Form 41es - Estimated Tax Payment / Extension Of Time Payment Idaho Business Income Tax Page 2
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2instructions for idaho form 41es
EFO00026p2
08-25-11
A. CorporAte estimAted tAx pAyments
Overpayments will be applied to any prior year tax liabilities before
carryovers or refunds are allowed. You will be notified if your
overpayment is applied to an existing liability, or is used to reduce your
Who must make estimated tax payments
refund or carryover.
A corporation must make estimated tax payments to the Tax Commission
if it is required to make estimated tax payments to the Internal Revenue
Annualized income and estimated tax payments
Service and will have an Idaho income tax liability of $500 or more.
If your estimated tax payments are based on annualized income for
Estimated tax payments aren't required if the corporation wasn't required
federal purposes, you may use that same method for making Idaho
to file an Idaho return the previous tax year.
estimated tax payments. The estimated tax due for the installment
period is calculated by multiplying the applicable percentage (22.5%,
If you received personalized payment vouchers, use the appropriate
45%, 67.5%, and 90% for the 1st, 2nd, 3rd and 4th installments,
voucher for each filing period. If any of the preprinted information is
respectively) by the full year's tax on the annualized income for the
incorrect, draw a line through it and enter the correct information. Check
period and deducting any prior installments.
the box on the voucher if there is a change in your mailing address. If
you don't have a preprinted form, use the Form 41ES.
short tax year
If the short tax year ends prior to any remaining due dates, you must
estimated tax payments
make a final estimated tax payment by the 15th day of the last month
Each estimated tax payment must be 25% of the lesser of the
of the short tax year. You aren't required to make an estimated tax
corporation's income tax for the prior year or 90% of its income tax for
payment if the short tax year is less than four months or if you haven't
the current tax year. Don't include fuels tax due, sales/use tax due, fuels
met the requirements to make an estimated tax payment before the first
tax refunds, or tax from the recapture of qualified investment exemption
day of the last month in the short tax year.
(QIE) reported on the income tax returns.
B. BUsiness extension of time pAyments
For corporations, the tax required to be reported is defined as Idaho
taxable income multiplied by the appropriate tax rate, plus the
General information
permanent building fund tax, plus tax from recapture of business income
If you can't file your Idaho return by the due date, you will be allowed an
tax credits, minus allowable income tax credits. A corporation making
automatic six-month extension of time to file without sending a written
estimated tax payments in a year following the revocation of subchapter
request. To qualify, you must pay at least 80% of the current year
S status will use $20 as the tax amount required to be reported on the
income tax liability or 100% of the total income tax reported on your
prior year's return.
income tax return for the preceding year, if one was filed. If you will owe
$50 or less, a payment isn't required; however, interest will accrue.
For S corporations, estimated tax payments are computed on the Idaho
tax due to net recognized built-in gains and excess net passive income.
Paying less than the required amount will result in a penalty. A penalty
Estimated tax payments aren't required on the tax due on income being
will also result if you pay the required amount but fail to pay the
reported for individual shareholders.
remainder of the tax due by the extended due date. Interest accrues on
any balance of tax due on the return when it is filed.
Computation of estimated tax payments
The Form 41ES worksheet allows you to compare the income tax on last
Corporations
year's return with the anticipated income tax for the current year. Use
Multiply 7.6% by the estimated taxable income. If this results in less
the smaller of the two amounts to determine the estimated tax payment
than $20, use $20 as the estimated tax. Add the $10 permanent building
for each period. If your estimated tax payments are based on 90% of
fund tax to the estimated income tax and subtract the amount estimated
the income tax required to be paid on the current year's return and the
for income tax credits.
anticipated income tax for the current year is revised, use the revised
amount to recompute any remaining estimated tax payments.
s Corporations
S corporations are subject to tax on excess net passive income and net
due dates
recognized built-in gains. Use 7.6% to compute the estimated tax on
For calendar year taxpayers, estimated tax payments are due by the
this income. If the estimated tax on these items is less than $20 or the
15th day of April, June, September and December. For fiscal year
S corporation doesn't report income from these items, use $20 as the
taxpayers, estimated tax payments are due by the 15th day of the 4th,
estimated tax.
6th, 9th, and 12th months of the tax year.
s Corporations, partnerships, trusts, and estates with individual
The due dates for the federal and Idaho estimated tax payments are the
Shareholders, Partners, and Beneficiaries
same. If the due date is on a Saturday, Sunday, or legal holiday, the
If the income is reported and the tax paid for the individual shareholders,
payment is due on the next regular business day.
partners, or beneficiaries, use 7.6% to compute the estimated tax. This
is in addition to the tax computed for the S corporation, trust, or estate.
Underpayment of estimated tax
Add the $10 permanent building fund tax for each individual not filing an
Interest is due on the difference between the amount of estimated tax
Idaho individual income tax return.
payment required to be made on each voucher and the amount of
estimated tax payment actually made. Interest is computed from the due
trusts and estates
date of the estimated payment until the required amount is paid or until
Add the permanent building fund tax to the computed tax unless all
the due date of the return. The interest rate for 2011 and 2012 is 4%.
income is distributed to beneficiaries, or if the trust is a qualified
funeral trust.
Use Form 41ESR to determine the amount of any underpayments of tax
and interest due when you file your return.
C. pAyments of Qie reCAptUre
overpayment of estimated tax
Form 41ES may also be used to make payments of QIE recapture when
Excess estimated tax payments will be refunded after you file the
you don't file your income tax return by the due date. Write "Payment of
completed return. You may apply all or part of the excess to next year's
QIE Recapture" at the bottom of the form and return it with your check.
estimated tax by designating the amount on the Idaho Corporation
Include a copy of Form 49ER.
Income Tax Return, Form 41, or the S Corporation Income Tax Return,
Form 41S.
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