Virginia Form 500c - Underpayment Of Virginia Estimated Tax By Corporations - 2012 Page 2
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2*VA500C212000*
InSTRuCTIOnS
to or more than the tax shown on its 2011 return for the
PuRPOSe OF FORm
previous calendar or fiscal year. However, the corporation
form 500C is used by corporations to determine whether they
must have filed an income tax return showing a tax liability
paid enough estimated tax, whether they are subject to the
for the preceding tax year and that year must have consisted
addition to the tax for underpayment of estimated tax, and, if
of 12 months.
so, the amount of the addition. Estimated tax is a corporation’s
expected income tax liability minus its credits. A corporation
Line 11—Exception 2, Tax on prior year’s income using current
must make estimated tax payments if it can reasonably expect
year’s rates—generally, this exception applies if the amount
its tax liability to exceed $1,000.00 for such taxable year.
the corporation paid is equal to or more than the tax figured by
using the current year’s rates but based on the facts shown on
HOw TO uSe THIS FORm
the prior year’s return and the law that applies to the prior year.
Complete part I of form 500C to find out if you have an
Your prior year’s return does not have to show a tax liability.
underpayment for any of the four payment periods. If you
Line 12—Exception 3, Tax on annualized income—This
have an underpayment on Line 8 (Column a, b, c or d), go
exception applies if the estimated tax paid was equal to or
to part II, Exceptions to the Additional Charge. If you cannot
more than 90% of the amount the corporation would owe if
meet any of the exceptions for a payment period, go to part
estimated tax was figured on annualized taxable income for
III, Computation of the Additional Charge. If you are using
the months preceding an installment date.
form 500C either to figure the additional charge or to show
A corporation may annualize its income as follows:
that you qualify for any exception, attach computation with
(a) for the first 3 months if the installment was required
your Corporate Tax Return.
to be paid in the 4th month.
Amended ReTuRn
(b) for the first 3 months or for the first 5 months if the
If an amended corporation return, form 500, is filed, there
installment was required to be paid in the 6th month.
is no adjustment allowed to the amount of addition to tax
(c) for the first 6 months or for the first 8 months if the
previously computed and paid.
installment was required to be paid in the 9th month.
(d) for the first 9 months or for the first 11 months if the
For additional information, call (804) 367-8037 or write
installment was required to be paid in the 12th month.
the department of Taxation, P.O. Box 1115, Richmond, VA
23218-1115 or visit our website,
To annualize, multiply taxable income for the period by 12
and divide the result by the number of months in the period
(3, 5, 6, 8, 9 or 11, as the case may be).
PART I. HOw TO FIguRe yOuR undeRPAymenT
Complete Lines 1 through 8 in part I. The instructions for most
Please attach your computation.
of these lines are on the form itself. Be sure to include on Line
PART III. COmPuTATIOn OF THe AddITIOnAL CHARge
4 any withholding payments made on behalf of the corporation
If no exception applies, complete Lines 13 through 17 to
by a pass-through entity. If Line 8 shows an underpayment,
determine the amount of the additional charge. The charge is
complete part II to see if any of the exceptions apply.
figured for the period of underpayment at the underpayment
rate determined under Section 6621 of the Internal Revenue
PART II. exCePTIOnS TO THe AddITIOnAL CHARge
Code, plus 2%.
You will not have to pay an additional charge if all of your tax
payments (part II, Line 9) were made on time and are equal
for the purpose of computing the additional charge, the
to or more than any one of the amounts figured as explained
underpayment rate established for the third month following
by the exceptions (Lines 10, 11 and 12) for the same payment
the close of the taxable year shall also be applied to the first 15
period (column a, b, c or d).
days of the fourth month following the close of the taxable year.
The exceptions to the additional charge are:
Line 10—Exception 1, prior Year’s Tax—generally, this
exception applies if the corporation paid an amount equal
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