Why are certain corporations required to pay its estimated quarterly income tax payments through the Electronic Funds Transfer (EFT) method?
ACA 26-19-106 requires any corporation with an estimated quarterly income tax liability equal to or greater than twenty thousand dollars ($20,000) to pay its estimated quarterly income tax due by the EFT method. In September or October of each year, we will determine which corporations will be required to remit its estimated quarterly income tax payments through the EFT method. This determination will be based on the corporation’s average quarterly tax liability for its prior tax year.
Related Questions
- Why are certain corporations required to pay its estimated quarterly income tax payments through the Electronic Funds Transfer (EFT) method?
- May a corporation voluntarily pay its estimated quarterly income tax payments through the Electronic Funds Transfer (EFT) method?
- How do partnerships file and pay quarterly estimated tax payments?
