Form Tc-20r - Utah Regulated Investment Company Tax Return And Instructions

regulated investment company is required to file a

General Instructions

return in Utah if the regulated investment company

makes a payment on or before the due date, without

and Information

extension, equal to or greater than the minimum tax.

Prepayments are due in four equal payments on the

Who Must File

15th day of the 4th, 6th, 9th and 12th months of the

regulated investment company’s taxable year. Regu-

Every regulated investment company (RIC) or fund

lated investment companies may elect to make the

of such company, as defined in IRC Sections 851(a)

quarterly prepayments equal to 90 percent of the

or 851(h), that is organized under the laws of Utah

current year's tax or 100 percent of the prior year's

shall file form TC-20R.

tax. As defined in Section 6655, Internal Revenue

Code, the applicable percentage of the required

When to File

annual payment for annualized income installments,

for adjusted seasonal installments, and for esti-

Returns shall be filed on or before the 15th day of the

mated tax payments based on the current year tax

fourth month following the close of the taxable year.

liability is the following:

Minimum Tax

Installment

Percentage

There is a minimum tax (privilege tax) of $100 on

1st

22.5

every regulated investment company regardless of

2nd

45.0

whether the regulated investment company exer-

3rd

67.5

cises its right to do business.

4th

90.0

Filing Extension

If a taxpayer elects a different annualization period

than the period used for federal purposes, the

An extension of time to file your tax return is NOT

taxpayer must make an election with the Tax Com-

an extension of time to pay your taxes. You are

mission at the same time as provided in Section

automatically allowed an extension of up to six

6655, Internal Revenue Code. Prepayments should

months to file your return. However, if the prepay-

be made with form TC-559, Corporation Tax Pay-

ment requirements have not been met on or

ment Coupon Booklet.

before the original due date, penalties will be

Regulated investment companies not making the

assessed.

required tax prepayments are subject to a penalty

Prepayment Requirements

as stated in “Penalties,” below.

Exceptions to Penalty

Every regulated investment company having a Utah

tax liability of $3,000 or more in the current year, or

1. Annualized Exception: A regulated investment

which had a tax liability of $3,000 or more in the

company may annualize its income before de-

previous year, must make quarterly estimated tax

termining the amount of each installment. It is

prepayments.

recommended that federal guidelines be fol-

lowed in determining annualized income. If the

A regulated investment company is not subject to

regulated investment company meets the annu-

the prepayment requirements for the first year that

Important Information Regarding Extension of Time to File

An extension of time to file your tax return is NOT an extension of time to pay your taxes. You must pay your tax

due by the due date. You are automatically allowed an extension of up to six months to file your return. However,

if the prepayment requirements have not been met on or before the original due date, penalties will be assessed.

If you need an accommodation under the Americans with Disabilities Act, contact the Tax Commission at (801)

297-3811 or Telecommunications Device for the Deaf (TDD) (801) 297-3819. Please allow three working days

for a response.

Need more information? You can find additional tax information and forms on the Tax Commission's web page,

at:

Page 1

Form Tc-20r - Utah Regulated Investment Company Tax Return And Instructions - 1999 Page 2

Related Articles

Related forms

Related Categories