The Colorado 1Dr 0112Ep form is a crucial document for corporations in Colorado, designed to facilitate the payment of estimated income taxes. This form helps businesses calculate their estimated tax liability for the year, ensuring they stay compliant with state tax regulations. Understanding how to properly fill out and submit this form can save corporations time and money while avoiding potential penalties.
The Colorado 1Dr 0112Ep form, officially titled the 2014 Colorado Estimated Tax - Corporate Worksheet, serves as a critical tool for corporations in calculating their estimated tax liabilities for the year 2014. This form is essential for any corporation expecting a net tax liability exceeding $5,000, as it outlines the necessary steps to determine the estimated tax due. The corporate tax rate is set at 4.63%, and the form requires corporations to account for various factors, including the recapture of prior year credits and the application of estimated credits from Form 112CR. Corporations must calculate their total tax liability by summing the estimated tax and any recaptured credits, then subtracting the available credits. The resulting figure helps establish the net estimated tax liability, which is then adjusted to 70% for payment purposes. The form also includes specific due dates for quarterly payments, emphasizing the importance of timely submissions to avoid penalties. For convenience, electronic payment options are recommended, and there are provisions for submitting payments via check or money order if necessary. Understanding the nuances of this form is vital for corporations to ensure compliance with Colorado tax regulations and to avoid potential financial penalties.
DR 0112EP (11/14/13)
COLORADO DEPARTMENT OF REVENUE
Denver CO 80261-0008
www.TaxColorado.com
2014
Colorado Estimated Tax - Corporate
Worksheet
1.
Estimated 2014 Colorado income tax—Corporate tax rate is 4.63%
00
2.
Recapture of prior year credits
3.
Total of lines 1 and 2
4.
Estimated 2014 Form 112CR credits
5.
Colorado tax liability, line 3 minus line 4
6.
Net estimated tax liability, line 5 times 70%
Payment Number
Net amount Due
2013 Overpayment Applied
Payment Due
Due Dates
1
$
April 15
2
June 15
3
September 15
4
December 15
Round your payment to the nearest dollar. If paying by check, the amount on the check and the amount entered on the payment voucher must be the same. This will help maintain accuracy in your tax account. It is strongly recommended that estimated payments be submitted online at www.Colorado.gov/RevenueOnline or by EFT at www.Colorado.gov/revenue/eft to avoid problems or delays with the 2014 income tax return.
Due Dates: If the due date falls on a weekend or federal holiday, payment will be due the next business day.
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(0022)
DR112EP (09/25/13)
2014 Corporate
Estimated Tax Payment Voucher
Return this voucher with check or money order payable to the Colorado Department of Revenue, Denver, Colorado 80261-0008. Write your Colorado Account Number or FEIN and “2014 Form 0112EP” on your check or money order. Do not send cash. Enclose, but do not staple or attach, your payment with this voucher. File only if you are making a payment of estimated tax.
*140112EP19999*
Beginning (MM/DD/2014)
Ending (MM/DD/YYYY)
For the Calendar year 2014 or the iscal year:
Corporation Name
Colorado Account Number
Address
FEIN
City
State
Zip
Due Date (MM/DD/YY)
If No Payment Is Due, Do Not File This Form.
The State may convert your check to a one time electronic banking transaction. Your bank account may be debited as early as the same
Amount of Payment
day received by the State. If converted, your check will not be returned. If your check is rejected due to insuficient or uncollected funds,
the Department of Revenue may collect the payment amount directly from your bank account electronically.
(Do not write in space below)
.00
Corporate Estimated Income Tax
Instructions
See publication FYI Income 51 for more information, available at www.TaxColorado.com
General Rule
In most cases, a corporation is required to pay estimated tax if it can reasonably expect the net tax liability will exceed $5,000 for 2014. For taxpayers with a short taxable year, estimated tax payments must be remitted if the tax is expected to exceed $5,000 plus estimated credits.
Or, if a short taxable year is the result of a change in the accounting period, then income for the short period must be multiplied in a manner so that income is estimated at a full 12-month year. In this case, estimated tax would be due if the net tax liability on the calculated full-year is expected to exceed $5,000.
Required Payments
The required annual amount to be paid is the smaller of:
a. 70% of the actual net Colorado tax liability.
b.100% of the preceding year’s net Colorado tax liability.
This rule only applies if the preceding year was a
12-month tax year, the corporation iled a Colorado return, and the corporation is not deined as a large corporation* under section 6655 of the federal Internal Revenue Code.
*Any large corporation may base their irst quarter estimated tax payment on 25% of the tax liability from the previous year. However, the remaining payments must be based on the actual tax liability for the current year. If, after calculating the tax liability for the current year, it is determined that
the irst quarter was underestimated the shortage shall be calculated into and paid with the second quarter.
Calculating the Payment
Use the provided Worksheet to calculate the amount of estimated tax owed. Payments and forms shall be submitted using the same method (separate, consolidated, combined) and using the same account number as will be used on the annual income tax return, Form 112. If, for any reason, the
account numbers are inconsistent, the department must be notiied in writing prior to iling Form 112.
This notiication shall be mailed to:
Colorado Department of Revenue
Income Tax Section, Room 238
Remit payments according to the due date table provided (adjust for iscal year taxpayers). It is strongly
recommended that these payments be submitted electronically to avoid problems and delays. See the box below for details. The single form can be copied and used for each of the four quarterly payments if an electronic payment cannot be made for any reason.
Penalties
Failure to timely remit estimated tax as necessary will result
in a Estimated Tax Penalty. Penalty will be calculated for each missed or late payment. For calculation speciics,
or to remit this penalty before being billed, see Form 205, Underpayment of Corporate Estimated Tax.
