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New Mexico Form 2220: What You Should Know
The due date was after the due date, taxpayers must file an amended return, which may delay collections. Form 2220 — Underpayment of Estimated Tax By Taxpayer — IRS This form is used for reporting underpayment of estimated taxes by a shareholder who is a corporation. How to Obtain This Form: If the taxpayer is a corporation, the taxpayer will need to use Form 2220 for its individual taxpayers. If the taxpayer is an individual, the taxpayer must contact the Taxation and Revenue Office at the address below and receive a signed form. The form must be in the owner's handwriting and be postmarked by the correct end-of- year tax day. Once the owner receives the form, the owner must send the owner's final tax payment to the Taxation and Revenue Office listed below. The Taxation and Revenue Office will determine if the owner paid this amount. If the tax payment is not in full by the Taxation and Revenue Office's end-of-year deadline, the final payment due must be reduced, in whole or in part, along with late payment penalties. The Taxation and Revenue Office reserves the right to assess and collect late collection fees. Form 2220 Filing Requirements Form 2220 is a free document and is available from the Taxation and Revenue Office. It must be filed within three business days after the corporation has been notified of the issue. Instructions on how to use Form 2220. The following is a list of each form component. The instructions for each form are linked to their corresponding forms or publications. 1. Form 2220, Underpayment of Estimated Tax By — IRS : The Form 2220, Underpayment of Estimated Tax: Corporation (Form 2220) is used by the corporation to report the amount of tax that has not been paid by the corporation to the New Mexico Department of Taxation and Finance. To use this form, the corporation must have reported its estimated tax liability to the New Mexico Department of Taxation and Finance and provided this information to the IRS. 2. Form 2223, Income Tax Returns of United Nations Corporations Exempt From Tax: This form is used to report the estimated taxes paid by the corporation under the United Nations Convention for the Protection of Private Investments in International Business. 3.
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