Form 500C "Underpayment of Virginia Estimated Tax by Corporations" - Virginia

Form 500C or the "Underpayment Of Virginia Estimated Tax By Corporations" is a form issued by the Virginia Department of Taxation.

The form was last revised in July 1, 2017 and is available for digital filing. Download an up-to-date fillable Form 500C in PDF-format down below or look it up on the Virginia Department of Taxation Forms website.

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Download Form 500C "Underpayment of Virginia Estimated Tax by Corporations" - Virginia

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2017 Underpayment of Virginia
Form 500C
*VA500C117888*
Estimated Tax by Corporations
Department of Taxation
P.O. Box 1500
Richmond, VA 23218-1500
g
2017
FISCAL year filer or SHORT year filer: Enter beginning date ___________________,
, and ending date __________________, ______, and check here
Name
FEIN
Mailing Address (Rural Route and Box Number)
City or Town, State, and ZIP Code
PART I HOW TO COMPUTE THE UNDERPAYMENT
By completing Lines 1 through 8, a corporation can determine whether or not it paid the correct amount of estimated tax by the proper due dates. If the
minimum amounts were not timely paid, an additional charge may be imposed for the period of underpayment. A corporation that filed its return on a
basis other than a calendar year should enter the dates corresponding to its taxable year in the space provided below
1. Income tax reduced by allowable nonrefundable and refundable credits from Schedule 500CR . . . . . . . . . .
.00
2. 90% of Line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.00
Due Dates of Installments
(a)
(b)
(c)
(d)
Enter in Columns (a) through (d) the installment due dates [the 15th day
of the 4th, 6th, 9th, and 12th months] of your taxable year . . . . . . . . . .
3. Enter 25% of Line 2 in Columns (a) through (d) . . . . . . . . . . . . . . .
.00
.00
.00
.00
4. Amounts paid or credited for each period . . . . . . . . . . . . . . . . . . .
.00
.00
.00
.00
5. Amount of 2016 overpayment credited against 2017 estimated tax
.00
.00
.00
.00
6. Overpayment of previous installment . . . . . . . . . . . . . . . . . . . . . . .
.00
.00
.00
7. Total (Add Lines 4, 5, and 6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.00
.00
.00
.00
8. Underpayment (or overpayment) (Subtract Line 3 from Line 7) . . .
.00
.00
.00
.00
An overpayment of an installment in Line 8 in excess of all prior underpayments should be applied as a credit against the next installment.
PART II EXCEPTIONS TO THE ADDITIONAL CHARGE
NOTE: IF YOU MEET ANY OF THE EXCEPTIONS TO THE ADDITION TO THE TAX, COMPLETE LINES 9 THROUGH 12
(a)
(b)
(c)
(d)
9.
Total amount paid or credited from the beginning of the taxable
year through the installment dates that correspond to the 15th
day of the 4th, 6th, 9th, and 12th months of your taxable year . . . . . .
.00
.00
.00
.00
25% of tax
50% of tax
75% of tax
100% of tax
10. Exception 1 - Prior Year’s Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.00
.00
.00
.00
25% of tax
50% of tax
75% of tax
100% of tax
11. Exception 2 - Tax on prior year’s income based on the facts shown
on the prior year’s return, but using current year’s rates . . . . . . . . . . . . . . . .
.00
.00
.00
.00
22.50% of tax
45% of tax
67.50% of tax
90% of tax
12. Exception 3 - Tax on annualized income (Enclose Computation) . .
.00
.00
.00
.00
There is no additional charge imposed on an underpayment shown in Line 8 for any installment date if by that date the corporation made the minimum
payment determined under any of the exceptions reflected in the instructions.
PART III COMPUTATION OF THE ADDITIONAL CHARGE
If an underpayment of estimated tax is shown in Line 8 for an installment and an exception is not applicable, the additional charge should be computed
by completing the portion(s) of this applicable to the installment(s).
(a)
(b)
(c)
(d)
Enter the same installment dates used above in Part I . . . . . . . . . . . .u
13. Amount of underpayment from Line 8 . . . . . . . . . . . . . . . . . . . . . .
.00
.00
.00
.00
14. Enter the date of payment or the 15th day of the 4th month after the
close of your taxable year, whichever is earlier . . . . . . . . . . . . . . .
