(1) Overpayments of tax
(a) Election. When a corporation files its
completed excise or income tax return and the tax shown due thereon is less
than the amounts previously paid for that year, the corporation may make an
irrevocable election to have the overpayment of tax either refunded or applied
as a payment of estimated tax. The election is made by entering the amount in
the appropriate space provided on the corporation excise tax return or
corporation income tax return.
(b)
Application to estimated tax installment. For tax years beginning on or after
January 1, 2016, the department will apply the elected overpayment, unless it
is subject to an offset under ORS
314.415
and related rules, to the following year's estimated tax payment due on the
fifteenth day of the fourth month of the taxable year as described by ORS
314.515(1)(a),
to the extent that the overpayment of tax is attributable to estimated tax
payments received prior to the following year's first quarter estimated tax due
date. Payments received after the following year's first quarter estimated tax
due date will be applied to estimated tax as of the date the payment is
received. In the case of an amended or delinquent return, the amount will be
credited to the estimated tax installment as of the date the amended or
delinquent return was filed or the date a payment was received, whichever is
later.
(2) Payments of
estimated tax. Except as otherwise specifically provided in section (1) of this
rule, the department will credit estimated tax payments as of the date that
they are received. The department will apply estimated tax payments to any
prior underpayment and the remainder, if any, will be applied to the next
required installment.
Example 1:
Corporation A is a calendar year taxpayer. Corporation A's return is filed
timely on May 15, 2017. Its 2016 tax after credits is $12,000. The corporation
must make the following estimated tax payments on or before the indicated dates
to avoid having an underpayment of estimated tax:
April 15, 2016 - $3,000.
June 16, 2016 - $3,000.
Sept. 15, 2016 - $3,000.
Dec. 15, 2016 - $3,000.
Corporation A pays as follows:
April 15, 2016 - $3,000.
June 16, 2016 - $3,000.
Sept. 15, 2016 - $0.
Sept. 30, 2016 - $3,500.
Dec. 15, 2016 - $0.
The $3,500 payment will be credited as of September 30, 2016.
Of the $3,500 payment, $3,000 is applied to the payment due September 15, 2016.
The $500 remainder is applied to the payment due December 15,
2016.
Notes
Or. Admin. R.
150-314-0302
RD 12-1985,
f. 12-16-85, cert. ef. 12-31-85; RD 15-1987, f. 12-10-87, cert. ef. 12-31-87;
RD 7-1989, f. 12-18-89, cert. ef. 12-31-89; RD 12-1990, f. 12-20-90, cert. ef.
12-31-90; RD 3-1995, f. 12-29-95, cert. ef. 12-31-95; REV 12-1999, f. 12-30-99,
cert. ef. 12-31-99; REV 16-2008, f. 12-26-08, cert. ef. 1-1-09; REV 6-2014, f.
12-23-14, cert. ef. 1-1-15; Renumbered from 150-314.515(2), REV 5-2015, f.
12-23-15, cert. ef. 1-1-16; Renumbered from 150-314.515-(A),
REV
30-2016, f. 8-12-16, cert. ef.
9/1/2016; REV 71-2017, amend filed 12/22/2017,
effective 01/01/2018;
REV
6-2018, minor correction filed 01/25/2018,
effective
1/25/2018
Statutory/Other Authority: ORS
305.100
Statutes/Other Implemented: ORS
314.415
& 314.515
