Instructions For Connecticut S Corporation Information And Composite Income Tax Return Form Ct-1120si - 1999 Page 9
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30Failure to File
3. The shareholder (or his or her spouse if a joint
federal income tax return is or will be filed) did
If the S corporation fails to file its return and the
not have income derived from or connected with
Commissioner of Revenue Services files a return for it,
sources within Connecticut other than the
the penalty for failure to file is 10% (.10) of the balance
shareholder’s pro rata share of S corporation
due or $50, whichever is greater.
income derived from or connected with sources
within Connecticut;
Interest on Underpayment of Estimated Tax
4. The shareholder waives the right to claim any
If the shareholder did not pay enough tax through his or
Connecticut personal exemption and any
her own estimates or the S corporation did not pay
Connecticut personal credit;
enough estimated tax on the shareholder’s behalf by any
5. The shareholder does not have a Connecticut
installment due date, the shareholder may be charged
alternative minimum tax liability for the taxable
interest on the underpaid amount. This is true even if the
year; and
shareholder is due a refund. Interest is figured separately
6. The shareholder elects to be included in Form
for each installment. Interest can be calculated by using
CT-G by completing and delivering to the
Form CT-2210, Underpayment of Estimated Income
S corporation Form CT-2NA, Connecticut
Tax by Individuals, Trusts and Estates, which may be
Nonresident Income Tax Agreement/Election
to be Included in a Group Return, prior to
obtained by calling the DRS Forms Unit. However, this
the filing of Form CT-G by the S corporation.
is a complex form and you may prefer to have the
By making the election, the shareholder
Department calculate the interest for you.
expressly consents to personal jurisdiction in
Connecticut for Connecticut income tax
purposes and waives his or her right to request,
Waiver of Penalty
on his or her own behalf or with others making
such election, an extension of time to pay
The S corporation may be entitled to a waiver of penalty
Connecticut income tax.
if the failure to pay the tax was due to reasonable cause.
Before a penalty waiver can be granted, a taxpayer must
pay all tax and interest due. Interest on underpayments
Estimated Tax Requirements
or late payments of tax cannot be waived. Requests for
a penalty waiver must be in writing and contain a clear
A payment of estimated income tax is generally required
and complete explanation. Do not include penalty waiver
if your Connecticut income tax (after credits) minus
requests with Form CT-1120SI. Mail separately to:
Connecticut tax withheld is more than $500, and you
expect your Connecticut tax withheld to be less than
Department of Revenue Services
your required annual payment. Use Form
Penalty Review Committee
CT-1120SI ES to make estimated payments.
PO Box 5089
Hartford CT 06102-5089
The required annual payment is the lesser of:
•
90% of the tax shown on your 2000 Connecticut
income tax return; or
Group Returns for Nonresident
•
100% of the tax shown on your 1999
Individual Shareholders
Connecticut income tax return, if you filed a
A group return may be filed on Form CT-G, and taxes
1999 income tax return that covered a 12 month
paid on behalf of electing shareholders only by
period.
S corporations with ten or more qualified electing
For the taxable year beginning in 2000, to calculate the
nonresident individual shareholders in a taxable year. All
estimated Connecticut composite income tax payment,
qualified electing nonresident individual shareholders must
follow the instructions for the 1999 Form CT-1120SI,
have the same taxable year. A qualified electing
Part I, Schedule A, using each shareholder's estimated
nonresident shareholder is one who meets all of the
pro rata share of S corporation income. However, in
following conditions:
calculating the amounts to enter on Form CT-1120SI,
1. The shareholder was a nonresident individual
Part VI, Lines 4 and 9, substitute 30% wherever 55% is
for the entire taxable year;
used in the 1999 instructions.
2. The shareholder did not maintain a permanent
You are not required to make estimated income tax
place of abode in Connecticut at any time during
payments if you did not file a 1999 income tax return
the taxable year;
Page 9
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