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720ES

Page 2

41A720ES (06/08)

Commonwealth of Kentucky

DEPARTMENT OF REVENUE

INSTRUCTIONS FOR FILING

CORPORATION INCOME/LIMITED LIABILITY ENTITY ESTIMATED TAX VOUCHER

Who Must File—Every entity subject to the corporation income tax under KRS 141.040 and/or the limited liability entity tax under

KRS 141.0401 shall make a declaration of estimated tax and must pay installments if the taxes imposed by KRS 141.040 and/or

KRS 141.0401 for the taxable year can reasonably be expected to exceed $5,000. Failure to pay estimated tax installments equal

to the amount determined by ﬁ rst subtracting $5,000 from 70 percent of the total tax due under KRS 141.040 and computed by the

taxpayer on the return ﬁ led for the tax year will result in the assessment of an underpayment penalty. The amount of the penalty

is 10 percent of the amount of the underpayment, but not less than $25. Entities whose prior year combined tax liability is less

than or equal to $25,000 can make estimated tax installments equal to its prior year tax less $5,000 and avoid the underpayment

penalty. KRS 141.042, KRS 141.044(1) and KRS 141.990

NOTE: Limited liability pass-through entities as deﬁ ned in KRS 141.010(28) are subject to the LLET as imposed by KRS 141.0401.

Corporations as deﬁ ned in KRS 141.010(24)(a) are subject to the taxes imposed by KRS 141.040 and KRS 141.0401. Corporations

will have the same account number for the LLET and corporation income tax.

Payment Dates for Calendar Year Filers—If the estimated tax exceeds $5,000 on or before June 2, the following payment dates

are applicable:

First Installment

June 15

50% of Estimated Tax Due

Second Installment

September 15

25% of Estimated Tax Due

Third Installment

December 15

25% of Estimated Tax Due

If Income or LLET Changes—If an entities' estimated tax exceeds $5,000 after June 1, or if changes in estimated tax affect the

amount of the installments, the following payment dates are applicable:

When Estimated

Tax Exceeds $5,000

Estimated Tax Due

or Amendment Required

September 15

December 15

June 1–September 1

75%

25%

September 2–December 1

100%

Payment Dates for Fiscal Year Filers—Entities ﬁ ling on a ﬁ scal year basis, the following is substituted for the payment dates in

the two charts above:

Calendar Year Date

Fiscal Year Date

June 15

15th day of sixth month

September 15

15th day of ninth month

December 15

15th day of 12th month

June 1–September 1

After the ﬁ rst day of the sixth month and

before the second day of the ninth month

September 2–December 1

After the ﬁ rst day of the ninth month

and before the second day of the 12th month

NOTE: If a payment date falls on a holiday or weekend, the applicable payment date is the next working day.

Short Taxable Year—No estimated payment is required if the taxable year is ﬁ ve months or less. For taxable years of more than

ﬁ ve months but less than 12 months, estimated payments are required if the tax liability exceeds $5,000. For a short taxable year,

annualize the taxable net income in accordance with KRS 141.140(3) to determine if estimated payments are required. For a short

taxable year, the payment dates and amount of payment required are as prescribed by KRS 141.044 except that any installments

unpaid at the close of the short taxable year shall be paid when the income tax return is ﬁ led. Regulation 103 KAR 15:060

Tax Rate Schedule—The following LLET tax rates are:

Kentucky Gross Receipts

.00095

Kentucky Gross Proﬁ ts

.0075

—The following Corporation Income tax rates apply to net taxable income in Kentucky:

Income

At Least

But Not Over

Rate

$ 50,000

50,001

100,000

100,001

—

Installments 1, 2 and 3—Enter the amount(s) paid with the voucher, in the correct ﬁ eld to identify the payment as LLET and/or

corporation income tax. Calculate these amounts on the worksheet on page 3.

Electronic Funds Transfer (EFT)—Kentucky estimated payments may be made by EFT for only corporation income tax. If paying

both, the payments must be mailed. For questions concerning EFT, contact the Department of Revenue at 1-800-839-4137 or

(502) 564-6020.

Do not submit the estimated tax voucher if the estimated payment is made by EFT.

MAKE CHECK PAYABLE TO KENTUCKY STATE TREASURER

MAIL TO KENTUCKY DEPARTMENT OF REVENUE, FRANKFORT, KENTUCKY 40619

Form 720-Es Draft - Corporation Income/limited Liability Entity Tax/estimated Tax - 2009 Page 2

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