Go Green with Revenue Online
Taxpayers can use www.Colorado.gov/RevenueOnline to
pay online. Online payments reduce errors and provide instant payment conirmation. Revenue Online also allows users to ile taxes, remit payments and to monitor their tax
accounts. The paper Form 0112EP or an online return is not required if an online payment is made. Please be advised that a nominal processing fee may apply to online payments.
Pay by Electronic Funds Transfer (EFT)
The EFT payment option is a free service. EFT payments can be made safely, and can be scheduled up to 12 months ahead of time to avoid forgetting to make a quarterly payment. EFT services require pre-registration before payments can be made. Visit www.Colorado.gov/revenue/eft
Additional information, FYI publications and forms are available at www.TaxColorado.com or you may call 303-238-SERV (7378) for assistance.
The Colorado 1Dr 0112Ep form is essential for corporations to calculate and remit their estimated tax payments. Alongside this form, several other documents may be necessary to ensure compliance with Colorado tax regulations. Below is a list of forms and documents that are commonly used in conjunction with the 1Dr 0112Ep form.
Understanding and utilizing these forms and documents can significantly ease the tax compliance process for corporations in Colorado. By staying organized and informed, businesses can ensure they meet their obligations while maximizing any potential benefits.
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Completing the Colorado 1Dr 0112Ep form is essential for corporations that need to report their estimated tax payments for the year. Follow these steps carefully to ensure accurate submission.
After submitting the form, keep a copy for your records. It’s advisable to monitor your tax account online to ensure all payments are correctly processed. This will help avoid any potential issues or penalties in the future.
The Colorado DR 0112EP form is similar to the IRS Form 1120, which is the U.S. Corporation Income Tax Return. Both documents are used by corporations to report their income, gains, losses, and tax liabilities. While the DR 0112EP focuses specifically on estimated tax payments for Colorado, the IRS Form 1120 is more comprehensive, requiring detailed information about the corporation’s financial activities over the tax year. Corporations must file both forms to ensure compliance with federal and state tax obligations, highlighting the interconnected nature of state and federal tax reporting.
Another document that shares similarities with the DR 0112EP is the IRS Form 1120-W, which is the Estimated Tax for Corporations form. Like the DR 0112EP, Form 1120-W is specifically designed for estimating tax payments throughout the year. Corporations use both forms to calculate and report their expected tax liabilities, helping them manage cash flow and avoid penalties for underpayment. The primary distinction lies in the jurisdiction; while the DR 0112EP pertains to Colorado state taxes, Form 1120-W is applicable at the federal level.
The Colorado DR 0100 form, which is the Corporate Income Tax Return, also bears resemblance to the DR 0112EP. Both forms are utilized by corporations operating in Colorado to report tax information. The DR 0100 is filed annually and captures comprehensive financial data, while the DR 0112EP focuses on estimated tax payments made throughout the year. Corporations typically use the information from their estimated payments to complete the annual return accurately, ensuring they fulfill their tax obligations effectively.
Additionally, the IRS Form 941, the Employer's Quarterly Federal Tax Return, is similar in that it requires periodic reporting of tax liabilities. While Form 941 is used to report income taxes, Social Security tax, and Medicare tax withheld from employees' paychecks, both forms emphasize the importance of timely tax payments. Corporations must file Form 941 quarterly, similar to how they submit estimated tax payments using the DR 0112EP, reinforcing the necessity of regular tax compliance.
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Lastly, the Colorado DR 0102 form, which is the Corporate Estimated Tax Payment Voucher, aligns with the DR 0112EP in its purpose and function. Both documents serve as vouchers for making estimated tax payments to the state. The DR 0102 is specifically for corporate taxpayers who need to make estimated payments, similar to the DR 0112EP, which provides a structured way for corporations to remit their expected tax liabilities. Both forms facilitate the payment process, ensuring that corporations remain compliant with state tax requirements.
The Colorado 1Dr 0112Ep form is a Corporate Estimated Tax Payment Voucher. It is used by corporations to report and pay their estimated income tax for the year. This form helps ensure that corporations meet their tax obligations throughout the year rather than paying a lump sum at the end.
Corporations that expect their net Colorado tax liability to exceed $5,000 for the year are required to file this form. This includes both standard and short taxable years, where the estimated tax payments must be remitted if the tax is expected to exceed the threshold.
To calculate the estimated tax, follow these steps:
Estimated tax payments are due in four installments:
If a due date falls on a weekend or federal holiday, the payment is due the next business day.
Yes, it is strongly recommended to submit estimated payments online at www.Colorado.gov/RevenueOnline or via Electronic Funds Transfer (EFT). This method helps avoid delays and ensures accuracy in your tax account.
If estimated tax payments are not made on time, penalties will apply. The penalty is calculated for each missed or late payment. For specifics on how the penalty is assessed, refer to Form 205, which addresses the underpayment of corporate estimated tax.
When submitting your payment, include the completed voucher with your check or money order. Write your Colorado Account Number or FEIN and “2014 Form 0112EP” on your payment. Avoid sending cash, and do not staple or attach the payment to the voucher.
Yes, if you choose to pay via EFT, you can schedule payments up to 12 months in advance. This feature helps ensure you do not forget to make a quarterly payment. Be sure to register for EFT services before making any payments.
Additional information, including publications and forms, can be found at www.TaxColorado.com . For assistance, you can also call 303-238-SERV (7378).
When filling out the Colorado 1Dr 0112Ep form, there are several important dos and don'ts to keep in mind. Following these guidelines can help ensure your submission is accurate and timely.