporation is required to use EFTPS and fails to do so, it
may be subject to a 10% penalty. If the corporation is not
General Instructions
required to use EFTPS, it may participate voluntarily. See IRS
E-Services Make Taxes Easier above.
Section references are to the Internal Revenue Code unless
otherwise noted.
Depositing on time. For EFTPS deposits to be made timely,
the corporation must initiate the transaction at least 1 business
What’s New
day before the date the deposit is due.
If a corporation has both a net capital gain and a qualified
Deposits with Form 8109. If the corporation does not use
timber gain, a maximum 15% capital gain tax rate may apply to
EFTPS, deposit corporation income tax payments (and
the qualified timber gain. Use new Part II to figure the
estimated tax payments) with Form 8109, Federal Tax Deposit
corporation’s special alternative tax. See the instructions for
Coupon. If you do not have a preprinted Form 8109, use Form
Part II.
8109-B to make deposits. You can get this form only by calling
1-800-829-4933. Be sure to have your employer identification
Who Must Make Estimated Tax
number (EIN) ready when you call.
Payments
Do not send deposits directly to an IRS office; otherwise, the
corporation may have to pay a penalty. Mail or deliver the
Corporations generally must make estimated tax payments if
completed Form 8109 with the payment to an authorized
they expect their estimated tax (income tax less credits) to be
depositary (that is, a commercial bank or other financial
$500 or more.
institution authorized to accept federal tax deposits). Make
S corporations must also make estimated tax payments for
checks or money orders payable to the depositary.
certain taxes. S corporations should see the instructions for
If the corporation prefers, it may mail the coupon and
Form 1120S, U.S. Income Tax Return for an S Corporation, to
payment to: Financial Agent, Federal Tax Deposit Processing,
figure their estimated tax payments.
P.O. Box 970030, St. Louis, MO 63197. Make the check or
Tax-exempt corporations, tax-exempt trusts, and domestic
money order payable to “Financial Agent.”
private foundations use Form 990-W, Estimated Tax on
To help ensure proper crediting, enter the corporation’s EIN,
Unrelated Business Taxable Income for Tax-Exempt
the tax period to which the deposit applies, and “Form 1120” on
Organizations, to figure the amount of their estimated tax
the check or money order. Be sure to darken the “1120” box
payments.
under “Type of Tax” and the appropriate “Quarter” box under
When To Make Estimated Tax Payments
“Tax Period” on the coupon. Records of these deposits will be
sent to the IRS. For more information, see “Marking the Proper
The installments generally are due by the 15th day of the 4th,
Tax Period” in the instructions for Form 8109.
6th, 9th, and 12th months of the tax year. If any due date falls
For more information on deposits, see the instructions in the
on a Saturday, Sunday, or legal holiday, the installment is due
coupon booklet (Form 8109) and Pub. 583, Starting a Business
on the next regular business day.
and Keeping Records.
Underpayment of Estimated Tax
Foreign corporations. If a foreign corporation maintains an
office or place of business in the United States, the corporation
A corporation that does not make estimated tax payments when
must use one of the two methods described above.
due may be subject to an underpayment penalty for the period
of underpayment. Use Form 2220, Underpayment of Estimated
If the foreign corporation does not maintain an office or place
Tax by Corporations, to see if the corporation owes a penalty
of business in the United States, the corporation must pay the
and to figure the amount of the penalty. See Form 2220 and the
estimated tax due directly to the IRS (i.e., do not use either of
Instructions for Form 2220.
the methods described above).
The corporation must pay the estimated tax due by check or
Overpayment of Estimated Tax
money order, payable to the “United States Treasury.” To
A corporation that has overpaid its estimated tax may apply for
ensure proper crediting, enter the foreign corporation’s EIN,
a quick refund if the overpayment is at least 10% of its expected
“Form 1120-F (or 1120-FSC, if applicable) estimated tax
Cat. No. 52102x

ADVERTISEMENT

00 votes

Related Articles

Related forms

Related Categories

Parent category: Financial
Go
Page of 4