15. Number of days from the due date of installment to the date shown
on Line 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16. Additional charge (Rate of interest established in IRC § 6621, plus
2%, times the amount on Line 13 for the number of days shown on
Line 15) (See instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.00
.00
.00
.00
17. Add Columns (a) through (d), Line 16. Enter amount here and on Form 500, Line 20.
.00
A payment of estimated tax on any installment date shall be considered a payment of any previous underpayment only to the extent such payment
exceeds the amount of the installment as computed in Line 3. If the corporation made more than one payment for a given installment, enclose a schedule
showing a separate computation for each payment.
Va. Dept. of Taxation 2601007-W Rev. 07/17
2017 Underpayment of Virginia
Form 500C
*VA500C117888*
Estimated Tax by Corporations
Department of Taxation
P.O. Box 1500
Richmond, VA 23218-1500
g
2017
FISCAL year filer or SHORT year filer: Enter beginning date ___________________,
, and ending date __________________, ______, and check here
Name
FEIN
Mailing Address (Rural Route and Box Number)
City or Town, State, and ZIP Code
PART I HOW TO COMPUTE THE UNDERPAYMENT
By completing Lines 1 through 8, a corporation can determine whether or not it paid the correct amount of estimated tax by the proper due dates. If the
minimum amounts were not timely paid, an additional charge may be imposed for the period of underpayment. A corporation that filed its return on a
basis other than a calendar year should enter the dates corresponding to its taxable year in the space provided below
1. Income tax reduced by allowable nonrefundable and refundable credits from Schedule 500CR . . . . . . . . . .
.00
2. 90% of Line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.00
Due Dates of Installments
(a)
(b)
(c)
(d)
Enter in Columns (a) through (d) the installment due dates [the 15th day
of the 4th, 6th, 9th, and 12th months] of your taxable year . . . . . . . . . .
3. Enter 25% of Line 2 in Columns (a) through (d) . . . . . . . . . . . . . . .
.00
.00
.00
.00
4. Amounts paid or credited for each period . . . . . . . . . . . . . . . . . . .
.00
.00
.00
.00
5. Amount of 2016 overpayment credited against 2017 estimated tax
.00
.00
.00
.00
6. Overpayment of previous installment . . . . . . . . . . . . . . . . . . . . . . .
.00
.00
.00
7. Total (Add Lines 4, 5, and 6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.00
.00
.00
.00
8. Underpayment (or overpayment) (Subtract Line 3 from Line 7) . . .
.00
.00
.00
.00
An overpayment of an installment in Line 8 in excess of all prior underpayments should be applied as a credit against the next installment.
PART II EXCEPTIONS TO THE ADDITIONAL CHARGE
NOTE: IF YOU MEET ANY OF THE EXCEPTIONS TO THE ADDITION TO THE TAX, COMPLETE LINES 9 THROUGH 12
(a)
(b)
(c)
(d)
9.
Total amount paid or credited from the beginning of the taxable
year through the installment dates that correspond to the 15th
day of the 4th, 6th, 9th, and 12th months of your taxable year . . . . . .
.00
.00
.00
.00
25% of tax
50% of tax
75% of tax
100% of tax
10. Exception 1 - Prior Year’s Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.00
.00
.00
.00
25% of tax
50% of tax
75% of tax
100% of tax
11. Exception 2 - Tax on prior year’s income based on the facts shown
on the prior year’s return, but using current year’s rates . . . . . . . . . . . . . . . .
.00
.00
.00
.00
22.50% of tax
45% of tax
67.50% of tax
90% of tax
12. Exception 3 - Tax on annualized income (Enclose Computation) . .
.00
.00
.00
.00
There is no additional charge imposed on an underpayment shown in Line 8 for any installment date if by that date the corporation made the minimum
payment determined under any of the exceptions reflected in the instructions.
PART III COMPUTATION OF THE ADDITIONAL CHARGE
If an underpayment of estimated tax is shown in Line 8 for an installment and an exception is not applicable, the additional charge should be computed
by completing the portion(s) of this applicable to the installment(s).
(a)
(b)
(c)
(d)
Enter the same installment dates used above in Part I . . . . . . . . . . . .u
13. Amount of underpayment from Line 8 . . . . . . . . . . . . . . . . . . . . . .
.00
.00
.00
.00
14. Enter the date of payment or the 15th day of the 4th month after the
close of your taxable year, whichever is earlier . . . . . . . . . . . . . . .
