42.23.607 COMPUTATION OF QUARTERLY ESTIMATED TAX UNDER-PAYMENT INTEREST
(1) Except as provided in (2), a taxpayer is presumed to have earned income evenly throughout the year. Accordingly, if the tax liability is $5,000 or more at the end of the year, the taxpayer is required to make estimated tax payments as described in 15-31-502, MCA. If the payments are not made in accordance with 15-31-502, MCA, the taxpayer must compute the quarterly estimated tax underpayment interest on a form provided by the department.
(2) The provisions of (1) will not apply if the taxpayer can establish that it did not earn income evenly throughout the year. To do so, the taxpayer must show on the form provided by the department when the income was earned. Approval of the calculations shown on the form rests with the department. The department may request additional information to support the calculations.
(3) If estimated payments are required and those payments are insufficient, not submitted, or are not submitted timely, the underpayment interest provided in 15-1-216, MCA, will be computed on the lessor of 80% of the current year's liability or 100% of last year's liability, provided that the last year was a period of 12 months and the corporation filed a return.
History: 15-31-501, MCA; IMP, 15-1-216, 15-31-510, MCA; NEW, 1992 MAR p. 1764, Eff. 8/14/92; AMD, 1994 MAR p. 2353, Eff. 8/12/94; AMD, 2001 MAR p. 2046, Eff. 10/12/01; AMD, 2002 MAR p. 1096, Eff. 4/12/02; AMD, 2020 MAR p. 395, Eff. 2/29/20.