The Utah TC-559 form is a payment coupon used by corporations and partnerships to submit various tax payments to the Utah State Tax Commission. This form facilitates estimated tax payments, extension payments, and return payments, ensuring compliance with state tax requirements. To complete your tax obligations efficiently, fill out the TC-559 form by clicking the button below.
Form 1120 - U.S. Corporation Income Tax Return: Similar to the TC-559, Form 1120 is used by corporations to report their income, gains, losses, deductions, and credits. Both forms require accurate financial data, and timely submission is crucial to avoid penalties.
Form 1065 - U.S. Return of Partnership Income: This form is designed for partnerships to report their income and deductions. Like the TC-559, it involves estimated payments and can result in penalties for late filing or underpayment.
Form 1040-ES - Estimated Tax for Individuals: Individuals use this form to calculate and pay estimated taxes. Both TC-559 and Form 1040-ES share the need for timely payments to avoid penalties, emphasizing the importance of accurate estimations.
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Form 7004 - Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns: This form allows businesses to request an extension for filing their returns. It is similar to the TC-559 in that both require payments to avoid penalties, particularly if the estimated tax is not met.
Form 941 - Employer's Quarterly Federal Tax Return: Employers use this form to report income taxes, Social Security tax, and Medicare tax withheld from employee paychecks. Like the TC-559, timely submissions are essential, and penalties may apply for late or insufficient payments.
The Utah TC-559 form serves as a payment coupon for corporate and partnership tax payments. It is used to make various types of payments, including estimated tax payments, extension payments, and return payments. When filling out the form, you must mark the appropriate circle to indicate the type of payment you are making. This helps the Utah State Tax Commission process your payment correctly.
Every corporation with a tax liability of $3,000 or more in either the current or previous tax year is required to make quarterly estimated tax payments. This includes parent companies filing combined reports for all affiliated companies. However, if a corporation is filing its first Utah return, it does not need to make estimated payments if it pays the minimum tax of $100 by the due date. Estimated payments are due in four equal installments throughout the year.
If your tax payments do not meet the required thresholds, penalties may apply. Specifically, a penalty of 2 percent of the unpaid tax will be assessed for each month of the extension period if you do not pay at least 90 percent of the current-year tax liability or 100 percent of the previous-year tax liability. Additionally, a late filing penalty will be applied if you file your return after the extension due date. Interest will accrue at the legal rate from the original due date until the payment is made in full.
You should send your completed TC-559 form along with your payment to the following address:
If you prefer to make electronic payments, you can do so at tap.utah.gov . Remember to separate and return only the bottom coupon with your payment while keeping the top portion for your records.
Here are some important points to remember when filling out and using the Utah TC-559 form:
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When filling out the Utah TC-559 form, there are several important guidelines to follow. Here is a list of things you should and shouldn't do: