Instructions For Form 41 - Idaho State Tax Commission

FORM 41

REFUND OR PAYMENT DUE

LINE 48 RECAPTURE OF IDAHO INVESTMENT TAX CREDIT

If you have claimed an investment tax credit on property that

LINE 58 PENALTY AND INTEREST

ceases to qualify before the end of its estimated useful life, you

LINE 58 PENALTY AND INTEREST

must recompute the investment tax credit. The difference be-

Penalty:

Penalty: If the corporation files a return after the due date, a

tween the original credit and the recomputed credit must be

penalty may be due.

recaptured. Attach Form 49R.

If the corporation files a return and pays the tax due by the

LINE 49 TAX ON IDAHO COMPENSATION OF NONRESIDENTS

extended due date the following apply:

LINE 49 TAX ON IDAHO COMPENSATION OF NONRESIDENTS

If the apportionment factor on line 32 is 50% or more, the Idaho

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source wages, salaries and other compensation of nonresident

If the corporation paid by the original due date at least 80% of

officers, directors, and shareholders may be reported and taxed

the tax due on the return or the amount of tax reported last

at the corporate level. An election is available only if the of-

year, the corporation is not subject to a penalty.

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ficer, director, or shareholder has no other Idaho source income.

If the corporation did not pay by the original due date at least

If an election is not made and the nonresident officer, director,

80% of the tax due on the return or the amount of tax re-

or shareholder does not file an Idaho return or does not pay the

ported last year, the corporation is subject to a 2% penalty for

tax due, the corporation is required to pay the tax due. Com-

each month (or fraction of a month) from the original due date

pute the tax by multiplying 8% by the Idaho source wages,

until the tax is paid.

salaries, and other compensation.

If the corporation does not file a return by the extended due date

LINE 51 UNDERPAYMENT INTEREST

or does not pay the amount of tax due, the corporation is sub-

Use Part I, Form 41ESR, Underpayment of Estimated Tax by

ject to a 5% penalty for each month (or fraction of a month), up

Corporations, to determine if there is an underpayment of any

to a maximum of 25%. The minimum penalty is $10. The

quarterly estimated payments. Enter the amount of underpay-

penalty is computed as follows:

ment interest from Part II, Form 41ESR. Attach Form 41ESR.

•

From the original due date if the corporation did not pay by the

PAYMENTS AND OTHER CREDITS

original due date at least 80% of the tax due on the return or

the amount of tax reported last year.

LINE 53 ESTIMATED TAX PAYMENTS

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LINE 53 ESTIMATED TAX PAYMENTS

From the extended due date if the corporation paid by the

Enter the total amount of estimated tax payments made for the

original due date at least 80% of the tax due on the return or

tax year 1998 on Forms 41ES, Payment of Estimated Idaho

the amount of tax reported last year.

Corporation Income Tax and the amount applied from your 1997

return.

Interest:

Interest: Interest is charged on the amount of tax due, line 57,

from the due date until paid. The rate for 1999 is 7%.

LINE 54 SPECIAL FUELS TAX REFUND

The special fuels (diesel, propane, natural gas) tax refund is

LINE 61 REFUND

available to those who use the fuel for heating or in off-highway

You have the option of receiving all or a portion of the overpay-

equipment and have paid the tax on the special fuels purchased.

ment listed on line 60 as a refund, or applying all or a portion of

Enter the amount from line 5, Form 75. Attach Form 75.

the overpayment to your 1999 estimated tax. Enter the amount

you wish to receive as a refund on this line. If you enter the

LINE 55 GASOLINE TAX REFUND

total amount from line 60, you must enter zero on line 62.

The gasoline tax refund is available to those who buy and use

gasoline in off-highway equipment or auxiliary engines. Enter

LINE 62 ESTIMATED TAX

the amount from line 4, Form 75. Attach Form 75.

You have the option of applying all or a portion of the overpay-

ment listed on line 60 as a credit against your 1999 estimated

tax. The amount you list on this line plus the amount on line 61

must equal the overpayment listed on line 60. If you listed the

total overpayment as the amount you want refunded to you on

line 61, you must enter zero on this line.

FORM 41S SPECIFIC INSTRUCTIONS

Instructions are for lines not fully explained on the form.

General information instructions beginning on page 1 also apply to this form.

The S corporation must provide a schedule to each share-

QUESTIONS 1-10

holder which shows all Idaho income, deductions, apportion-

Mark the appropriate box and provide the requested informa-

ment factors, tax credits and tax credit recapture that is re-

tion. Each question must be answered or the return will be

portable by the shareholder. A copy of this schedule and the

considered incomplete. Incomplete returns will cause process-

federal Schedule K-1, Form 1120S must be attached to the

ing delays.

Idaho Form 41S and be furnished to each shareholder.

Question 1 NAME CHANGE

HEADING

If the corporation changed its name since it last filed, check the

File the 1998 return for calendar year 1998 or a fiscal year that

"Yes" box and enter the name the way it appeared on the last

begins in 1998. For a fiscal year, fill in the tax year space at the

return filed.

top of the form.

Question 2 FEDERAL AUDIT

If you received a preaddressed label that is in error, correct the

If a federal audit was finalized during the tax year, enter the

label and place it over the name and address area of the return.

most recent tax year covered in the audit.

If you did not receive a preaddressed label, type or print the

Question 3 INACTIVE OR NAMEHOLDER CORPORATIONS

business/company name, address, and federal employer identi-

Question 3 INACTIVE OR NAMEHOLDER CORPORATIONS

fication number in the space provided.

A corporation that is authorized to transact business in Idaho

but has no business activity and no income attributable to Idaho

would check the "Yes" box.

Instructions For Form 41 - Idaho State Tax Commission - 1998 Page 8

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