Colorado Colorado Composite Nonresident Estimated Tax Payment Form
Extracted from PDF file 2020-colorado-form-106ep.pdf, last modified June 2014
Colorado Composite Nonresident Estimated Tax Payment FormDR 0112EP (06/27/19) COLORADO DEPARTMENT OF REVENUE Denver CO 80261-0008 Colorado.gov/Tax *DO=NOT=SEND* Corporate Estimated Income Tax Instructions See publication FYI Income 51 available at Colorado.gov/Tax for more information. General Rule In most cases, a corporation is required to pay estimated tax if it can reasonably expect the net tax liability will exceed $5,000 for 2020. For taxpayers with a short taxable year, please see FYI Income 51 or refer to Department regulation 39-22-606 available at Colorado.gov/Tax for more information. Required Payments The required annual amount to be paid is the smaller of: • 70% of the actual net Colorado tax liability; or • 100% of the preceding year’s net Colorado tax liability. This rule only applies if the preceding year was a 12-month tax year, the corporation filed a Colorado return, and the corporation is not defined as a large corporation* under section 6655 of the federal Internal Revenue Code. *Any large corporation may base their first quarter estimated tax payment on 25% of the tax liability from the previous year. However, the remaining payments must be based on the actual tax liability for the current year. If, after calculating the tax liability for the current year, it is determined that the first quarter was underestimated the shortage shall be calculated into and paid with the second quarter. Calculating the Payment Use the provided worksheet to calculate the amount of estimated tax owed. Payments and forms shall be submitted using the same method (separate, consolidated, combined) and using the same account number as will be used on the annual income tax return, Form 112. If, for any reason, the account numbers are inconsistent, the department must be notified in writing prior to filing Form 112. This notification shall be mailed to: Colorado Department of Revenue Denver CO 80261-0008 Remit payments according to the due date table provided (adjust for fiscal year taxpayers). It is strongly recommended that these payments be remitted electronically to avoid problems and delays. The single form can be copied and used for each of the four quarterly payments if an electronic payment cannot be made for any reason. Penalties Failure to timely remit estimated tax as necessary will result in an estimated tax penalty. Penalty will be calculated for each missed payment, late payment, or underpayment. For calculation specifics, or to remit this penalty before being billed, see form DR 0205, Underpayment of Corporate Estimated Tax. Go Green with Revenue Online Colorado.gov/RevenueOnline allows taxpayers to file taxes, make payments and monitor their accounts. The DR 0112EP is not required to be sent if electronic payment is made through this site. Please be advised that a nominal processing fee may apply to online payments. Pay by Electronic Funds Transfer (EFT) EFT payments can be made safely, for free, and can be scheduled up to 12 months ahead of time to avoid forgetting to make a quarterly payment. This requires pre-registration before payments can be made. Visit Colorado.gov/Revenue/EFT for registration information. Additional information, FYI publications and forms are available at Colorado.gov/Tax or you may call 303-238-SERV (7378) for assistance. DR 0112EP (06/27/19) COLORADO DEPARTMENT OF REVENUE Denver CO 80261-0008 Colorado.gov/Tax *DO=NOT=SEND* Colorado Estimated Tax — Corporate Worksheet Do not send, keep for your records 1. Estimated 2020 Colorado income tax — Corporate tax rate is 4.63% $ 00 2. Recapture of prior year credits $ 00 3. Total of lines 1 and 2 $ 00 4. Estimated 2020 credits $ 00 5. Colorado tax liability, subtract line 4 from line 3 $ 00 6. Net estimated tax liability, line 5 multiplied by 70% $ 00 Payment Number 2019 Overpayment Applied Net Amount Due Payment Due Due Dates 1 $ 00 $ 00 $ 00 April 15 2 $ 00 $ 00 $ 00 June 15 3 $ 00 $ 00 $ 00 September 15 4 $ 00 $ 00 $ 00 December 15, 2020 Round your payment to the nearest dollar. If paying by check, the amount on the check and the amount entered on the payment form must be the same. This will help maintain accuracy in your tax account. It is strongly recommended that estimated payments be submitted online at Colorado.gov/RevenueOnline or by EFT at Colorado.gov/Revenue/EFT to avoid problems or delays with the 2020 income tax return. Due Dates: If the due date falls on a weekend or federal holiday, payment will be due the next business day. (0022) DR 0112EP (06/27/19) COLORADO DEPARTMENT OF REVENUE Denver CO 80261-0008 Colorado.gov/Tax *200112EP19999* 2020 Corporate Estimated Tax Payment Form Only return this payment form with a check or money order. DO NOT CUT – Return Full Page DR 0112EP (06/27/19) For the calendar year 2020 or the fiscal year: Beginning (MM/DD/YY) Ending (MM/DD/YY) Return the DR 0112EP with check or money order payable to the “Colorado Department of Revenue”. Mail payments to Colorado Department of Revenue, Denver, Colorado 80261-0008. These addresses and zip codes are exclusive to the Colorado Department of Revenue, so a street address is not required. Write your Colorado Account Number or FEIN and “2020 DR 0112EP” on your check or money order. Do not send cash. Enclose, but do not staple or attach, your payment with this form. File only if you are making a payment of estimated tax. FEIN Colorado Account Number Corporation Name Address City State ZIP Due Date (MM/DD/YY) Amount of Payment If No Payment Is Due, Do Not File This Form. The State may convert your check to a one time electronic banking transaction. Your bank account may be debited as early as the same day received by the State. If converted, your check will not be returned. If your check is rejected due to insufficient or uncollected funds, the Department of Revenue may collect the payment amount directly from your bank account electronically. DO NOT CUT – Return Full Page $
More about the Colorado Form 106EP Corporate Income Tax Estimated TY 2020
Estimated tax is the method used to pay tax on income that is not subject to withholding. Individuals who are not residents of Colorado (nonresidents) must pay tax on any Colorado-source income. This is intended for nonresident individuals who are included in a form 106 composite filing. See publications FYI Income 51 and Income 54 for more information, available at Colorado.gov/Tax.
We last updated the Colorado Composite Nonresident Estimated Tax Payment Form in February 2020, so this is the latest version of Form 106EP, fully updated for tax year 2019. You can download or print current or past-year PDFs of Form 106EP directly from TaxFormFinder. You can print other Colorado tax forms here.
Other Colorado Corporate Income Tax Forms:
|Form Code||Form Name|
|Form 107||Nonresident Partner/Shareholder Agreement|
|Form 106||Partnership / S-Corporation Pass-Through Entities Tax Booklet|
|112 Booklet||C-Corporation Income Tax Return Booklet|
|Form DR 158-C||Extension Payment Voucher - Corporation|
|Form 108||Nonresident Partner/Shareholder Statement of Remittance|
Colorado usually releases forms for the current tax year between January and April. We last updated Colorado Form 106EP from the Department of Revenue in February 2020.
Form 106EP is a Colorado Corporate Income Tax form. While most taxpayers have income taxes automatically withheld every pay period by their employer, taxpayers who earn money that is not subject to withholding (such as self employed income, investment returns, etc) are often required to make estimated tax payments on a quarterly basis. Failure to make correct estimated payments can result in interest or penalties.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Colorado Form 106EP
We have a total of seven past-year versions of Form 106EP in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
While we do our best to keep our list of Colorado Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.