Form 60 - North Dakota S Corporation Income Tax Bokklet - 2012 Page 4
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General
Federal extension. If an extension of time to
extended due date of the return without
fi le the federal corporation return is obtained,
penalty, but extension interest will apply at
instructions
it is automatically accepted as an extension of
the rate of 12% per year—see Extension
time to fi le Form 60. If this applies, a separate
interest and Prepayment of tax due on this
North Dakota extension does not have to
page.
Who must fi le
be applied for, nor does the Offi ce of State
A 2012 Form 60, S Corporation Income Tax
If Form 60 is fi led on or before its due date
Tax Commissioner have to be notifi ed that
Return, must be fi led by a corporation that
(or extended due date), but the tax due is not
a federal extension has been obtained prior
meets both of the following:
fully paid with the return, a penalty equal to
to fi ling Form 60. The “Extension” circle on
5% of the unpaid tax or $5.00, whichever is
•
It is required to fi le a 2012 Form 1120S,
page 1 of Form 60 must be marked to indicate
greater, must be paid.
U.S. Income Tax Return for an S
that an extension has been obtained.
Corporation; and
If Form 60 is not fi led on or before its due
North Dakota extension. If a federal
•
It carries on business, or derives gross
date, (or extended due date), a penalty equal
extension is not obtained, but additional
income from sources, in North Dakota
to 5% of the tax due or $5.00, whichever is
time is needed to complete and fi le Form 60,
during its 2012 tax year.
greater, for the month in which the return was
a separate North Dakota extension may be
due plus 5% of the tax due for each additional
Exception for fi nancial institution. If an S
applied for by fi ling Form 101, Application
month (or fraction of a month) during which
corporation is a bank, trust company, bank
for Extension of Time to File a North
the return remains delinquent must be paid.
holding company, or other fi nancial institution
Dakota Tax Return. This is not an automatic
This penalty may not exceed 25% of the tax
extension—there must be good cause to
defi ned under N.D.C.C. § 57-35.3-01(2),
due.
request a North Dakota extension. Form 101
it is subject to the North Dakota fi nancial
institution tax and must fi le Form 35,
must be postmarked on or before the due
In addition to any penalty, interest must be
Financial Institution Tax Return. Do not
date of Form 60. Notifi cation of whether
paid at the rate of 1% per month (or fraction
complete nor fi le Form 60 if required to fi le
the extension is accepted or rejected will
of a month), except for the month in which
be provided by the Offi ce of State Tax
Form 35.
the tax was due, on any tax due that remains
Commissioner. The “Extension” circle on
unpaid after the due date (or extended due
Nonfi ler penalty. If an S corporation does
page 1 of Form 60 must be marked to indicate
date) of the return.
not fi le Form 60 as required, a minimum
that an extension has been obtained.
$500 penalty may be assessed if the failure
Estimated tax payment
continues after receiving a thirty-day
Extension interest. If Form 60 is fi led on
An S corporation may, but is not required
notice to fi le from the Offi ce of State Tax
or before the extended due date, and any tax
to, make estimated tax payments of income
due is paid with the return, no penalty will
Commissioner.
tax expected to be due on Form 60. To make
be charged. Interest on the tax due will be
an estimated payment for the 2013 tax year,
When and where to fi le
charged at the rate of 12% per year from the
send a check or money order along with a
original due date of the return to the earlier
The 2012 Form 60 must be fi led no later than:
completed 2013 Form 60-ES, S Corporation
of the date the return is fi led or the extended
•
April 15, 2013, if fi ling for the 2012
Estimated Tax Payment Voucher.
due date.
calendar year; or
Withholding from
Prepayment of tax due. If an extension
•
The 15th day of the 4th month following
of time to fi le Form 60 is obtained and it
nonresident individual
the end of the tax year, if fi ling for a fi scal
is expected that there will be a tax due, the
year beginning in the 2012 calendar year.
shareholders
expected tax due may be paid on or before
Note: Use the 2011 Form 60 if the
An S corporation must withhold North
the regular due date. To do so, send a check
corporation’s fi scal year began in the
Dakota income tax at the rate of 3.99%
or money order along with a completed 2012
2011 calendar year.
(.0399) from the distributive share of
Form 60-EXT, S Corporation Extension
North Dakota income of its nonresident
Mail Form 60 and all required attachments to:
Payment Voucher, on or before the regular
individual shareholders. This requirement
due date of Form 60.
Offi ce of State Tax Commissioner
does not apply to actual distributions made
Alternatively, a payment may be sent with
600 East Boulevard Ave., Dept. 127
by the corporation to nonresident individual
a letter containing the following: (1) Name
Bismarck, ND 58505-0599
shareholders during the tax year; instead,
of corporation; (2) Corporation’s FEIN; (3)
the withholding amount is calculated on the
Corporation’s address and phone number;
Extension of time to fi le
shareholders’ year-end distributive share
and (4) Statement that the payment is a 2012
and is reported on the Form 60 fi led for the
The extension of time to fi le the North Dakota
Form 60-EXT payment.
tax year. An amount less than 3.99% of the
return is the same number of months as the
distributive share may be withheld if the
extension of time to fi le the federal return.
Penalty and interest
shareholder meets certain conditions—see
An extension of time to fi le Form 60 may be
Form PWA for details. Withholding is not
The tax due must be paid by the due date
obtained in one of the following ways:
required if:
(without extension) of Form 60 to avoid
•
Obtain a federal extension.
penalty and interest charges. However, if
•
The distributive share of North Dakota
an extension of time to fi le the return was
•
Separately apply for a North Dakota
income is less than $1,000; or
obtained, the tax due may be paid by the
extension.
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