Looking for a Kentucky Tax Forms And Templates? Download it for free!

720ES

Page 1

41A720ES(I) (06-16)

Commonwealth of Kentucky

DEPARTMENT OF REVENUE

INSTRUCTIONS FOR FILING

CORPORATION INCOME/LIMITED LIABILITY ENTITY TAX ESTIMATED TAX VOUCHER

Who Must File—Every corporation or pass-through entity subject to the corporation income tax imposed by KRS 141.040 and/or

the limited liability entity tax imposed by KRS 141.0401 shall make a declaration of estimated tax and must pay installments if the

combined tax liability under KRS 141.040 and 141.0401 can reasonably be expected to exceed $5,000. Safe harbor: A corporation

or pass-through entity can satisfy its declaration requirement if its estimated tax payments are equal to the combined tax liability

under KRS 141.040 and 141.0401 for the prior tax year, and its combined tax liability for the prior tax year was equal to or less

than $25,000. KRS 141.042 and KRS 141.044

NOTE: Limited liability pass-through entities as defined in KRS 141.010(28) are subject to the LLET as imposed by KRS 141.0401.

Corporations as defined in KRS 141.010(24)(a) are subject to the taxes imposed by KRS 141.040 and KRS 141.0401. Corporations

will have the same account number for the LLET and corporation income tax. DO NOT USE the Secretary of State Organization

Number for the Kentucky Corporation/LLET Account Number.

Payment Dates for Calendar Year Filers—If the estimated tax exceeds $5,000 before June 2, the following payment dates are

applicable:

First Installment

June 15

50% of Estimated Tax Due

Second Installment

September 15

25% of Estimated Tax Due

Third Installment

December 15

25% of Estimated Tax Due

If Income or LLET Changes—If an entity's estimated tax exceeds $5,000 after June 1, or if changes in estimated tax affect the

amount of the installments, the following payment dates are applicable:

When Estimated

Tax Exceeds $5,000

Estimated Tax Due

or Amendment Required

September 15

December 15

June 2–September 1

75%

25%

September 2–December 1

N/A

100%

Payment Dates for Fiscal Year Filers—For entities filing on a fiscal year basis, the following is substituted for the payment dates

in the two charts above:

Calendar Year Date

Fiscal Year Date (following fiscal year end)

June 15

15th day of sixth month

September 15

15th day of ninth month

December 15

15th day of 12th month

June 2–September 1

After the first day of the sixth month and

before the second day of the ninth month

September 2–December 1

After the first day of the ninth month and

before the second day of the 12th month

NOTE: If a payment date falls on a holiday or weekend, the applicable payment date is the next working day.

Short Taxable Year—No estimated payment is required if the taxable year is five months or less. For taxable years of more than

five months but less than 12 months, estimated payments are required if the tax liability exceeds $5,000. For a short taxable year,

annualize the taxable net income in accordance with KRS 141.140(3) to determine if estimated payments are required. For a short

taxable year, the payment dates and amount of payment required are as prescribed by KRS 141.044 except that any installments

unpaid at the close of the short taxable year shall be paid when the income tax return is filed. 103 KAR 15:060

—LLET rates are as follows:

Kentucky Gross Receipts

.00095

Kentucky Gross Profits

.0075

—Corporation income tax rates are as follows:

Income

At Least

But Not Over

Rate

$ 50,000

50,001

100,000

100,001

—

Installment Vouchers—Enter the amount(s) paid with the voucher in the correct field to identify the payment as LLET and/or

corporation income tax. Calculate these amounts on the worksheet on page 2.

Electronic Funds Transfer (EFT)—Kentucky estimated payments may be made by EFT for corporation income tax and LLET. For

questions concerning EFT, contact the Department of Revenue at 1-800-839-4137 or (502) 564-6020.

Do not submit the estimated tax voucher if the estimated payment is made by EFT.

MAKE CHECK PAYABLE TO: KENTUCKY STATE TREASURER

MAIL TO: KENTUCKY DEPARTMENT OF REVENUE, FRANKFORT, KENTUCKY 40620-0021

Form 720es - Corporation Income/limited Liability Entity Tax Estimated Tax Worksheet - 2016

Related Articles

Related forms

Related Categories