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Idaho Underpayment of Estimated Tax by Corporations
Extracted from PDF file 2023-idaho-form-41esr.pdf, last modified January 2023Underpayment of Estimated Tax by Corporations
2022 Form 41ESR Underpayment of Estimated Tax Include with Form 41 or Form 41S Business name Federal Employer Identification Number (EIN) Part I — Underpayment Computation 1. Enter the 2022 total tax .................................................................................................................... 2. Enter the total of the fuels tax, sales/use tax, tax from recapture of the QIE, and the tax reimbursement incentive credit from the 2022 corporate return ...................................................... 3. Subtract line 2 from line 1. If the result is less than $500, don’t complete this form ........................ 4. Multiply line 3 by 90% ...................................................................................................................... 5. Enter the total tax less the total of the fuels tax, sales/use tax, tax from recapture of the QIE, and the tax reimbursement incentive credit from the 2021 tax return ..................................... 6. Estimated tax. Enter the smaller of line 4 or line 5 .......................................................................... 7. Enter the installment due dates that correspond to the 15th day of the 4th, 6th, 9th, and 12th months of the tax year ................................................ 8. Enter 25% of line 6 in each column. (If income is annualized, use amounts from line 33) ....................... 9. Amount paid or credited for each period ..................... 10. Enter the amount from line 14 of the preceding column ......................................................................... 11. Amount applied to previous installment ....................... 12. Add lines 9 and 10, then subtract line 11 .................... 13. Underpayment. If line 12 is less than or equal to line 8, subtract line 12 from line 8 .................. 14. Overpayment. If line 8 is less than line 12, subtract line 8 from line 12 .......................................... A B 1 22.5% Installments 1 2 3 4 5 6 C D 2 3 4 45% 67.5% 90% Part II — Underpayment Interest Computation 15. Enter date of payment or the 15th day of the 4th month after end of tax year, whichever is earlier ......... 16. Number of days from due date of installment on line 7 to the date shown on line 15 ............................... 17. Number of days on line 16 before 1/1/2023 ................ 18. Number of days on line 16 after 12/31/2022 ............... 19. Number of days on line 17 X 3% (.03) ....................... 365 20. Number of days on line 18 X 5% (.05) ...................... 365 21. Multiply line 19 by the underpayment on line 13 ......... 22. Multiply line 20 by the underpayment on line 13 ......... 23. Add lines 21 and 22 .................................................... 24. Add line 23 columns A through D. Enter here and on Form 41, line 50 or Form 41S, line 57 ............. Part III — Annualized Income Installment Method 25. 26. 27. 28. 29. 30. 31. 32. 33. Enter Idaho annualized taxable income ...................... Multiply line 25 by 6% ................................................. Enter other taxes for each payment period ................. Enter tax credits for each period .................................. Total tax. Add lines 26 and 27, then subtract line 28 ... Applicable percentage ................................................. Multiply line 29 by line 30 ............................................ Annualized periodic estimates. (See instructions) ....... Subtract line 32 from line 31. Enter on Part I, line 8 .... EFO00027 08-16-2022 Form 41ESR — Instructions Underpayment of Estimated Tax A corporation must make estimated tax payments to the Tax Commission if it’s required to make estimated tax payments to the Internal Revenue Service and owes Idaho income tax of $500 or more. Estimated tax payments aren’t required if the corporation wasn’t required to file an Idaho return the previous tax year. Estimated payments aren’t required on tax due on income you report for individual owners. Each estimated tax payment must be 25% of the lesser of: • 100% of the corporation’s income tax for 2021, or • 90% of its income tax for 2022 Use Form 41ESR to determine whether the corporation underpaid its estimated tax and to compute the interest on any underpaid amount. Multiple Payments You may need to use additional copies of this form if you make multiple payments, and they’re applied to the underpayment of a prior period. Part I — Underpayment Computation Complete Part I to determine if you have an underpayment for any of the payment periods. Line 1. Enter the total tax amount reported on the 2022 return. For Form 41, this is the amount on line 49. For Form 41S, this is the amount on line 56. Line 2. Enter the total of the fuels tax, sales/use tax, tax from recapture of qualified investment exemption (QIE) and the tax reimbursement incentive credit claimed on the corporate return. For Form 41, this is the total of lines 46 through 48 and line 56. For Form 41S, this is the total of lines 53 through 55 and line 63. Line 5. Enter the total tax amount less the total of the fuels tax, sales/use tax, tax from recapture of QIE and the tax reimbursement incentive credit reported on the 2021 return. For Form 41, this is the amount on line 49 minus the total of lines 46 through 48 and line 56. For Form 41S, this is the amount on line 56 minus the total of lines 53 through 55 and line 63. EIN00074 08-16-2022 2022 Line 6. Enter the smaller of lines 4 or 5. If you used annualized income to determine your estimated tax payments, use Part III to show the annualized