Form Ct-1120u - Unitary Corporation Business Tax Return Instructions (Page 3 of 7) in pdf

If the adjustment on a Connecticut amended return is not related to

tax is computed using Form CT-1120I, Computation of Interest Due

an adjustment made on a federal amended return (e.g. an adjustment

on Underpayment of Estimated Tax. Interest on underpayment or

late payment of tax cannot be waived.

to Connecticut net income, Connecticut minimum tax base, a

Connecticut apportionment factor, a Connecticut net operating

Penalty for Late Payment or Late Filing

loss, or a Connecticut corporation business tax credit), explain the

adjustment in detail and attach all appropriate supporting forms and

The penalty for late payment or underpayment of corporation

schedules.

business tax is 10% of the tax due or $50, whichever is greater. If a

request for a filing extension has been granted, a corporation may

Estimated Tax Payments

avoid a penalty for failure to pay the full amount due by the original

Every corporation subject to the Connecticut corporation business

due date if it:

tax whose estimated current year tax exceeds $1,000 must make

•

Pays at least 90% of the tax shown to be due on the return on

its required annual payment in four installments.

or before the original due date of the return; and

The required annual payment is the lesser of:

•

Pays the balance due with the filing of Form CT-1120U, on or

•

before the extended due date.

90% of the tax (including surtax) shown on the return for the

income year, or, if no return is filed, 90% of the tax for such

If no tax is due, DRS may impose a $50 penalty for the late filing of

any return or report required by law to be filed.

year; or

•

100% of the tax (including surtax) shown on the return for

Penalty for Willful Failure to File or Pay

the previous income year without regard to any credit, if the

Anyone who willfully fails to pay the tax or file a return may be fined

previous income year was an income year of 12 months and if

up to $1,000 or imprisoned up to one year, or both, in addition to

the company filed a return for the previous income year showing

any other penalty.

a liability for tax.

Penalty for Willful Filing of a Fraudulent or Materially False Return

DRS encourages all corporations to electronically file and pay

If you willfully file a tax return you know to be fraudulent or false in

estimated taxes, and it requires any corporation that paid tax in

any material matter, you may be fined up to $5,000 or imprisoned

excess of $4,000 the prior year to pay the current year liability

from one to five years, or both.

electronically. To file and pay estimated taxes electronically, visit

the TSC at and select Business.

Penalty for Failure to Disclose Listed Transaction

A penalty of 75% of the amount of the deficiency may be imposed

A corporation that is not required to make estimated tax payments

when it appears that any part of the deficiency is due to failure to

electronically, and does not otherwise choose to use the TSC,

disclose a listed transaction, as defined in IRC §6707A.

must use estimated tax payment coupons Forms CT-1120 ESA,

ESB, ESC, and ESD, Estimated Corporation Business Tax. Using

Waiver of Penalty

preprinted estimated tax payment coupons will ensure accuracy and

To make a penalty waiver request, taxpayers must complete and

timeliness in processing the corporation’s estimated tax payments.

submit Form DRS-PW, Request for Waiver of Civil Penalty, to the

Visit the DRS website to download and print Connecticut tax forms.

DRS Penalty Waiver Unit. Taxpayers may mail Form DRS-PW

to the address listed below or fax it to the Penalty Waiver Unit

If the due date falls on a Saturday, Sunday, or legal holiday, the next

at 860-297-4797.

business day is the due date.

Department of Revenue Services

The estimated tax due dates table indicates the amount due for

Penalty Waiver Unit

each installment under the regular installment method. For more

PO Box 5089

information regarding estimated corporation business tax payments,

Hartford CT 06102-5089

including information regarding the annualized installment method,

see Informational Publication 2012(10), Q & A on Estimated

DRS will not consider a penalty waiver request unless it is

accompanied by a fully completed and properly executed Form

Corporation Business Tax and Worksheet CT-1120AE.

DRS-PW. For detailed information about the penalty waiver

Interest

process, see Policy Statement 2010(1), Requests for Waiver of

Interest is computed at 1% per month or fraction of a month on the

Civil Penalties.

underpayment of tax from the original due date of the return through

the date of payment. Interest due on the underpayment of estimated

Estimated tax due dates

Estimated Tax Due Dates

Required Payment Amounts

The estimated payments for the income year are the lesser of:

ESA - Fifteenth day of the third

First

30% of prior year tax (including surtax) without regard to credits or

month of the income year

27% of current year tax (including surtax)

Second ESB - Fifteenth day of the sixth

*70% of prior year tax (including surtax) without regard to credits or

month of the income year

63% of current year tax (including surtax)

Third

ESC - Fifteenth day of the ninth

*80% of prior year tax (including surtax) without regard to credits or

month of the income year

72% of current year tax (including surtax)

Fourth ESD - Fifteenth day of the twelfth

*100% of prior year tax (including surtax) without regard to credits or

month of the income year

90% of current year tax (including surtax)

*Taking into account all prior estimated tax payments made for this year.

Form CT-1120U Instructions (Rev. 01/13)

Page 3 of 7

Form Ct-1120u - Unitary Corporation Business Tax Return Instructions Page 3

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