15. Number of days from the due date of installment to the date shown
on Line 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16. Additional charge (Rate of interest established in IRC § 6621, plus
2%, times the amount on Line 13 for the number of days shown on
Line 15) (See instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.00
.00
.00
.00
17. Add Columns (a) through (d), Line 16. Enter amount here and on Form 500, Line 20.
.00
A payment of estimated tax on any installment date shall be considered a payment of any previous underpayment only to the extent such payment
exceeds the amount of the installment as computed in Line 3. If the corporation made more than one payment for a given installment, enclose a schedule
showing a separate computation for each payment.
Va. Dept. of Taxation 2601007-W Rev. 07/17
2017 Instructions for Form 500C
PURPOSE OF FORM
calendar or fiscal year return. However, the corporation must
have filed an income tax return showing a tax liability for
Form 500C is used by corporations to determine whether they
the preceding taxable year and that taxable year must have
paid enough estimated tax, whether they are subject to the
consisted of 12 months.
addition to the tax for underpayment of estimated tax, and, if
Line 11 - Exception 2, Tax on prior year’s income using
so, the amount of the addition. Estimated tax is a corporation’s
current year’s rates - Generally, this exception applies if the
expected income tax liability minus its credits. A corporation
amount the corporation paid is equal to or greater than the
must make estimated tax payments if it reasonably expects
tax figured by using the current year’s rates but based on the
its tax liability to exceed $1,000.00 for the taxable year.
facts shown on the prior year’s return and the law that applies
HOW TO USE THIS FORM
to the prior year. Your prior year’s return does not have to
show a tax liability.
Complete Part I of Form 500C to find out if you have an
Line 12 - Exception 3, Tax on annualized income - This
underpayment for any of the four payment periods. If you
exception applies if the estimated tax paid was equal to or
have an underpayment on Line 8 (Column a, b, c, or d),
more than 90% of the amount the corporation would owe if
go to Part II, Exceptions to the Additional Charge. If you do
estimated tax was figured on annualized taxable income for
not meet any of the exceptions for a payment period, go to
the months preceding an installment date.
Part III, Computation of the Additional Charge. If you are using
Form 500C either to figure the additional charge or to show
A corporation may annualize its income as follows:
that you qualify for any exception, enclose your computation
(a) For the first 3 months, if the installment was required
to your Corporate Income Tax Return.
to be paid in the 4th month.
AMENDED RETURN
(b) For the first 3 months or for the first 5 months, if the
installment was required to be paid in the 6th month.
If an amended corporation return, Form 500, is filed, there
is no adjustment allowed to the amount of addition to tax
(c) For the first 6 months or for the first 8 months, if the
previously computed and paid.
installment was required to be paid in the 9th month.
For additional information, call (804) 367-8037, write
(d) For the first 9 months or for the first 11 months, if the
to the Virginia Department of Taxation, P.O. Box 1115,
installment was required to be paid in the 12th month.
Richmond, VA 23218-1115, or visit the Department’s website,
To annualize income, multiply taxable income for the period
www.tax.virginia.gov.
by 12 and divide the result by the number of months in the
period (3, 5, 6, 8, 9, or 11, as the case may be).
PART I. HOW TO FIGURE YOUR UNDERPAYMENT
Please enclose your computation.
Complete Lines 1 through 8 in Part I. On Line 4, be sure to
include any withholding payments made by a pass-through
PART III. COMPUTATION OF THE ADDITIONAL
entity on behalf of the corporation. If Line 8 shows an
CHARGE
underpayment, complete Part II to see if any of the exceptions
apply.
If no exception applies, complete Lines 13 through 17 to
determine the amount of the additional charge. The charge is
PART II. EXCEPTIONS TO THE ADDITIONAL
figured for the period of underpayment at the underpayment
CHARGE
rate determined under IRC § 6621, plus 2%.
For the purpose of computing the additional charge, the
You will not have to pay an additional charge if all of your
underpayment rate established for the third month following
estimated tax payments (Part II, Line 9) were made on time
the close of the taxable year shall also be applied to the first 15
and were equal to or more than any one of the amounts figured
days of the fourth month following the close of the taxable year.
as explained by the exceptions (Lines 10, 11, and 12) for the
same payment period (Column a, b, c, or d).The exceptions
Line 17 - Total Columns 16 (a) through (d). If cents was
to the additional charge are:
used in computing the addition to tax on Line 16, the total on
Line 17 should be rounded to the nearest whole dollar amount.
Line 10 - Exception 1, Prior Year’s Tax - Generally, this
Enter the total here and on Form 500, Line 20.
exception applies if the corporation paid an amount that was
equal to or more than the tax shown on its previous (2016)
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