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Rule Title: QUARTERLY ESTIMATED TAX PAYMENTS
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Department: REVENUE, DEPARTMENT OF
Chapter: CORPORATE INCOME TAX - GENERAL
Subchapter: Payment of Taxes
 
Latest version of the adopted rule presented in Administrative Rules of Montana (ARM):

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42.23.606    QUARTERLY ESTIMATED TAX PAYMENTS

(1) Effective for tax years beginning after December 31, 1993, every corporation must make estimated tax payments if its annual tax is $5,000 or more.

(2) The $5,000 threshold includes any applicable surtax.

(3) If the $5,000 threshold is met, the taxpayer has the option of submitting 80% of the current year's tax liability in estimated payments or 100% of last year's liability provided that the preceding taxable year was a period of 12 months and a return was filed for the preceding taxable year. By submitting four equal quarterly payments totaling 100% of last year's tax liability, a taxpayer can ensure that no underpayment interest penalty will accrue, regardless of the current year's tax liability. Corporations that file the preceding year's return as an inactive corporation, or as a Subchapter S corporation, must submit 80% of the current year's tax liability in estimated payments if the $5,000 threshold is met.

History: 15-31-501, MCA; IMP, 15-31-502, MCA; NEW, 1992 MAR p. 1764, Eff. 8/14/92; AMD, 1994 MAR p. 2353, Eff. 8/12/94.


 

 
MAR Notices Effective From Effective To History Notes
8/12/1994 Current History: 15-31-501, MCA; IMP, 15-31-502, MCA; NEW, 1992 MAR p. 1764, Eff. 8/14/92; AMD, 1994 MAR p. 2353, Eff. 8/12/94.
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