Administrative Rules of Montana
Department 42 - REVENUE
Chapter 42.23 - CORPORATION LICENSE TAX - GENERAL
Subchapter 42.23.6 - Payment of Taxes
Rule 42.23.606 - QUARTERLY ESTIMATED TAX PAYMENTS
Current through Register Vol. 6, March 22, 2024
(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.
15-31-501, MCA; IMP, 15-31-502, MCA;
