Estimated Tax Payments for Corporations

Just like individual taxpayers, Corporations are responsible for making quarterly estimated tax payments. Corporations generally have to make estimated tax payments if they expect to owe tax of $500 or more when their return is filed.

Estimated tax payments for corporations are due by the 15th day of the 4th, 6th, 9th, and 12th months of the tax year. In other words, a corporation’s quarterly estimated tax payments are due on April 15th, June 15th, September 15th, and December 15th. (This differs slightly from an individual taxpayer’s estimated tax payment due dates, which are April 15th, June 15th, September 15th, and January 15th.)

If any due date falls on a Saturday, Sunday, or legal holiday, the installment is due on the next regular business day. For example, the next two estimated tax payments are due on September 16th, 2019 and December 16th, 2019 because the 15th falls on a Sunday in both cases.

A worksheet, Form 1120-W, is available to help corporations estimate their tax for the year.

Tax Court

The United States Tax Court is a specialized court that only hears and adjudicates federal tax matters. It is made up of a panel of 19 judges who are tax experts. There are no juries in Tax Court.

If the IRS is proposing to adjust the amount of tax you owe, you will typically be sent a “Notice of Deficiency,” also referred to as a “90-Day Letter,” which informs you of the proposed change. Once the notice has been issued, you have 90 days from the date on that notice to file a petition with the Tax Court in order to challenge the proposed adjustment without first having to pay the proposed adjustment. (The deadline is extended to 150 days if the taxpayer is out of the country at the time the notice is mailed.)

If you miss the 90-day deadline, the statute of limitations has expired and you must pay the tax. You may still have your case heard in U.S. District Court. However, to get into District Court, you must first pay the tax liability and then file a claim for a refund.

New IRS Impersonation Email Scam

The IRS is warning about a new IRS impersonation scam campaign spreading nationally on email. The new email scam uses dozens of compromised websites and web addresses that pose as IRS.gov, making it a challenge to shut down. By infecting computers with malware, these impostors may gain control of an individual’s computer or secretly download software that tracks every keystroke, eventually giving them passwords to sensitive accounts, such as financial accounts.

The IRS does not send emails about your tax refund or sensitive financial information. This latest scheme is yet another reminder that tax scams are a year-round business for thieves.

The IRS does not initiate contact with taxpayers by email, text messages or social media channels to request personal or financial information. This includes requests for PIN numbers, passwords, or similar access information for credit cards, banks or other financial accounts.