computation. Line 7. Enter the installment dates for your estimated tax payments. The installment due dates for Idaho’s estimated tax payments are the same due dates required for your federal estimated tax payments. Line 8. Multiply the amount on line 6 by 25%. This is the required installment for each quarter. If income is annualized, enter the amounts from line 33. Line 9. Complete lines 9 through 14 for one column before completing the next column. Column A Include the amount credited to 2022 estimated tax from your 2021 return and estimated tax payments made by the 15th day of the 4th month of the tax year Column B Enter payments made after the 15th day of the 4th month through the 15th day of the 6th month of the tax year Column C Enter payments made after the 15th day of the 6th month through the 15th day of the 9th month of the tax year Column D Enter payments made after the 15th day of the 9th month through the 15th day of the 12th month of the tax year Line 10. Enter any overpayment shown on line 14 of the previous column. Line 11. If you had any underpayment in the previous column, enter the amount of this period’s payment that will be applied to the underpayment. Don’t enter more than the amount on line 9. Line 13. If your payments on line 12 are less than the payments due on line 8, subtract line 12 from line 8 and enter your underpayment here. If line 13 shows an underpayment, complete Part II to compute the interest. Page 1 of 2 Form 41ESR — Instructions Line 14. If your payments on line 12 are more than the payments due on line 8, subtract line 8 from line 12 and enter your overpayment. 2022 (continued) Line 24. Add the amounts shown on line 23, columns A through D. Enter the total here and on Form 41 or Form 41S. Part II — Underpayment Interest Computation Part III — Annualized Income Installment Method If you computed an underpayment on Part I, line 13, complete lines 15 through 24 to determine the amount of the interest due on the underpayment. Line 15. Enter the date you made a payment that was applied to the underpayment amount shown on line 13 or enter the 15th day of the 4th month following the close of the tax year, whichever is earlier. Line 16. Enter the number of days from the due date of the installment shown on line 7 to the date shown on line 15. Line 19. Divide the number of days shown on line 17 by 365. Multiply the result by 3%, the interest rate for 2022. Compute the percentage to two places to the right of the decimal point (00.00%). If your estimated tax payments are based on annualized income for federal purposes, you may use that same method to make Idaho estimated tax payments. Use Schedule A, Part II of the federal Form 2220 to compute the federal annualized income. Line 25. For a 100% Idaho corporation, enter its federal annualized income adjusted for Idaho additions and subtractions for each period. For a multistate corporation, multiply the federal annualized income adjusted for Idaho additions and subtractions by the apportionment factor, and enter the result. Line 32. Line 20. Divide the number of days shown on line 18 by 365. Multiply the result by 5%, the interest rate for 2023. Compute the percentage to two places to the right of the decimal point (00.00%). Column 2 Enter the amount from line 33, column 1 Column 3 Enter the amount from line 33, column 2 Column 4 Enter the amount from line 33, column 3 Complete columns B through D, lines 7 through 23. For a short period return, complete the appropriate number of columns. Contact us: In the Boise area: (208) 334-7660 | Toll free: (800) 972-7660 Hearing impaired (TDD) (800) 377-3529 tax.idaho.gov/contact EIN00074 08-16-2022 Page 2 of 2
Form 41ESR, Underpayment of Estimated Tax and Instructions 2022
More about the Idaho FORM 41ESR Corporate Income Tax Estimated TY 2023
We last updated the Underpayment of Estimated Tax by Corporations in February 2023, so this is the latest version of FORM 41ESR, fully updated for tax year 2023. You can download or print current or past-year PDFs of FORM 41ESR directly from TaxFormFinder. You can print other Idaho tax forms here.
Other Idaho Corporate Income Tax Forms:
TaxFormFinder has an additional 65 Idaho income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| FORM PTE-12 | Idaho Schedule For Pass-Through Owners with Instructions |
| FORM 14 | Idaho Water's Edge Election and Consent |
| FORM 29 | Quarterly Idaho Oil and Gas Production Tax Statement |
| FORM PTE-NROA | Idaho Nonresident Owner Agreement |
| FORM 41 | Idaho Corporation Income Tax Return |
View all 66 Idaho Income Tax Forms
Form Sources:
Idaho usually releases forms for the current tax year between January and April. We last updated Idaho FORM 41ESR from the State Tax Commission in February 2023.
FORM 41ESR is an Idaho Corporate Income Tax form. While most taxpayers have income taxes automatically withheld every pay period by their employer, taxpayers who earn money that is not subject to withholding (such as self employed income, investment returns, etc) are often required to make estimated tax payments on a quarterly basis. Failure to make correct estimated payments can result in interest or penalties.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Idaho FORM 41ESR
We have a total of eleven past-year versions of FORM 41ESR in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 FORM 41ESR
Form 41ESR, Underpayment of Estimated Tax and Instructions 2022
2021 FORM 41ESR
Form 41ESR, Underpayment of Estimated Tax and Instructions 2021 approved
2020 FORM 41ESR
2020 Form 2220
2019 FORM 41ESR
Form 41 ESR, Underpayment of Estimated Tax and Instructions 2019
2017 FORM 41ESR
Form 41ESR - Underpayment of Estimated Tax
2016 FORM 41ESR
Form 41ESR - Underpayment of Estimated Tax 2016
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