Maine Vouchers For Estimated Tax Payments
Extracted from PDF file 2020-maine-form-1120es-me.pdf, last modified November 2010
Vouchers For Estimated Tax PaymentsFORM 1120ES-ME INSTRUCTIONS Maine Estimated Tax Payment Voucher For Corporations MUST PAY ESTIMATED 3. DUE DATES FOR ESTIMATED TAX INSTALLMENTS. Every corporation subject to taxation under 36 MRSA, Part 8 (Income Taxes) must pay estimated tax. If the income tax liability for the current tax year or for the prior tax year reduced by any allowable credits is less than $1,000, the requirement is waived. See 36 MRSA § 5228(2). Installment payments are due on the 15th day of the 4th, 6th, 9th and 12th months following the beginning of the corporation’s fiscal year. If the due date falls on a Saturday, Sunday or legal holiday, substitute the next succeeding day which is not a Saturday, Sunday or legal holiday. 1. WHO TAX? 2. AMOUNT OF ESTIMATED TAX TO BE PAID. The estimated tax must be no less than the smaller of the following: a. An amount equal to the preceding year’s tax liability, if that preceding year was a taxable year of 12 months; or b. An amount equal to 90% of the tax liability for the current tax year. Exception: Large corporations as defined by IRC § 6655(g)(2)(A), are required to pay estimated taxes in accordance with paragraph b, except as provided in 36 MRSA § 5228(5)(C) second required installment for the taxable year must be no less than 90% of the corporation’s income tax liability for the first half of the current year, less the amount of the first installment for the taxable year as determined under this provision. 5. UNDERPAYMENT PENALTY. A penalty equal to the interest rate on overdue taxes accrues automatically on underpayments of the required installment amount for the period of underpayment. The period of underpayment is the period of time from the date the installment is due until the underpayment is satisfied or until the tax return to which the estimate installment applies is due, whichever occurs earlier. Calculate the underpayment penalty on Form 2220ME. 4. AMOUNT OF INSTALLMENTS. The amount of estimated tax due for the taxable year must be paid in four equal installments unless: a. The taxpayer establishes by adequate record the actual distribution of tax liability and allowable credits during the tax year; or b. The taxpayer is a large corporation as defined by IRC § 6655(g)(2)(A). Such large corporations may elect to determine the first required installment for any taxable year based on the preceding year’s state income tax liability, if that preceding year was a taxable year of 12 months. However, if the corporation so elects, the 6. SHORT TAXABLE YEAR. For a corporation having a tax year of less than 12 months, the estimated tax must be paid in full by the 15th day of the last month of the tax year. If you are filing a tax return for a short tax year, identify your next filing period in the space provided on the voucher. 1120W-ME INSTRUCTIONS Line 5 Column A - Quarterly Estimate. Divide line 2b by 4 and enter the result in each row. Column B - Prior Year Overpayment. Enter the amount from line 3 on row 1. If this amount is larger than the amount in column A, subtract the amount in column A from this amount. Enter the result in column B, line 2. Repeat this procedure on each line until the amount of overpayment is all used. Column C - Balance Due. Subtract column B, line 1 from column A, line 1 and enter the result here. This amount is the balance due for the quarter. The total of all four rows in this column should equal the amount on line 4 (Balance of estimated Maine corporate income tax). Column D - Date Paid. Enter the date the balance in column C is paid. Column E - Check or Transaction #. Enter the check number or the bank transaction number for the quarterly payment made.
More about the Maine Form 1120ES-ME Corporate Income Tax Estimated TY 2020
We last updated the Vouchers For Estimated Tax Payments in February 2021, so this is the latest version of Form 1120ES-ME, fully updated for tax year 2020. You can download or print current or past-year PDFs of Form 1120ES-ME directly from TaxFormFinder. You can print other Maine tax forms here.
Other Maine Corporate Income Tax Forms:
|Form Code||Form Name|
|Form 1120X-ME||Amended income Tax Return|
|Form 2220ME||Underpayment of Estimated Tax|
|Form 1120EXT-ME||Extension Payment Voucher|
|Form 1041ME-PV||Payment Voucher For Electronically Filed Returns|
|Form 1041ME||Fiduciary Income Tax Return for Resident and Nonresident Estates and Trusts|
Maine usually releases forms for the current tax year between January and April. We last updated Maine Form 1120ES-ME from the Revenue Services in February 2021.
Form 1120ES-ME is a Maine 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 Maine Form 1120ES-ME
We have a total of ten past-year versions of Form 1120ES-ME 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 Maine 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.