Instructions For Rct-143 Return (Page 2 of 5) in pdf

RCT-143-I

Page 2

Report Due Date, Payments and Mailing Addresses

The annual report for calendar year institutions must be filed on or before April 15 following the end of the tax year. An institution oper-

ating on a fiscal year must file the report within 105 days of the close of the fiscal year. If April 15 or the 105th day following the close

of the fiscal year falls on a Saturday, Sunday or holiday, the report is due the next business day. A penalty for late filing will be imposed

as follows and assessed at the time of filing: 10 percent of the first $1,000 of tax liability, 5 percent of the next $4,000 of tax liability

and 1 percent on any tax liability in excess of $5,000.

Payments of $20,000 or more must be remitted electronically. For information on electronic filing and to register for electronic funds

transfer, visit Payments under $20,000 may be remitted by mail, made payable to the PA Department of

Revenue.

Mail RCT-143 – with remittance, if applicable – to the following address:

PA DEPARTMENT OF REVENUE

PO BOX 280407

HARRISBURG, PA 17128-0407

Due Date Extension Request

To request a due date extension of up to six months to file the annual report, you must file an extension request coupon by the origi-

nal report due date. However, an extension of time to file does not extend the deadline for payment of tax, and an extension request

must be accompanied by payment of taxes owed for the taxable year for which the extension is requested. Mail the extension coupon

separately from all other forms.

Taxpayers using an electronic method to make payment with an extension request should not submit the extension coupon.

Current Period Overpayment Instructions

If the remittance column is less than zero on Page 1 of your completed RCT-143, an overpayment exists and you should instruct the

department how to transfer and/or refund the overpayment. Select only one option in the “Overpayment Instructions” area of Page 1.

If no option is selected, any overpayment will automatically be credited to the next tax period.

A. Overpayment is transferred automatically to offset other underpaid taxes in the current tax period, and any remaining credit is

then applied to the next tax period for estimated tax purposes.

B. Prior to issuing a refund, the department will apply overpayment to unpaid tax in the current tax period. The department may

also offset other unpaid liabilities or commonwealth obligations for the account.

Estimated Payment Instructions

All accounts are expected to remit estimated prepayments toward the final liability a corporation estimates is due for the taxable year.

Estimated payments for mutual thrift institutions tax are due on the 15th day of the third, sixth, ninth and 12th month following the

close of the prior tax year. Tax remaining due at the close of the taxable year must be paid by the 15th day of the fourth month fol-

lowing the close of the tax year.

Should a corporation realize estimated tax is underpaid, additional payments should be submitted to minimize underpayment penalty.

Underpayment is measured against 90 percent of the tax reported due for the taxable year. However, if the final total tax increases

the self-reported tax by 10 percent or more, the underpayment will be measured against 90 percent of the final total tax. The period

of underpayment is measured from the due date of the installment to the date the underpayment is paid or the date the safe harbor

is satisfied.

A corporation may avoid interest charges by timely paying estimated tax equal to the liability in the second-prior taxable year (safe

harbor). This amount must be adjusted to reflect the tax rate and law for the estimated tax year and must reflect the total liability if it

exceeds the self-reported liability by 10 percent or more. Where the second-prior year is a short period, the safe harbor is annualized.

Second year corporations may use the immediate prior year (annualized if necessary) as the base year for the safe harbor.

Mail the estimated payment coupon separately from all other forms.

Requests for Refund or Transfer of Available Credit

Requests for refund or transfer of available credit from prior periods or from the current nonreported tax period can be faxed on com-

pany letterhead, signed by an authorized representative, to 717-705-6227.

Requests can also be submitted in writing to the following address:

PA DEPARTMENT OF REVENUE

PO BOX 280701

HARRISBURG, PA 17128-0701

Please do not duplicate requests for refund and/or transfer by submitting both RCT-143 and written correspondence.

Instructions For Rct-143 Return Page 2

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