Multistate Tax Compact Short Form Instructions

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MULTISTATE TAX COMPACT SHORT FORM INSTRUCTIONS
Oregon has adopted the Multistate Tax Compact. Article III, Sec-
When you file your return with extension
tion 2 of the compact allows the use of a short form. The short form
• Attach a copy of your extension to the back of your Oregon return.
allows you to report and pay any tax due on the basis of a percent-
It should be the last item before the federal corporation return.
age of sales. You may use the form if:
• Check the box on your return indicating “an extension is attached.”
1. Your only activities in Oregon consist of sales and do not include
• Enter the amount of tax paid with Form 20-V on Form 20-MTC,
owning or renting real or tangible personal property, and
line 6.
2. Your dollar volume of gross sales made during the tax year
within Oregon is not more than $100,000, and
Line instructions
3. You are not an S corporation.
Line 4. State surplus refund. Surplus corporate revenues are re-
funded if actual revenues exceed the revenue forecast for the bi-
Corporations required to file a return
ennium by more than 2 percent. The refund is taken as a credit to
corporate taxpayers on the return for the second year of the bien-
Every corporation with income from sources within Oregon must
nium. To determine if a surplus refund is available, and what the
file a return on Form 20-I or Form 20-MTC unless (1) the Oregon
refund percentage is for the tax year of your return, contact the Or-
activities are of a type specifically exempted from taxation by state
egon Department of Revenue at 503-378-4988 or visit our Web site
or federal law, or (2) the corporation has Oregon income of a na-
at
ture subject to tax under ORS Chapter 317, corporation excise tax
law (the filing will then be on Form 20 or Form 20-INS).
School fund election. You may elect to donate the amount of your
state surplus refund credit to the Oregon State School Fund. This
Income from sources within this state includes income from tan-
fund is used for public education in Oregon. The election is made
gible or intangible property located or having a situs in this state.
by checking the box on this return. If you check the box, do not use
It also includes income from any activities carried on in intrastate,
the credit to calculate your net tax. If you check the box but use the
interstate, or foreign commerce.
credit to calculate your net tax amount, your election will be void
S corporations must file Form 20-S and pass taxable income
and no donation will be made. You cannot amend or otherwise
through to their shareholders.
change your election after you file your return.
Line 5. Net income tax. If you calculate a state surplus refund and
Tax year
did not check the School Fund election box, subtract line 4 from line
You must use the same tax year used for federal tax purposes.
3 to calculate your net tax amount. Enter that amount on line 5. If
you checked the School Fund Election box, then do not fill in line
4. Enter the amount from line 3 on line 5.
Due date of the Oregon return
Line 9. Penalties. If you file your return late or do not pay the tax by
Returns for calendar years are due on or before April 15 of the fol-
the due date, you must pay a 5 percent penalty on the unpaid tax.
lowing year. Returns for other tax periods are due on or before the
15th day of the month following the due date of the federal return
If you file the return more than three months after the original due
for the tax year.
date or the extended due date, you must pay a 20 percent penalty
in addition to the 5 percent penalty. If you do not file returns for
Extension of time for filing
three consecutive years by the due date of the third year’s return,
including extensions, you must pay a 100 percent penalty on the
If you need more time to file both your federal and Oregon returns:
tax liability for each tax year.
Oregon accepts the extension you have for your federal tax return.
Line 10. Interest. If you do not pay the tax by the due date, inter-
est will be charged on the unpaid tax. Interest periods generally
If you need an extension of time to file for Oregon only:
begin on the 16th day of the month the return is due. Returns are
• Attach a completed federal extension Form 7004 to your Oregon
due on the 15th unless the 15th falls on a Saturday, Sunday, or holi-
Form 20-MTC when you file.
day. Interest is figured daily for periods of less than a month. A
• Write “For Oregon only” at the top of the form.
month, for example, is May 16 to June 15. Interest rates may change
• Enter the information for question 1, and leave questions 2
once a calendar year. Interest accrues on any unpaid tax during an
through 6 blank.
extension of time to file.
• Do not send the federal Form 7004 to the department before you
For more information and interest rates, see publication, Comput-
file your Oregon return.
ing Interest on Tax You Owe,
If you’re making an extension payment
Taxpayer assistance
• Please use Oregon Form 20-V when paying tax due.
• Form 20-V is available on our Web site at
Salem ...................................................... 503-378-4988
Telephone:
• Make check payable to “Oregon Department of Revenue.”
Toll-free within Oregon ................... 1-800-356-4222
• Do not send a copy of your return or federal extension with your
payment.
E-mail: corp.help.dor@state.or.us
• Mail any tax due on or before the original due date of your re-
Correspondence: Corporation Audit, Business Division, Oregon
turn to avoid penalty and interest. More time to file does not
Department of Revenue, PO Box 14777, Salem OR 97309-0960.
mean more time to pay your tax!
• Mail Form 20-V with payment to: Oregon Department of Rev-
Forms: Many forms are on our Web site at
enue, PO Box 14780, Salem OR 97309-0469.
Or write to: Forms, Oregon Department of Revenue, PO Box 14999,
Salem OR 97309-0990.
150-102-150 (Rev. 11-04)

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