S Corporation Estimated Tax Instructions - Minnesota Department Of Revenue

ADVERTISEMENT

S Corporation Estimated Tax Instructions
Estimated payments for S corporations filing Form M8
Filing Requirements
Underpaying Installments. If you under-
ACH Credit Method and Fed Wire. If
pay any installment or did not pay by the
you use other electronic payment methods,
An S corporation must pay estimated tax
due dates, an additional charge for under-
such as ACH credit method or Fed Wire, be
if the sum of its estimated S corporation
payment will be added to your tax (see
sure to check with your bank or Fed Wire
taxes, minimum fee, nonresident withhold-
Schedule EST).
representative to find out when to initiate
ing and composite income tax for all non-
the payment in order for it to be received on
resident shareholders electing to participate
Minnesota Tax ID Number. If you don’t
time. Some banks require up to three busi-
in composite income tax, less any credits, is
have a Minnesota tax ID number, you must
ness days to transfer funds. If needed, ACH
$500 or more.
first apply for one. You can apply online at
credit method instructions are available on
or by calling
The S corporation must pay quarterly install-
our website at .
651-282-5225 or 1-800-657-3605.
ments based on its required annual payment.
Check Payment Option
If the S corporation taxes/minimum fee/
Paying Electronically
If you’re not required to pay electronically
nonresident withholding and composite
If you’re required to pay any Minnesota
and are paying by check, visit our website
income tax are subject to the estimated tax
business tax electronically, such as sales
at and click on
requirements, include all in the same quar-
and withholding tax, you’re required to pay
“Make a Payment” and then “By check” to
terly payments.
all Minnesota taxes electronically—includ-
create a voucher. Print and mail the voucher
A corporation is not required to pay esti-
ing S corporation
estimated tax.
with a check made payable to Minnesota
mated taxes the first year it is subject to tax
Revenue.
Failure to pay electronically when required
in Minnesota.
will result in a penalty being assessed. The
When you pay by check, your check autho-
penalty is 5 percent of each payment that
Required Annual Payment. The required
rizes us to make a one-time electronic fund
should have been remitted electronically,
annual payment is the lesser of:
transfer from your account. You may not
but was remitted by some other means.
receive your cancelled check.
• 90 percent of the current year’s tax liabil-
Electronic Payment Options
ity; or
Tax-Year End Date. Enter the ending date
• Go to and log
• 100 percent of the prior year’s tax liability.
of the tax year for which the estimated tax
in to e-Services; or
payment is being made. For example, if
The required annual payment must be paid
• Call 1-800-570-3329 to pay by phone.
your tax year ends on Dec. 31, 2018, enter
in four equal installments unless certain
December 2018 on each of the four install-
exceptions apply (see the instructions for
You’ll
need your user name, password
ments.
Schedule EST, Additional Charge for Un-
and banking information. When paying
electronically, you must use an account not
derpayment of Estimated Tax).
Make your check payable to Minnesota
associated with any foreign banks.
Revenue and mail it with your completed
You can pay your installments electroni-
After you authorize the payment, you’ll re-
voucher to Minnesota Revenue.
cally or by credit/debit card. If you’re not
ceive a confirmation number. You can can-
required to pay electronically and are
Information and Assistance
cel a payment up to one business day before
paying by check, visit our website at www.
the scheduled payment date, if needed.
revenue.state.mn.us and click on “Make a
Website:
Payment” and then “By check” to create a
Email:
BusinessIncome.tax@state.mn.us
Credit or Debit Card. For a fee, you can
voucher. Print and mail the voucher with a
use your credit or debit card to make a
Phone: 651-556-3075
check made payable to Minnesota Revenue.
payment through Value Payment Systems, a
This material is available in alternate
national company that partners with federal,
Due Dates. Quarterly installments are due
formats.
state and local governments to provide
by the 15th day of the fourth, sixth and
credit and debit card payment services.
ninth months of the tax year and the first
month following the end of the tax year.
To do so:
Installments for a short tax year are due in
• Go to payMNtax.com; or
equal payments on the 15th day of the third,
• Call 1-855-9-IPAY-MN.
sixth, ninth and final months of the tax year
The Department of Revenue does not have
depending on the number of months in the
any financial agreement with Value Pay-
short tax year. No installments are required
ment Systems and does not receive any of
for a short tax year of fewer than four
its fees.
months.
If the due date falls on a Saturday, Sunday
Pay electronically!
Stop writing checks
or legal holiday, payments electronically
made or postmarked the next business day
It’s Secure, Easy, Convenient, Free
are considered timely.
(Rev. 7/17)

ADVERTISEMENT

00 votes

Related Articles

Related forms

Related Categories

Parent category: Financial
Go