INSTRUCTIONS: ARKANSAS UNDERPAYMENT OF ESTIMATED TAX BY CORPORATIONS (Form AR2220)
Corporations that have underpaid their estimated tax in Arkansas can use a form AR220 to submit payment of this underpaid tax. This document can be obtained from the website maintained by the Arkansas Department of Finance and Administration.
Arkansas Underpayment Of Estimated Tax By Corporations AR2220 Step 1: In the first blank box, enter the name of your corporation.
Arkansas Underpayment Of Estimated Tax By Corporations AR2220 Step 2: In the second blank box, enter your federal employer identification number.
Arkansas Underpayment Of Estimated Tax By Corporations AR2220 Step 3: Part 1 concerns determining the tax amount required to be estimated. On line 1, enter the date of the end of your tax liability year and the amount.
Arkansas Underpayment Of Estimated Tax By Corporations AR2220 Step 4: On line 2a, enter 90% of line 1.
Arkansas Underpayment Of Estimated Tax By Corporations AR2220 Step 5: On line 2b, enter your prior year tax liability.
Arkansas Underpayment Of Estimated Tax By Corporations AR2220 Step 6: On line 3, enter the lesser of line 2a or line 2b.
Arkansas Underpayment Of Estimated Tax By Corporations AR2220 Step 7: Divide line 3 by 4. Enter the resulting figure on lines 2, 5, 7 and 11 of Part 2.
Arkansas Underpayment Of Estimated Tax By Corporations AR2220 Step 8: On line 4, enter your total estimated tax paid. If this figure is greater than or equal to the figure on line 3, you are not subject to an underestimated penalty providing all payments were made and filed ina timely fashion.
Arkansas Underpayment Of Estimated Tax By Corporations AR2220 Step 9: Five columns are provided in Part 2. In column A of each line, enter the date. In column B, enter the amounts of payments. In column C, enter your cumulative underpay or overpay. In column D, add the number of days in Column C and the amounts. In column E, multiply column C by column D and .00027397. On line 1, enter your estimated credit carryforwards and payments made on or before the 1st quarter due date.
Arkansas Underpayment Of Estimated Tax By Corporations AR2220 Step 10: Complete lines 3 through 14 as directed.
Arkansas Underpayment Of Estimated Tax By Corporations AR2220 Step 11: In Part 3, check the box next to any applicable exemptions which you are claiming.
