Form 500c- Underpayment Of Virginia Estimated Tax By Corporations - 2005

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*VA500C105000*
2005 Underpayment of Virginia
FORM 500C
Estimated Tax by Corporations
Department of Taxation
P.O. Box 1500
Richmond, VA 23218-1500
FISCAL year filer or SHORT year filer: ENTER beginning date ___________________, ______, and ending date __________________, ______, and CHECK HERE
NAME
Federal Employer Identification Number
MAILING ADDRESS (Rural Route and Box Number)
Virginia Corporation Account Number
CITY OR TOWN, STATE AND ZIP CODE
PART I
HOW TO COMPUTE THE UNDERPAYMENT
By completing Lines 1 through 8, a corporation can determine whether or not it paid the correct amount of estimated tax by the proper due dates. If the
minimum amounts were not timely paid, an additional charge may be imposed for the period of underpayment. A corporation, which filed its return on a basis
other than a calendar year, should enter the dates to correspond to its taxable year in the space provided below.
1. Adjusted tax from Line 11 of Form 500 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2. 90% of Line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Due Dates of Installments
(a)
(b)
(c)
(d)
Enter in columns (a) through (d) the installment due dates (the 15th
day of the 4th, 6th, 9th, and 12th months) of your tax year . . .
3. Enter 25% of Line 2 in columns (a) through (d) . . . . . . . . . . . . .
4. Amounts paid or credited for each period . . . . . . . . . . . . . . . . .
5. Amount of 2004 overpayment credited against 2005 Estimated tax
6. Overpayment of previous installment . . . . . . . . . . . . . . . . . . . . .
7. Total (add Lines 4, 5 and 6) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8. Underpayment (or overpayment) (Line 3 less Line 7) . . . . . . . .
An overpayment of an installment in Line 8 in excess of all prior underpayments should be applied as a credit against the next installment.
NOTE: IF YOU MEET ANY OF THE EXCEPTIONS THAT AVOID
PART II
EXCEPTIONS TO THE ADDITIONAL CHARGE
THE ADDITION TO THE TAX, COMPLETE LINES 9 THROUGH 12.
(a)
(b)
(c)
(d)
9. Total amount paid or credited from the beginning of the tax year
through the installment dates that correspond to the 15th day of
the 4th, 6th, 9th and 12th months of your tax year . . . . . . . . . .
25% of tax
50% of tax
75% of tax
100% of tax
10. Exception 1, Prior Year’s Tax . . . . . . . . . . . . . . . . . . . . . . . . . . .
25% of tax
50% of tax
75% of tax
100% of tax
11. Exception 2, Tax on prior year’s income based on the facts shown
on the prior year’s return but using current year’s rates . . . . .
22.50% of tax
45% of tax
67.50% of tax
90% of tax
12. Exception 3, Tax on annualized income (Attach Computation) .
There is no additional charge imposed on an underpayment shown in Line 8 for any installment date if by that date the corporation made the minimum
payment determined under any of the exceptions reflected in the instructions.
PART III
COMPUTATION OF THE ADDITIONAL CHARGE
If an underpayment of estimated tax is shown in Line 8, above, for an installment and an exception is not applicable, the additional charge should be
computed by completing the portion(s) of this schedule applicable to the installment(s).
(a)
(b)
(c)
(d)
Enter the same installment dates used above . . . . . . . . . . . . .
'
13. Amount of underpayment from Line 8 . . . . . . . . . . . . . . . . . . . .
14. Enter the date of payment or the 15th day of the 4th month after
the close of your tax year, whichever is earlier . . . . . . . . . . . .
15. Number of days from due date of installment to the date shown on
Line 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16. Additional charge (Rate of interest established in IRC Section
6621, plus 2%, times the amount on Line 13 for the number of
days shown on Line 15) (See instructions) . . . . . . . . . . . . . . .
17. Add columns (a) through (d), Line 16 (Enter amount on Form 500 (Additional charge) and attach this form. If filing
Form 760 C separate, attach check to this form. Make check payable to Virginia Department of Taxation.
A payment of estimated tax on any installment date shall be considered a payment of any previous underpayment only to the extent such payment
exceeds the amount of the installment as computed in Line 3. If the corporation made more than one payment for a given installment, attach a schedule
showing a separate computation for each payment.

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