Instructions For Form 20-I - Oregon Corporation Income Tax

Interest owed on tax starts the day after the due date of

Don’t complete this form. However, this provision doesn’t

your original return and ends on the date of your pay-

apply to a high-income taxpayer. A “high-income tax-

ment. Interest is figured daily for a fraction of a month,

payer” is one that had federal taxable income before net

based on a 365-day year. If your taxable income is

operating loss and capital loss carryovers and carrybacks

changed because of a federal or state audit and you owe

of $1 million or more in any one of the last three years,

more tax, we’ll charge interest from the due date of the

not including the current year.

original return to the date you pay in full.

Total due or Refund

Even if you get an extension to file, you’ll owe interest if

you pay after the return’s original due date.

Line 32. Total due. See “Filing checklist.”

To calculate interest:

Special instructions

Tax × Annual interest rate × Number of full years.

• If you owe penalty or interest and have an overpay-

Tax × Monthly interest rate × Number of full months.

ment on line 27, and your overpayment is less than

Tax × Daily interest rate

× Number of days.

total penalty and interest, then fill in the result of line

31 minus line 27, on line 32.

Interest rates and effective dates:

• If you mail a check or money order to pay tax, penal-

For periods

ties, or interest separate from filing your tax return,

beginning

Annually

Monthly

Daily

include Form 20-V. (Form 20-V must include a pay-

January 1, 2015

0.3333%

0.0110%

ment, don’t send Form 20-V unless a check or money

January 1, 2014

0.3333%

0.0110%

order is included.)

January 1, 2013

0.3333%

0.0110%

Line 34. Amount of refund to be credited to estimated

January 1, 2012

0.4167%

0.0137%

tax. You may elect to apply part or all of your refund to

Interest accrues on any unpaid tax during an extension

your next estimated tax payment installment. Fill in the

of time to file.

amount you want to apply. Your election is irrevocable.

Interest will increase by one-third of 1 percent per month

We will apply the elected amount to the estimated tax

(4 percent yearly) on delinquencies if:

installment that next becomes due on or after the due

• You file a return showing tax due, or we assessed an

date of your return (not including extensions) or the date

existing deficiency; and

the overpayment of tax was made, whichever is later. The

• The assessment isn’t paid within 60 days after the

application will be credited as of the due date of your

notice of assessment is issued; and

return (not including extensions) or the date the over-

• You haven’t filed a timely appeal.

payment of tax was made, whichever is later.

Line 30. Interest on underpayment of estimated tax

Schedule AF instructions

(UND). You must make quarterly estimated tax pay-

ments if you expect to owe $500 or more with your

If you file a consolidated Oregon return and have more

return. Oregon charges UND if:

than one affiliate doing business in Oregon or with Ore-

• The quarterly payment is less than the amount due for

gon-source income, you must complete Schedule AF and

that quarter; or

submit it with your Oregon return.

• We receive the quarterly payment after that quarter’s

List on Schedule AF only those affiliates doing busi-

due date; or

ness in Oregon, or with Oregon-source income, that are

• No quarterly payments are made during the year and

included in the Oregon consolidated return.

the final tax debt is $500 or more.

Please report the following on Schedule AF:

Use Form 37 to:

• Name and address of each affiliate doing business in

• Calculate the amount of underpayment of estimated

tax;

Oregon or with Oregon-source income.

• Compute the interest you owe on the underpayment;

• FEIN.

• BIN.

• Show you meet an exception to the payment of interest.

• Date the affiliate became part of the unitary group if

this occurred during the tax year being reported.

If you have an underpayment, attach Form 37—with

• Date the affiliate left the unitary group if this occurred

the “Form 37” box checked—to your tax return, and file

during the tax year being reported.

them before the due date of the return.

Include as many schedules as necessary to list all the

If your current year corporation tax liability is less than

$500, you aren’t required to make estimated payments.

appropriate corporations.

150-102-021-1 (Rev. 10-14)

Form 20-I Instructions

Instructions For Form 20-I - Oregon Corporation Income Tax - 2014 Page 15

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