Form 41es - Estimated Tax Payment / Extension Of Time Payment Idaho Business Income Tax Page 2
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1
2Instructions for Idaho Form 41ES
EFO00026p2
08-27-14
A. CORPORATE ESTIMATED TAX PAYMENTS
Overpayments will be applied to any prior year tax liabilities before
carryovers or refunds are allowed. You will be notified if your
overpayment is applied to an existing liability, or is used to reduce your
Who Must Make Estimated Tax Payments
refund or carryover.
A corporation must make estimated tax payments to the Tax Commission
if it is required to make estimated tax payments to the Internal Revenue
Annualized Income and Estimated Tax Payments
Service and will have an Idaho income tax liability of $500 or more.
If your estimated tax payments are based on annualized income for
Estimated tax payments aren't required if the corporation wasn't required
federal purposes, you may use that same method for making Idaho
to file an Idaho return the previous tax year.
estimated tax payments. The estimated tax due for the installment
period is calculated by multiplying the applicable percentage (22.5%,
If you received personalized payment vouchers (Form 41EST), use
45%, 67.5%, and 90% for the 1st, 2nd, 3rd, and 4th installments,
the appropriate voucher for each filing period. If any of the preprinted
respectively) by the full year's tax on the annualized income for the
information is incorrect, draw a line through it and enter the correct
period and deducting any prior installments.
information. Check the box on the voucher if there is a change in your
mailing address. If you don't have a preprinted form, use the Form
Short Tax Year
41ES.
If the short tax year ends prior to any remaining due dates, you must
make a final estimated tax payment by the 15th day of the last month
Estimated Tax Payments
of the short tax year. You aren't required to make an estimated tax
Each estimated tax payment must be 25% of the lesser of the
payment if the short tax year is less than four months or if you haven't
corporation's income tax for the prior year or 90% of its income tax for
met the requirements to make an estimated tax payment before the first
the current tax year. Don't include fuels tax due, sales/use tax due, fuels
day of the last month in the short tax year.
tax refunds, or tax from the recapture of qualified investment exemption
(QIE) reported on the income tax returns.
B. BUSINESS EXTENSION OF TIME PAYMENTS
For corporations, the tax required to be reported is defined as Idaho
General Information
taxable income multiplied by the appropriate tax rate, plus the
If you can't file your Idaho return by the due date, you will be allowed an
permanent building fund tax, plus tax from recapture of business income
automatic six-month extension of time to file without sending a written
tax credits, minus allowable income tax credits. A corporation making
request. To qualify, you must pay at least 80% of the current year
estimated tax payments in a year following the revocation of subchapter
income tax liability or 100% of the total income tax reported on your
S status will use $20 as the tax amount required to be reported on the
income tax return for the preceding year, if one was filed. If you will owe
prior year's return.
$50 or less, a payment isn't required; however, interest will accrue.
For S corporations, estimated tax payments are computed on the Idaho
Paying less than the required amount will result in a penalty. A penalty
tax due to net recognized built-in gains and excess net passive income.
will also result if you pay the required amount but fail to pay the
Estimated tax payments aren't required on the tax due on income being
remainder of the tax due by the extended due date. Interest accrues on
reported for individual shareholders.
any balance of tax due on the return when it is filed.
Computation of Estimated Tax Payments
Corporations
The Form 41ES worksheet allows you to compare the income tax on last
Multiply 7.4% by the estimated taxable income. If this results in less
year's return with the anticipated income tax for the current year. Use
than $20, use $20 as the estimated tax. Add the $10 permanent building
the smaller of the two amounts to determine the estimated tax payment
fund tax to the estimated income tax and subtract the amount estimated
for each period. If your estimated tax payments are based on 90% of
for income tax credits.
the income tax required to be paid on the current year's return and the
anticipated income tax for the current year is revised, use the revised
S Corporations
amount to recompute any remaining estimated tax payments.
S corporations are subject to tax on excess net passive income and net
recognized built-in gains. Use 7.4% to compute the estimated tax on
Due Dates
this income. If the estimated tax on these items is less than $20 or the
For calendar year taxpayers, estimated tax payments are due by the
S corporation doesn't report income from these items, use $20 as the
15th day of April, June, September and December. For fiscal year
estimated tax.
taxpayers, estimated tax payments are due by the 15th day of the 4th,
6th, 9th, and 12th months of the tax year.
S Corporations, Partnerships, Trusts, and Estates with Individual
Shareholders, Partners, and Beneficiaries
The due dates for the federal and Idaho estimated tax payments are the
If the income is reported and the tax paid for the individual shareholders,
same. If the due date is on a Saturday, Sunday, or legal holiday, the
partners, or beneficiaries, use 7.4% to compute the estimated tax. This
payment is due on the next regular business day.
is in addition to the tax computed for the S corporation, trust, or estate.
Add the $10 permanent building fund tax for each individual not filing an
Underpayment of Estimated Tax
Idaho individual income tax return.
Interest is due on the difference between the amount of estimated tax
payment required to be made on each voucher and the amount of
Trusts and Estates
estimated tax payment actually made. Interest is computed from the due
Add the permanent building fund tax to the computed tax unless all
date of the estimated payment until the required amount is paid or until
income is distributed to beneficiaries, or if the trust is a qualified
the due date of the return. The interest rate for 2014 is 4%. Interest rate
funeral trust.
for 2015 is 4%.
C. PAYMENTS OF QIE RECAPTURE
Use Form 41ESR to determine the amount of any underpayments of tax
and interest due when you file your return.
Form 41ES may also be used to make payments of QIE recapture when
you don't file your income tax return by the due date. Write "Payment of
Overpayment of Estimated Tax
QIE Recapture" at the bottom of the form and return it with your check.
Excess estimated tax payments will be refunded after you file the
Include a copy of Form 49ER.
completed return. You may apply all or part of the excess to next year's
estimated tax by designating the amount on the Idaho Corporation
Income Tax Return, Form 41, or the S Corporation Income Tax Return,
Form 41S.
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