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Form 2220 Wilmington North Carolina: What You Should Know
Underpayment by Corporations Underpayment of Estimated Taxes The corporation filed an amended annual return that reported an incorrect estimated tax liability for the year. The amount of the understatement must be included in your future estimated tax payments and must be reported on Form 2220, Part 2, for the year during which the overpayment was occurred. Any increase in estimated tax is treated as an overpayment on the corporation's previous tax return. You, as the owner, must provide information to the corporation to determine that there is a basis for this overpayment. The corporation may provide you with a revised estimate of the tax liability. If the company is a sole proprietorship, you may request that the estimated return be made on which the overpayment is estimated by your employer. If there is no such employer, you may request the return be made by contacting the tax department (). 2220.3 Underpayment by Corporations Underpayment of Estimated Tax as an S Corporation (Part 2) The corporation's initial tax estimate was too high, and you elected to use the overpayment to reduce the corporation's estimated tax for your corporation's initial year of tax, instead of as a deduction on your first tax return. You must report the overpayment on your return for the initial year you elected to adjust the tax estimate. If the company had more than one owner, the corporation is responsible for ensuring that each owner's adjusted estimated tax reflects the actual tax liability of the corporation. If not done, the corporation's adjusted tax may not meet the requirements for a deduction. The actual overpayment of tax may be carried over to the corporation's subsequent tax years. 2220.6 Underpayment by Corporations Underpayment of Estimated Tax as a C Corporation (Part 1) There is no statutory obligation for a corporation to pay over the overpayment of tax if it does not want to in its current circumstances. If, after all, the corporation still should have paid the tax over the tax estimate period, it will be treated as if you had elected to use the overpayment if and only if you have not made an election regarding that overpayment after its inclusion in your Return to Report Overpayment of Income Taxes. If you paid the overpayment before the return to Report Overpayment of Income Taxes was filed, the refund you received will be used for any future anticipated estimated tax payments by you. See FAQs 2.7 and 28.7.
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