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Respond to certain IRS notices about

instead of completing the entry spaces. If

The corporation must make installment

math errors, offsets, and return

more space is needed on the forms or

payments of estimated tax if it expects its

preparation.

schedules, attach separate sheets using

total tax for the year (less applicable

the same size and format as the printed

credits) to be $500 or more.

The corporation is not authorizing the

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forms. If there are supporting statements

The installments are due by the 15th

paid preparer to receive any refund

and attachments, arrange them in the

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

check, bind the corporation to anything

same order as the schedules or forms

of the tax year. If any date falls on a

(including any additional tax liability), or

they support and attach them last. Show

Saturday, Sunday, or legal holiday, the

otherwise represent the corporation

the totals on the printed forms. Enter the

installment is due on the next regular

before the IRS.

corporation’s name and EIN on each

business day.

The authorization will automatically

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supporting statement or attachment.

The corporation must use EFTPS to

end no later than the due date (excluding

make installment payments of estimated

extensions) for filing the corporation’s

Tax Payments

tax.

2012 tax return. If the corporation wants

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Use Form 1120-W, Estimated Tax for

The corporation must pay any tax due in

to expand the paid preparer’s

Corporations, as a worksheet to compute

full no later than the 15th day of the 3rd

authorization or revoke the authorization

estimated tax.

month after the end of the tax year.

before it ends, see Pub. 947, Practice

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If the corporation overpaid estimated

Before the IRS and Power of Attorney.

Electronic Deposit Requirement

tax, it may be able to get a quick refund

by filing Form 4466, Corporation

Corporations must use electronic funds

Statements

Application for Quick Refund of

transfers to make all federal tax deposits

Overpayment of Estimated Tax.

NAIC annual statement. Regulations

(such as deposits of employment, excise,

section 1.6012-2(c) requires that the

and corporate income tax). Generally,

See the instructions for lines 14c and

NAIC annual statement be filed with Form

electronic funds transfers are made using

14e, Form 1120-PC.

1120-PC. A foreign insurance company

the Electronic Federal Tax Payment

Estimated tax penalty. A corporation

subject to tax under section 831 that is

System (EFTPS).

that does not make estimated tax

not required to file an annual statement

payments when due may be subject to an

If the corporation does not want to use

must file a copy of the pro forma annual

underpayment penalty for the period of

the EFTPS, it can arrange for its tax

statement. A penalty for the late filing of a

underpayment. Generally, a corporation is

professional, financial institution, payroll

return may be imposed for not including

subject to the penalty if its tax liability is

service, or other trusted third party to

the annual statement when the return is

$500 or more and it did not timely pay at

make deposits on its behalf. Also, it can

filed. However, see Electronic filing, next.

least the smaller of:

arrange for its financial institution to

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Electronic filing. If the domestic or

Its tax liability for the current year, or

initiate a same-day tax wire payment

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Its prior year tax.

foreign nonlife insurance company files

(discussed below) on its behalf. EFTPS is

Form 1120-PC electronically, do not

a free service provided by the Department

See section 6655 for details and

attach the annual statement or pro forma

of the Treasury. Services provided by a

exceptions, including special rules for

annual statement to the electronically filed

tax professional, financial institution,

large corporations.

return. However, you must provide a copy

payroll service, or other third party may

Use Form 2220, Underpayment of

of the annual statement or pro forma

have a fee.

Estimated Tax by Corporations, to see if

annual statement to the Internal Revenue

To get more information about EFTPS

the corporation owes a penalty and to

Service if requested and retain it with your

or to enroll in EFTPS, visit

figure the amount of the penalty. If Form

other tax records for the period required

or call 1-800-555-4477. Additional

2220 is completed, enter the penalty on

by the regulations.

information about EFTPS is also available

line 15. See the instructions for line 15.

Reconciliation. Corporations that do

in Pub. 966, The Secure Way to Pay Your

Foreign insurance companies, see

not file a Schedule M-3 (Form 1120-PC)

Federal Taxes.

Notice 90-13, 1990-1 C.B. 321,

with the Form 1120-PC must attach a

Note. Forms 8109 and 8109-B, Federal

before computing estimated tax.

schedule that reconciles the NAIC Annual

CAUTION

Tax Deposit Coupon, can no longer be

Statement to the Form 1120-PC.

used to make federal tax deposits.

Interest and Penalties

Assembling the Return

Depositing on time. For deposits made

by EFTPS to be on time, the corporation

If the corporation receives a notice

To ensure that the corporation’s tax return

must initiate the deposit by 8 p.m. Eastern

about interest and penalties after it

is correctly processed, attach all

time the day before the date the deposit is

files its return, send the IRS an

schedules and other forms after page 8 of

CAUTION

due. If the corporation uses a third party

explanation and we will determine if the

Form 1120-PC in the following order.

to make deposits on its behalf, they may

corporation meets reasonable-cause

1. Schedule N (Form 1120), Foreign

have different cutoff times.

criteria. Do not attach an explanation

Operations of U.S. Corporations.

when the corporation’s return is filed.

Same-day wire payment options. If

2. Schedule O (Form 1120), Consent

the corporation fails to initiate a deposit

Interest. Interest is charged on taxes

Plan and Apportionment Schedule for a

transaction on EFTPS by 8 p.m. Eastern

paid late even if an extension of time to

Controlled Group.

time the day before the date a deposit is

file is granted. Interest is also charged on

3. Form 4626, Alternative Minimum

due, it can still make the deposit on time

penalties imposed for failure to file,

Tax — Corporations.

by using the Federal Tax Application

negligence, fraud, substantial valuation

4. Form 8302, Electronic Deposit of

(FTA). Before using the same-day wire

misstatements, substantial

Tax Refund of $1 Million or More.

payment option, the corporation will need

understatements of tax, and reportable

5. Form 4136, Credit for Federal Tax

to make arrangements with its financial

transaction understatements from the due

Paid on Fuels.

institution ahead of time. Please check

date (including extensions) to the date of

6. Form 8941, Credit for Small

with the financial institution regarding

payment. The interest charge is figured at

Employer Health Insurance Premiums.

availability, deadlines, and costs. To learn

a rate determined under section 6621.

7. Form 851, Affiliations Schedule.

more about making a same-day wire

Late filing of return. A corporation that

8. Additional schedules in alphabetical

payment and download the Same-Day

does not file its tax return by the due date,

order.

Payment Worksheet, visit

including extensions, may be penalized

9. Additional forms in numerical order.

5% of the unpaid tax for each month or

Estimated Tax Payments

Complete every applicable entry space

part of a month the return is late, up to a

on Form 1120-PC. Do not enter “See

Generally, the following rules apply to the

maximum of 25% of the unpaid tax. The

Attached” or “Available Upon Request”

corporation’s payments of estimated tax.

minimum penalty for a return that is over

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Instructions for Form 1120-PC (2011)

Instructions For Form 1120-Pc - U.s. Property And Casualty Insurance Company Income Tax Return Page 3

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