Instructions For Form Fit-20 - Indiana Financial Institution Tax Return - 2011 Page 6
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28Estimated Quarterly Payments
Penalty for Underpayment of Estimated Taxes
Quarterly payments of estimated financial institution tax are
(IC 6-5.5-7-1)
required under IC 6-5.5-6-3. The quarterly due dates for estimated
Corporations estimating their financial institution tax liability are
quarterly payments of a calendar year filer are April 20, June 20,
subject to a 10% underpayment penalty if they fail to file estimated
September 20, and December 20 of the taxable year.
tax payments or fail to remit a sufficient amount. To avoid the
penalty, the required quarterly estimate should include at least 20%
If a taxpayer uses a taxable year that does not end on December 31,
of the final financial institution tax liability for the current taxable
the due dates for filing the estimated quarterly financial institution
year or 25% of the corporation’s final financial institution tax
tax return and paying the tax are on or before the 20th day of the
liability for the previous tax year.
fourth, sixth, ninth, and twelfth months of the taxpayer’s taxable
year. The payments must be made with the financial institution
The penalty for the underpayment of estimated tax is assessed on
estimated quarterly vouchers, Form FT-QP. The Department
the difference between the actual amount paid by the corporation
mails preprinted FT-QP vouchers to current FIT estimated
for each quarter and 20% of the final liability for the current year
account holders. A copy of a blank estimated quarterly voucher,
or 25% of the corporation’s final tax liability for the previous tax
Form FT-ES, is located at the back of this publication.
year, whichever is less. Refer to Schedule FIT-2220, Underpayment
of Estimated Tax by Financial Institutions, on return page 4 of
If the annual tax liability is less than $2,500, estimated payments
Form FIT-20.
are not required to be made.
Instructions for Completing Form FIT-20
Electronic Funds Transfer Requirements
A taxpayer’s quarterly estimated tax must be remitted by electronic
Filing Period and Identification
funds transfer (EFT) if the amount of financial institution tax
exceeds an average liability of $5,000 per quarter (or $20,000
File a 2011 Form FIT-20 return for a taxable year ending Dec. 31,
annually). If the Department is unable to obtain payment on
2011, a short tax year beginning in 2011 and ending in 2011, or a
the EFT, a penalty of 10% of either the unpaid tax or the EFT,
fiscal tax year beginning in 2011and ending in 2012. For a short or
whichever is less, will be assessed. Because there is no minimum
fiscal tax year, fill in the beginning month and day and the ending
amount of payment, the Department encourages all taxpayers not
date of the taxable year at the top of the form.
required to remit by EFT to participate voluntarily in our EFT
program.
Please use the correct legal name of the corporation and its present
mailing address. For foreign addresses, please note the following:
Note: Taxpayers remitting by EFT should not file quarterly
Be sure to enter the name of the city, town, or village in the
FT-QP coupons. The amounts are reconciled when filing the
box labeled City;
annual income tax return.
Be sure to enter the name of the state or province in the box
labeled State; and
If the Department notifies a corporation of the requirement to
Be sure to enter the postal code and the 2-digit country code
remit by EFT, the corporation must do the following:
in the box labeled ZIP Code.
(1) Complete and submit the EFT Authorization Agreement
For a name change, check box B-1 at the top of the return. Enclose
(Form EFT-1); and
with the return copies of amended Articles of Incorporation or an
(2) Begin remitting tax payments via EFT by the date/tax
Amended Certificate of Authority filed with the Indiana Secretary
period specified by the Department.
of State. The federal identification number (FID) shown in the box
must be correct.
Failure to comply will result in a 10% penalty on each quarterly
estimated tax payment not sent by EFT. Indiana Code does not
List the Indiana county of your primary business location within
require the extension of time to file payment or final payment due
the state. Enter “O.O.S. ” (out- of-state) in the county box for
with the annual tax return to be made by EFT. Be sure to claim any
addresses outside Indiana.
EFT payment as an extension or estimated payment credit. Do not
file a return indicating an amount due if you have paid, or will pay,
Enter your principal business activity code, derived from the
any remaining balance by EFT. If a corporation determines that it
North American Industry Classification System (NAICS), in the
meets the requirements to remit by EFT or has any questions, it
designated block of the return. Use the six-digit activity code as
should contact the EFT Section at (317) 232-5500.
reported on the federal corporation return. A link to a list of these
codes is available through the Department’s website:
6
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial