West Virginia Code 11-24-16 – Declarations of estimated tax
(a) Requirement of declaration. — Every corporation subject to tax under this article shall make a declaration of estimated tax for the taxable year if its West Virginia taxable income can be reasonably expected to exceed $10,000.
Terms Used In West Virginia Code 11-24-16
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Commissioner: means the State Tax Commissioner. See West Virginia Code 11-22-1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- corporation: includes a joint-stock company and any association or other organization which is taxable as a corporation under the federal income tax law. See West Virginia Code 11-24-3a
- including: when used in a definition contained in this article, do not exclude other things otherwise within the meaning of the term being defined. See West Virginia Code 11-24-3a
- tax: includes , within its meaning, interest and additions to tax, unless the intention to give it a more limited meaning is disclosed by the context. See West Virginia Code 11-24-3a
- Tax Commissioner: means the Tax Commissioner of the State of West Virginia or his or her delegate. See West Virginia Code 11-24-3a
- West Virginia taxable income: means the taxable income of a corporation as defined by the laws of the United States for federal income tax purposes, adjusted, as provided in this article: Provided, That in the case of a corporation having income from business activity which is taxable without this state, its "West Virginia taxable income" shall be the portion of its taxable income as defined and adjusted as is allocated or apportioned to this state under the provisions of this article. See West Virginia Code 11-24-3a
(b) Definition of estimated tax. — The term "estimated tax" means the amount which a corporation estimates to be its income tax under this article for the taxable year, less an amount which such corporation estimates to be the sum of any credits allowable against the tax.
(c) Contents of declaration. — The declaration shall contain such pertinent information as the Tax Commissioner may by forms or regulations prescribe, including, but not limited to, such detailed information as may be necessary to clearly reflect the estimated West Virginia taxable income of the corporation for the taxable year.
(d) Amendment of declaration. — A corporation may make amendments of a declaration filed during the taxable year under regulations prescribed by the Tax Commissioner.
(e) Time for filing declaration. — If the requirements of subsection (a) are first met before the first day of the fourth month of the taxable year a declaration of estimated tax of a corporation shall be filed on or before the fifteenth day of the fourth month of the taxable year, except that if the requirements of subsection (a) are first met —
(1) After the last day of the third month and before the first day of the sixth month of the taxable year, the declaration shall be filed on or before the fifteenth day of the sixth month of the taxable year, or
(2) After the last day of the fifth month and before the first day of the ninth month of the taxable year, the declaration shall be filed on or before the fifteenth day of the ninth month of the taxable year, or
(3) After the last day of the eighth month and before the first day of the twelfth month of the taxable year, the declaration shall be filed on or before the fifteenth day of the twelfth month of the taxable year.
(f) Declaration of estimated tax of $100 or less. — A declaration of estimated tax of a corporation having a total estimated tax for the taxable year of $100 or less may be filed at any time on or before the fifteenth day of the first month of the succeeding taxable year under regulations of the Tax Commissioner.
(g) Return as declaration or amendment. — If on or before the fifteenth day of the second month of the succeeding taxable year a corporation files its return for the taxable year for which the declaration is required, and pays therewith the full amount of the tax shown to be due on the return:
(1) Such return shall be considered as such corporation's declaration, if no declaration was required to be filed during the taxable year, but is otherwise required to be filed on or before the fifteenth day of the first month of the succeeding taxable year.
(2) Such return, if filed on or before such applicable date shall be considered an amendment permitted by subsection (d) if the tax shown on the return is greater than the estimated tax shown in a declaration previously made.