Utah Tc 559 Form PDF Details

In the intricate world of corporate and partnership tax obligations, the Utah TC-559 form emerges as a cornerstone document for managing payments in a comprehensive manner. Serving as a versatile payment coupon, the TC-559 facilitates various tax-related payments including estimated tax payments, extension payments, and return payments for corporations and partnerships alike. It incorporates a simple yet crucial mechanism for entities to indicate the type of payment they are making, thereby streamlining the payment process. Importantly, the form lays out specific guidelines regarding penalties and interest, providing a clear directive that entities must meet certain thresholds to avoid penalties – such as making tax payments that are at least 90% of the current year’s tax liability or 100% of the previous year’s liability. Furthermore, it outlines the estimated tax requirements for corporations, mandating quarterly payments for those with a tax liability exceeding $3,000, with stipulations for both first-year entities and those making minimal tax payments. Additionally, the form briefly touches upon extension payment requirements, offering an automatic filing extension under certain conditions, and specifies the vital information on where and how to file these payments, including an option for electronic payment for added convenience. The detailed requirements and options laid out in the TC-559 form reflect the Utah State Tax Commission’s efforts to facilitate tax compliance in an efficient manner, offering clarity and support to corporations and partnerships navigating their tax responsibilities.

QuestionAnswer
Form NameUtah Tc 559 Form
Form Length1 pages
Fillable?No
Fillable fields0
Avg. time to fill out15 sec
Other namestc 559 utah tc 559 ext form

Form Preview Example

Utah State Tax Commission

Corporate/Partnership Payment Coupon

TC-559

Rev. 11/16

 

 

Payment Coupon

Penalties and Interest

Use payment coupon TC-559 to make the following corporate/partnership tax payments:

1)Estimated tax payments

2)Extension payments

3)Return payments

Mark the circle on the coupon that shows the type of payment you are making.

If your tax payments do not equal the lesser of 90 percent of the current-year tax liability ($100 minimum tax for corporations) or 100 percent of the previous-year tax liability, we will assess a penalty of 2 percent of the unpaid tax for each month of the extension period. We will assess a late filing penalty if you file the return after the extension due date.

We will assess interest at the legal rate from the original due date until paid in full.

Corporation Estimated Tax Requirements

Every corporation with a tax liability of $3,000 or more in the current or previous tax year must make quarterly estimated tax payments. A parent company filing a combined report must make the payment when the total tax is $3,000 or more for all affiliated companies, including those that pay only the minimum tax.

A corporation does not have to make estimated tax payments the first year it is required to file a Utah return if it makes a payment on or before the due date, without extension, equal to or greater than the minimum tax.

Estimated tax payments are due in four equal payments on the 15th day of the 4th, 6th, 9th and 12th months of the entity’s taxable year. You may make quarterly payments equal to 90 percent of the current year tax or 100 percent of the previous year tax. A corporation that had a tax liability of $100 (the minimum tax) for the previous year may prepay the minimum tax amount of $100 on the 15th day of the 12th month instead of making four $25 payments.

The Tax Commission will charge an underpayment penalty to entities that fail to make or underpay the required estimated tax.

Extension Payment Requirements

A corporation/partnership has an automatic filing extension if it makes the necessary extension payment by the return due date. The estimated tax payments must equal at least the lesser of:

1)90 percent of the current year tax liability

(or the $100 corporation minimum tax, if greater), or

2)100 percent of the previous-year tax liability.

The remaining tax, plus any penalty and interest, is due when the return is filed.

Note: A pass-through entity (partnership or S corporation) must pay 100 percent of any pass-through withholding by the original due date to avoid penalties and interest.

See Pub 58, UTAH INTEREST AND PENALTIES, at tax.utah.gov/forms.

Where to File

Send your payment coupon and payment to :

Corporate/Partnership Tax Payment

Utah State Tax Commission

210 N 1950 W

Salt Lake City, UT 84134-0180

Electronic Payment

You may make estimated tax, extension and return payments at tap.utah.gov.

SEPARATE AND RETURN ONLY THE BOTTOM COUPON WITH PAYMENT. KEEP TOP PORTION FOR YOUR RECORDS.

Corporation/Partnership Mail to: Utah State Tax Commission, 210 N 1950 W, SLC UT 84134-0180

TC-559

Rev. 11/16

Payment Coupon

 

Estimated payment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1st qtr.

3rd qtr.

Extension payment

 

 

 

 

 

 

 

 

 

 

 

 

Tax year ending (mm/dd/yyyy)

 

2nd qtr.

4th qtr.

Return payment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Name of corporation/partnership

 

EIN

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Address

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

City

 

 

State

Zip code

 

 

 

 

 

 

 

 

 

C P T

Payment amount enclosed

$

00

Make check or money order payable to the Utah State Tax Commission. Do not send cash. Do not staple check to coupon. Detach check stub.

How to Edit Utah Tc 559 Form Online for Free

Any time you want to fill out Utah Tc 559 Form, you don't need to install any applications - just try our online tool. Our tool is continually developing to give the best user experience possible, and that is due to our dedication to constant enhancement and listening closely to feedback from customers. Here's what you would need to do to start:

Step 1: Click the "Get Form" button above on this webpage to get into our PDF tool.

Step 2: The editor provides the opportunity to work with PDF documents in various ways. Improve it by writing any text, correct original content, and add a signature - all manageable within a few minutes!

This PDF doc will need some specific information; to ensure accuracy and reliability, make sure you pay attention to the tips further down:

1. When completing the Utah Tc 559 Form, be sure to complete all of the essential fields in the associated area. It will help to facilitate the process, making it possible for your information to be processed quickly and properly.

Completing segment 1 of Utah Tc 559 Form

Step 3: Prior to obtaining the next step, it's a good idea to ensure that blank fields have been filled out the proper way. As soon as you’re satisfied with it, press “Done." Join FormsPal now and immediately use Utah Tc 559 Form, available for download. All changes made by you are preserved , allowing you to edit the pdf at a later time if needed. FormsPal is committed to the privacy of all our users; we ensure that all personal information put into our editor is kept secure.