Form 1120w-Me - Maine Revenue Services Corporate Income Tax Estimated Tax Worksheet - 2015 Page 2
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1
2FORM 1120ES-ME INSTRUCTIONS
Maine Estimated Tax Payment Voucher For Corporations
. WHO MUST PAY ESTIMATED
of the corporation’s fi scal year. If
5. UNDERPAYMENT PENALTY.
1
TAX?
the due date falls on a Saturday,
Sunday or legal holiday, substitute
A penalty equal to the interest rate on
Every corporation subject to taxation
the next succeeding day which is
overdue taxes accrues automatically
under 36 M.R.S., Part 8 (Income
not a Saturday, Sunday or legal
on underpayments of the required
Taxes) must pay estimated tax. If
holiday.
installment amount for the period
the income tax liability for the current
of underpayment.
The period of
tax year or for the prior tax year
4. AMOUNT OF INSTALLMENTS.
underpayment is the period of time
reduced by any allowable credits is
from the date the installment is due
less than $1,000, the requirement is
The amount of estimated tax due for
until the underpayment is satisfi ed
waived. See 36 M.R.S. § 5228(2).
the taxable year must be paid in four
or until the tax return to which the
equal installments unless:
estimate installment applies is due,
2. AMOUNT OF ESTIMATED TAX TO
whichever occurs earlier. Calculate
BE PAID.
a. The taxpayer establishes by
the underpayment penalty on Form
adequate record the actual
2220ME.
The estimated tax must be no less
distribution of tax liability and
than the smaller of the following:
allowable credits during the tax
6. SHORT TAXABLE YEAR.
year; or
a. An
amount
equal
to
the
For a corporation having a tax
preceding year’s tax liability,
b. The
taxpayer
is
a
large
year of less than 12 months, the
if that preceding year was a
corporation
as
defi ned
by
estimated tax must be paid in full
taxable year of 12 months; or
IRC § 6655(g)(2)(A).
Such
by the 15th day of the last month of
b. An amount equal to 90% of the
large corporations may elect
the tax year. If you are fi ling a tax
tax liability for the current tax
to determine the fi rst required
return for a short tax year, identify
year.
installment for any taxable year
your next fi ling period in the space
based on the preceding year’s
provided on the voucher.
Exception: Large corporations as
state income tax liability, if that
defi ned by IRC § 6655(g)(2)(A),
preceding year was a taxable
are required to pay estimated taxes
year of 12 months. However,
in accordance with paragraph b,
if the corporation so elects, the
except as provided in 36 M.R.S. §
second required installment for
5228(5)(C).
the taxable year must be no less
than 90% of the corporation’s
3. DUE DATES FOR ESTIMATED
income tax liability for the fi rst
TAX INSTALLMENTS.
half of the current year, less the
amount of the fi rst installment for
Installment payments are due on
the taxable year as determined
the 15th day of the 4th, 6th, 9th and
under this provision.
12th months following the beginning
1120W-ME INSTRUCTIONS
Line 5
Column A
Quarterly Estimate. Divide line 2b by 4 and enter the result in each row.
Column B
2014 Overpayment. Enter the amount from line 3 on row 1 of this column. If this amount is larger than the
amount on row 1 of column A, subtract the amount in column A from this amount. Enter the result in column B,
row 2. Repeat this procedure on each line until the amount of overpayment is used.
Column C
Balance Due. Subtract column B, row 1 from column A, row 1 and enter the result here. This amount is the
balance due for the quarter. The total of all four rows in this column should equal the amount on line 4 (Balance
of estimated Maine corporate income tax).
Column D
Date Paid. Enter the date the balance in column C is paid.
Column E
Check or Transaction #. Enter the check number or the bank transaction number for the quarterly payment
made.
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