Instructions For Form Ct-990t - Connecticut Unrelated Business Income Tax Return - 2013

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2013
Form CT-990T
Department of Revenue Services
State of Connecticut
Connecticut Unrelated Business Income Tax Return
PO Box 5014
Hartford CT 06102-5014
Instructions
(Rev. 12/13)
General Instructions
Interest due on the underpayment of estimated tax is computed
Complete this return in blue or black ink only.
using Form CT-1120I, Computation of Interest Due on
Underpayment of Estimated Tax.
Who Must File
Penalty
Form CT-990T must be fi led by any organization that has
unrelated business taxable income attributable to a trade or
Late Payment Penalty
business carried on within Connecticut and meets all of the
The penalty for underpayment of tax is 10% of the tax due
following conditions:
or $50, whichever is greater. However, an organization
that has been granted a fi ling extension may avoid a late
Is exempt from taxation under the provisions of IRC §501;
payment penalty provided the outstanding balance due is
Is an organization described in IRC §511(a)(2)(A) or a trust
10% or less of the tax due and is paid at the time Form
described in IRC §511(b)(2); and
CT-990T is fi led.
Is subject to taxation on income from an unrelated trade
Late Filing Penalty
or business under the provisions of the Internal Revenue
If no tax is due, the Commissioner of Revenue Services may
Code.
impose a $50 penalty for the late fi ling of any return or report
Return Due Date
that is required by law to be fi led.
The due date for Form CT-990T is the same as the due date
Criminal Penalties
of federal Form 990-T. In general, the due date of federal
Anyone who willfully fails to pay the tax or to fi le a return will
Form 990-T is the fi fteenth day of the fi fth month following the
be fi ned up to $1,000, or imprisoned up to one year, or both, in
close of the income year (May 15 for calendar year fi lers). If the
addition to any other penalty.
due date falls on a Saturday, Sunday, or legal holiday, the next
Where any person willfully fi les a tax return known by that
business day is the due date.
person to be fraudulent or false in any material matter, that
Request for Extension to File
person may be fi ned up to $5,000 or imprisoned from one to
To get an extension of time to file the annual return, the
fi ve years, or both.
organization must fi le Form CT-990T EXT, Application for
Extension of Time to File Unrelated Business Income Tax
Waiver of Penalty
Return, no later than the due date of the return, with payment
To make a penalty waiver request, taxpayers must complete
of the total tax due. Filing Form CT-990T EXT automatically
and submit Form DRS-PW, Request for Waiver of Civil Penalty,
extends the due date for six months.
to the Department of Revenue Services (DRS) Operations
Bureau/Penalty Waiver. Taxpayers may mail Form DRS-PW
Amended Returns
to the address listed below or fax it to Operations Bureau/
Any organization that fails to include items of income or
Penalty Waiver at 860-297-5727.
deduction or makes any other error on a return must fi le an
Department of Revenue Services
amended Form CT-990T and check the amended return box.
Operations Bureau/Penalty Waiver
If an organization has fi led an amended federal return with the
PO Box 5089
Internal Revenue Service (IRS) making changes to its federal
Hartford CT 06102-5089
unrelated business taxable income, then within 90 days of the
DRS will not consider a penalty waiver request unless it is
IRS fi nal determination on that amended federal return the
accompanied by a fully completed and properly executed Form
organization shall fi le an amended Form CT-990T, checking
DRS-PW. For detailed information about the penalty waiver
the amended return box, and attach a copy of the amended
process, see Policy Statement 2010(1), Requests for Waiver
federal return.
of Civil Penalties.
If the IRS has made corrections to an organization’s federal
unrelated business taxable income, the organization shall report
Signature
those changes within 90 days after the IRS fi nal determination
Form CT-990T must be signed by a corporate offi cer or fi duciary.
by fi ling an amended Form CT-990T and checking the amended
Paid Preparer Signature
return box. If an extension of time is necessary to report
A paid preparer must sign and date Form CT-990T. Paid
changes, an extension request must be submitted in writing to
preparers must also enter their Social Security Number (SSN)
the Commissioner of Revenue Services stating the reason the
or Preparer Tax Identifi cation Number (PTIN) and their fi rm’s
additional time is required.
Federal Employer Identifi cation Number (FEIN) in the spaces
Estimated Tax
provided.
Every organization subject to the tax on unrelated business
Paid Preparer Authorization
income whose tax for the current income year is more than
If the organization wishes to authorize the Department of
$1,000 must make estimated tax payments. See General
Revenue Services (DRS) to contact the paid preparer who
Instructions on Forms CT-990T ESA, ESB, ESC, and ESD,
signed the 2013 Connecticut Unrelated Business Income Tax
Estimated Unrelated Business Income Tax. Safe harbor
Return to discuss it, check the Yes box in the signature area
provisions have been established for calculating the required
of the return. This authorization applies only to the individual
estimated tax installment due.
whose signature appears in the paid preparer’s signature
section of the return. It does not apply to the fi rm, if any, shown
Interest
in that section.
Interest accrues at 1% per month or fraction of a month
from the due date of the return through the date of payment.

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