IRS Form 1120-W Estimated Tax for Corporations

IRS Form 1120-W Estimated Tax for Corporations

What Is IRS Form 1120-W?

IRS Form 1120-W, Estimated Tax for Corporations , is a supplementary instrument corporations were expected to fill out to compute the amount of estimated tax they owe to fiscal authorities. Corporations whose total tax liability for the calendar year equaled or exceeded $500 as well as certain S corporations, organizations with tax-exempt status, and private foundations that operate domestically usually have to deal with estimated tax payments, and this worksheet allowed these entities to carry out the necessary calculations correctly.

This document was released by the Internal Revenue Service (IRS) in 2022 - an IRS Form 1120-W fillable version is available for download below.

Nowadays, corporations are no longer allowed to use this document to calculate the estimated tax amount to describe any quarter of the tax year - instead, taxpayers are supposed to deposit their payments via the Electronic Federal Tax Payment System (EFTPS).

Check out the 1120 Series of forms to see more IRS documents in this series.


When Are Corporate Estimated Tax Payments Due?

Corporate estimated tax payments are, in general, due by the 15th day of the tax year's 4th, 6th, 9th, and 12th months. If the due date falls on a weekend, or a legal holiday, the installment payment is due on the next business day.

Some corporations are required to electronically deposit all depository taxes, including the federal corporate estimated tax payments. If the estimated tax payments are not done by the due date, the corporation may be subject to an underpayment penalty for the underpayment period. Use Form 2220 to see if the corporation owes a penalty and to figure the penalty amount.

Form 1120-W Instructions

The Form 1120-W Instructions are as follows:

  1. Record the tax period you will cover in the worksheet . Refer to your accounting documentation to enter the appropriate numbers in the form - state the amount of taxable income you believe you will generate, indicate the amount of tax credits, and include other taxes you have to pay. Apply the formulas in the document and find out the total amount of tax to pay. List the dates the installments are made and write down the amount of every installment.

  2. Specify what kind of installment method suits your corporation - choose between the adjusted and the annualized methods to understand what parts of the form you must complete . You will have to separate the numbers into four parts and use formulas to confirm the method you picked is the right one. Based on the section of the worksheet you filled out, elaborate on the exact amount of every installment.

  3. Do not submit Form 1120-W to tax organizations - corporations whose duty it is to calculate the estimated tax without errors do not have such an obligation ; instead, they are asked to keep a copy of the worksheet in their records in case audit happens in the future and they have to demonstrate how they managed to compute specific numbers. Ensure the payment you end up making is accurate otherwise you may be subject to the penalty due to underpayment or request a refund because you paid too much money to the IRS.

IRS 1120-W Related Forms

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