Form Ar1100esct - Corporation Income Tax Estimated Tax Declaration Vouchers

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STATE OF ARKANSAS

Corporation Income Tax

Estimated Tax Declaration Vouchers

and Instructions

Click Here to Clear Entire Document

WHO MUST MAKE ESTIMATED PAYMENTS.

Every taxpayer subject to the tax levied by Act 118 of 1929, as amended, except estates, shall make and file with the Commissioner of Revenue, Department of Fi-

nance and Administration, a declaration of the estimated tax for the tax year, if such taxpayer can reasonably expect the estimated tax to be more than $1,000.

A corporation with an estimated quarterly income tax liability equal to or greater than $20,000 is required to pay the estimates by the Electronic Funds

Transfer (EFT) method. A corporation with an estimated quarterly income tax liability less the $20,000 may elect to pay by the EFT method. Each corpora-

tion participating in the EFT payment method must contact the EFT Unit by mail, telephone, or visit our website listed below.

If the corporation is authorized to file and files the quarterly estimated income tax payments through the EFT method, paper estimated Vouchers are not

required to be mailed to the Corporation Income Tax Section. A corporation remitting estimated quarterly income tax payments, Vouchers 1 through 4,

through the EFT method must remit each payment no later than the day before each quarterly due date.

A corporation may file these estimated income tax payments through the Arkansas Taxpayer Access Point (ATAP) method. Please visit the above referenced

website for additional information.

Farming corporations whose income from farming for the tax year can reasonably be expected to amount to at least two-thirds (2/3) of the total gross in-

come from all sources for the tax year, may file such declaration and pay the estimated tax on or before the 15

day of the 2

month after the close of the

tax year. In lieu of filing any declaration, the farming corporation may file an income tax return and pay the tax on or before the 15

day of the 3

month

after the close of the tax year.

WHEN TO FILE ESTIMATED AND EXTENSION PAYMENT VOUCHERS.

A. Estimate Vouchers 1 Through 4: A corporation required to file corporation income tax payment vouchers 1 through 4 must use the forms provided

or approved by the Corporation Income Tax Section to ensure the payment is properly applied. The estimated vouchers, with payments attached, are due

in four (4) equal installments as follows:

1. One-fourth (1/4) on or before the 15

day of the 4

month of the tax year.

2. One-fourth (1/4) on or before the 15

day of the 6

month of the tax year.

3. One-fourth (1/4) on or before the 15

day of the 9

month of the tax year.

4. One-fourth (1/4) on or before the 15

day of the 12

month of the tax year.

A corporation first meeting the requirements for filing a declaration of estimated income tax after the 15

day of the 4

month of the tax year, shall make

and file such declaration on or before the next regular quarterly tax payment due date.

B. Extension Voucher 5: A corporation required to file an extension corporation income tax payment, Voucher 5, must submit the Voucher, with pay-

ment attached, on or before the 15th day of the third month after the close of the Corporation’s tax year. The Voucher 5 Extension payment may be filed

through the EFT or ATAP methods referenced in item 1 above.

An Arkansas corporation income tax return filed after the original due date of two and one-half (2 ½ ) months after the close of the tax year will be assessed

interest and failure to file and/or failure to pay penalty from the original return due date until the date the return is filed and the tax is paid. This will include

the assessment of interest and penalty on a return filed on a federal or Arkansas extension, if the tax due as reflected on the return is not paid on or before

the original Arkansas return due date. Therefore, to avoid interest and penalty, any tax due reflected on the return must be paid on or before the 15th day

of the 3rd month after the close of the tax year.

AMENDED DECLARATION.

If, after filing a declaration, the estimated tax is substantially increased or decreased as the result of a change in income or exceptions, an amended dec-

laration should be filed on or before the next regular quarterly tax payment date as set forth in section 2A above. Form AR1100ESCT shall be used when

it becomes necessary to file such amended declaration. Care must be taken to clearly mark Form AR1100ESCT as being “AMENDED DECLARATION.”

UNDERESTIMATE OF TAX.

A taxpayer who makes a declaration of estimated tax for the tax year shall estimate an amount not less than 90% of the amount actually due. Should a

taxpayer fail to make an estimate on any quarterly due date equivalent to at least 90% of the final tax due, there shall be added a penalty of 10% on the

amount of the underestimate. The penalty herein provided shall not be applicable if the original amount of estimated tax paid is the same amount shown

to be due by the return of the taxpayer for the preceding year where such return showing a liability for tax was filed by the taxpayer for the preceding year

of 12 months. (Refer to instructions on back of Form AR2220.) A taxpayer who has an uneven income may compute the 10% penalty on an annualized

basis. Use Form AR2220A and attach of Form AR2220.

CONTACT INFORMATION.

EFT Unit

Corporation Income Tax Section

P.O. Box 3566

P.O. Box 919

Little Rock, AR 72203-3566

Little Rock, AR 72203-0919

Phone: (501) 682-7105

Phone: (501) 682-4775

Fax: (501) 682-7904