Form Tc-20 - Corporation Franchise Or Income Tax - 2012 Page 4
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26Rounding Off to
Federal Form 1120-IC-DISC
If the corporation is fi ling a federal form 1120-IC-DISC
Whole-dollar Amounts
and is not owned 50 percent or more by another corpo-
Round off cents to the nearest whole dollar. Round down if
ration, none of its income is taxable to the corporation
cents are under 50 cents; round up if cents are 50 cents and
but must be passed-through to the DISC corporation
above. Do not enter cents anywhere on the return.
shareholders who would report and pay tax on the
distribution on their personal or business tax returns.
Liability for Filing
Taxable Year
and Paying Returns
The taxable year for Utah tax purposes must match the
taxable year used for federal tax purposes. When the
Tax Forms
taxable year changes for federal purposes, the taxable
The Tax Commission does not mail forms for fi ling cor-
year must be changed for Utah purposes. Refer to Filing
porate taxes. If the corporation does not use software
Return When Period Changed below.
that provides the forms, you may obtain Utah forms by
downloading copies from the Tax Commission website
Filing Return When Period Changed
at tax.utah.gov/forms or by calling the Forms Hotline
When changes are made to the taxable year, as indi-
at 801-297-6700 or 1-800-662-4335, ext. 6700.
cated under Taxable Year above, a short-period return is
Note: See What to Attach and What to Keep later in
required. The short-period return must cover the period
these General Instructions to identify what federal
of less than 12 months between the prior taxable year-
information is required with the Utah return.
end and the new taxable year. The tax rates as provided
in UC §§59-7-104 and 59-7-201 apply to short-period
Franchise Tax
returns, which includes a minimum tax of $100.
Every C corporation incorporated in Utah (domestic),
qualifi ed in Utah (foreign), or doing business in Utah,
Where to File
whether qualifi ed or not, must fi le a corporate franchise
Send the completed return with any payment to:
tax return. C corporation returns are fi led on form TC-20.
Every corporation that fi les form TC-20 must pay a mini-
Utah State Tax Commission
mum tax (privilege tax) of $100, regardless of whether
210 N 1950 W
or not the corporation exercises its right to do business.
Salt Lake City, UT 84134-0300
S Corporation
Due Date
Every S corporation (as defi ned in IRC Section 1361(a))
that has fi led a proper and timely election under IRC
A return must be fi led on or before the 15th day of the
Section 1362(a) must fi le form TC-20S, so long as the
fourth month following the close of the taxable year. If
the due date falls on a Saturday, Sunday or legal holiday,
federal election remains in effect. The minimum tax
the due date becomes the next business day.
does not apply to S corporations.
Income Tax
Filing Extension
Corporate income tax fi lers use form TC-20.
Corporations are automatically allowed an extension of
Corporations required to fi le under the income tax
up to six months to fi le a return without fi ling an extension
form. This is an extension of time to fi le the return
provisions are those that derive income from Utah
sources, but are not qualifi ed to do business in Utah
— NOT an extension of time to pay taxes. To avoid
and have no regular and established place of business
penalty, the prepayment requirements must be met on or
in Utah, either owned or rented, and do not maintain
before the original return due date and the return must
an inventory or have employees located at a place of
be fi led within the six-month extension period.
business in Utah.
Prepayment Requirements
Example 1: A trucking company, operated in
or through Utah by a foreign corporation not
Extension Prepayments
qualifi ed to do business in Utah, is subject to
income tax rather than franchise tax.
The required extension prepayments must equal 90
percent of the current year’s tax liability (or the $100
Example 2: An institution making loans
minimum tax, whichever is greater) or 100 percent of
or issuing credit cards to Utah customers
the previous year’s tax liability. The tax used to compute
from outside Utah that are not qualifi ed to
the 90 percent amount includes the interest on install-
do business in Utah and have no place of
ment sales and the recapture of low-income housing
business in Utah is also subject to income
credit on the return.
tax rather than franchise tax.
Corporations should make estimated prepayments
A $100 minimum tax applies to the corporate income tax.
using form TC-559, Corporation/Partnership Payment
Coupon.
Page 2
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