W. Va. Code R. § 110-23-13

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 110-23-13 - Declaration And Payment Of Estimated Tax

13.1. Requirement of declaration. -- Every taxpayer subject to the business franchise tax under Section '11-23-1 et seq. of the West Virginia Code shall file a declaration of estimated tax for the taxable year if the taxpayer's liability for tax under Section '11-23-1 et seq. of the West Virginia Code can reasonably be expected to exceed twelve thousand dollars ($12,000.00) for the taxable year. A taxpayer not required by Section '11-23-13 of the West Virginia Code or this Section of these regulations to file a declaration and pay estimated tax may elect to so file and pay.

13.2. Definition of estimated tax. -- The term "estimated tax" means the amount which a taxpayer estimates to be its liability under W. Va. Code '11-23-1 et seq. for the taxable year.

13.3. Contents of declaration. -- The declaration shall contain such information as the Tax Commissioner may prescribe by the instructions for the declaration of estimated tax form or by the form itself.

13.4. Time for filing declaration. -- A declaration of estimated tax shall be filed on or before the fifteenth (15th) day of the fourth (4th) month of the taxable year, for any taxable year beginning after the thirtieth (30th) day of June, 1987.

13.4.1. Time for filing declaration for the period of July 1, 1987 to the end of the taxpayer's taxable year. - A declaration of estimated tax shall be filed on or before the fifteenth (15th) day of the third (3rd) month of any fiscal or calendar year tax quarter ending after July 1, 1987 for the tax liability accrued on and after July 1, 1987, through the end of any taxable year ending before June 30, 1988, if the taxpayer's liability for tax under Section '11-23-1 et seq. of the West Virginia Code, can reasonably be expected to exceed six thousand dollars ($6,000.00) for the period of July 1, 1987 to the end of the taxpayer's taxable year or through December 31, 1987, whichever comes first, based on a monthly pro ration of the estimated annual tax liability.

13.4.2. Payment of estimated tax for the period of July 1, 1987, to the end of the taxpayer's taxable year. - The estimated tax due for the period of July 1, 1987, to the end of the taxable year ending before June 30, 1988, shall be paid in equal installments, the number of which is determined by the number of tax quarters, or partial tax quarters, remaining in the taxable year which end on or after July 1, 1987, but prior to June 30, 1988. The first installment payment shall be made at the time of filing the declaration. Remaining installments, if any, shall be paid on or before the fifteenth (15th) day of the third (3rd) month of each remaining tax quarter of the short taxable year.

13.5. Amendment of declaration. -- A taxpayer may amend his declaration at any time during the taxable year in accordance with these regulations. If any amendment of a declaration is filed by a taxpayer, the remaining installments, if any, shall be ratably increased or decreased (as the case may be) to reflect any increase or decrease in the estimated tax by reason of such amendment. If any amendment is made after the fifteenth (15th) day of the ninth (9th) month of the taxable year, any increase in the estimated tax by reason thereof shall be paid at the time of making such amendment.

13.6. Payment of estimated tax. -- The estimated tax shall be paid in four equal installments. At the time the declaration of estimated payment is filed, the taxpayer shall pay one-fourth (1/4th) of the estimated tax liability for the taxable year. The second, third and fourth installments shall be paid on the following fifteenth (15th) day of the sixth (6th), ninth (9th) and twelfth (12th) months of the taxable year, respectively.

13.7. Application to a short taxable year. -- The provisions of this Section of these regulations shall apply to a taxable year of less than twelve (12) months.

13.7.1. Time for filing declaration for a short taxable year. -- A declaration of estimated tax shall be filed on or before the fifteenth (15th) day of the third (3rd) month of the first fiscal or calendar year tax quarter, or the first partial fiscal or calendar year tax quarter, of the short taxable year.

13.7.2. Payment of estimated tax for a short taxable year. -- The estimated tax due for a short taxable year shall be paid in equal installments, the number of which is determined by the number of tax quarters, or partial tax quarters, remaining in the short taxable year. The first installment shall be made at the time of filing the declaration. Remaining installments, if any, shall be paid on or before the fifteenth (15th) day of the third (3rd) month of each remaining tax quarter of the short taxable year.

13.8. Installments paid in advance. -- Any taxpayer may elect to pay any installment of its estimated tax prior to the date prescribed for such payment.

13.9. Criminal and administrative sanctions. -- The provisions of the West Virginia Code regarding failure to properly file declarations of estimated tax or estimated tax returns or other documents or to pay estimated tax or any installment thereof in a proper and timely manner, including, but not limited to, the applicable provisions of W. Va. Code ''11-9-1 et seq., 11-10-5L and 11-10-18a, as well as any other applicable provisions of Chapter 11, Article 10 of the West Virginia Code, shall apply to the filing of declarations of estimated tax, estimated tax returns and payments of estimated tax under Section 13 of these regulations.

W. Va. Code R. § 110-23-13