Income 51: Estimated Income Tax - Department Of Revenue (Page 5 of 6) in pdf

Remitting estimated payments

Taxpayers must remit any required quarterly estimated

Due dates for quarterly estimated payments*

payments by the applicable due dates. Estimated tax

Calendar year

payments are due on 15

day of the fourth, sixths, ninth,

Quarter

Fiscal year filers

filers

and twelfth months of the tax year. See the table to the

right for due dates for both calendar year filers and fiscal

April 15

day of fourth month

year filers. If a required payment is not remitted or is

underpaid, the department will first credit any subsequent

June 15

day of sixth month

payments to resolve the underpayment, regardless of when

September 15

day of ninth month

the payment is received.

December 15

day of twelfth month

Taxpayers may remit estimated payments through Revenue

Online or via EFT. Taxpayers remitting estimated payments

* If any due date listed here falls on a Saturday,

by check must include a Corporate Estimated Income Tax

Sunday, or legal holiday, the payment will be due on

Payment Form (112EP) with their payment to ensure proper

the next business day.

crediting of their account.

For estimated tax purposes, all C corporations included in a combined and/or consolidated return are considered a

single taxpayer. Estimated payments should be remitted using the same parent account number under which they will

ultimately be claimed. If a taxpayer remits payments using a different account number, such as the account number

for a subsidiary company, the taxpayer must notify the department in writing prior to the filing of the tax return

upon which the payment will be claimed.

Short tax years

In the case of a short tax year (a tax year of less than 12 months), estimated payments are due on the 15

day of the

fourth, sixth, and ninth months of the year, if the year is of sufficient length to include such months, and the 15

day

of the final month of the tax year. Consequently, taxpayer filing for a short tax year may not be required to remit a

full four estimated payments, but rather only one, two, or three, depending on the length of the short tax year. The

amount of each required payment is an equal share of the total required annual payment. For example, a taxpayer

with an eight-month tax year must remit three estimated payments, each equal to 33% of the total required annual

payment, by the 15

day of the fourth, sixth, and eighth months of the short tax year. See the following table for

details regarding the amounts and due dates for estimated payments for short tax years.

Payment amounts and due dates for short tax years

Tax years consisting

of 4 months or less

of 5 or 6 months

of 7, 8, or 9 months

of 10 or 11 months

No. of required

estimated payments

Required amount of

100% of total required

50% of total required

33% of total required

25% of total required

each payment

annual payment

Due date of 1

day of final

day of fourth

estimated payment

month of tax year

Due date of 2

day of final

day of sixth

N/A

estimated payment

month of tax year

Due date of 3

day of final

day of ninth

N/A

estimated payment

month of tax year

Due date of 4

day of final

N/A

estimated payment

month of tax year

Estimated tax penalty

If a C corporation fails to remit required estimated payments or underpays its required estimated tax, the C

corporation will owe an estimated tax penalty. The penalty is actually an assessment of interest, calculated on the

unpaid or underpaid amount, from the due date of the payment until the date of payment is made or the date the

annual income tax return is due, whichever is later. See Form 205 and FYI General 11 to determine the applicable

interest rate. C corporations can calculate the estimated tax penalty they owe using Form 205.

Page 5 of 6 (01/17)

Income 51: Estimated Income Tax - Department Of Revenue Page 5

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