Newsbytes
August 2003
New Law Allows Postponement of Portion of September
2003
Estimated Tax Installment for Corporations
From
IR-2003-105, Aug. 28, 2003
Washington
— Corporations making estimated tax payments
may postpone part of their Sept. 15, 2003, payment
due to a provision in the new tax law enacted in
May. This law allows 25 percent of the September
estimated installment to be made by Oct. 1, 2003.
For
example, if a corporation owes an estimated tax
payment of $4,000 due Sept. 15, 2003, then the corporation
could opt to pay $3,000 (75 percent) by Sept. 15,
2003, and the remaining $1,000 (25 percent) by Oct.
1, 2003.
Generally,
corporations use one of two options when making
their estimated tax payments: the Electronic Federal
Tax Payment System (EFTPS) or by submitting Form
8109, Federal Tax Deposit Coupon, to their financial
institution. Neither process is affected by the
October 1 payment date.
