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Mississippi Underestimate of Corporate Income Tax Worksheet
Extracted from PDF file 2023-mississippi-form-83-305.pdf, last modified November 2023Underestimate of Corporate Income Tax Worksheet
Reset Form Form 83-305-23-8-1-000 (Rev. 11/23) Mississippi Print Form Underestimate of Corporate Income Tax Worksheet FEIN Amended Annualized Income Method PART I: CALCULATION OF ESTIMATED PAYMENT 1 Current year income tax due (from Form 83-105, line 8 (corporations) or Form 84-105, line 8 (composite S corporations and electing pass-through entities)) 1 .00 2 Ninety (90%) of current year income tax due (multiply line 1 by 90%) 2 .00 3 Prior year income tax due 3 .00 4 Enter the lesser of line 2 or line 3 (except for large corporations, see instructions) 4 .00 5 Estimate payment per quarter (divide line 4 by four) 5 .00 PART II: PENALTY CALCULATION (a) 15th of 4th Month (b) 15th of 6th Month (c) 15th of 9th Month (d) 15th of 12th Month 6 Estimate due dates (enter the dates in columns (a) through (d)) 7 Required estimate each quarter (enter amount from Part I, line 5) 8 Estimated tax paid each quarter 9 Overpayment (enter amount, if any, from previous year or quarter(s), line 9, in columns (a),(b), (c), or (d)) 10 Total (line 8 plus line 9 minus line 7; enter amount in column (a). If negative (overpayment), enter zero and carry overpayment amount (as a positive amount) to the next quarter(s), line 9, column(s) (b), (c), and (d)) 11 Underestimated penalty due (multiply line 10 by 10%. If negative, enter zero) PART III: INTEREST CALCULATION 12 Cumulative tax liability (enter cumulative amount from line 7) 13 Cumulative overpayment (enter cumulative amount of estimates paid plus any overpayment from prior year; line 8 plus line 9) 14 Total underpayment/overpayment of estimates (subtract line 12 from line 13. If the result is negative, enter zero) 15 Enter percentage of interest (compute interest at 5/10 of 1% per month from the payment due date until paid or the next payment due date, whichever is earlier) . % . . % % . % 16 Underestimated interest due (multiply line 14 by line 15) PART IV: UNDERESTIMATED INTEREST AND PENALTY DUE 17 Total penalty due (total of line 11, columns (a), (b),(c) and (d)) 17 .00 18 Total interest due (total of line 16, columns (a), (b),(c) and (d)) 18 .00 19 Total underestimated interest and penalty due (line 17 plus line 18, enter on Form 83-105, page 1, line 15 (corporations) or on Form 84-105, page 1, line 15 (composite S corporations and electing pass-through entities), or on Form 83-391, line 10 (insurance)) 19 .00
83305238.pdf
More about the Mississippi Form 83-305 Corporate Income Tax TY 2023
Interest and Penalty on Underestimate of Corporate Income Tax
We last updated the Underestimate of Corporate Income Tax Worksheet in February 2024, so this is the latest version of Form 83-305, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 83-305 directly from TaxFormFinder. You can print other Mississippi tax forms here.
Other Mississippi Corporate Income Tax Forms:
TaxFormFinder has an additional 36 Mississippi income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form 81-110 | Fiduciary Return |
| Form 83-100 | Corporate Income Instructions |
| Form 84-401 | Tax Credit Summary Schedule |
| Form 84-132 | Schedule K-1 (Pass Through) |
| Form 83-105 | Corporate Income and Franchise Tax Return |
View all 37 Mississippi Income Tax Forms
Form Sources:
Mississippi usually releases forms for the current tax year between January and April. We last updated Mississippi Form 83-305 from the Department of Revenue in February 2024.
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 Mississippi Form 83-305
We have a total of eleven past-year versions of Form 83-305 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
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