Form 20-S Instructions Fillable

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$1 million or less multiply Oregon taxable income by 6 6% (not below zero) 100 percent late pay and late filing penalty Include 20 percent failure to file penalty Include a penalty 2014 Credits under What s new for 2014 5 percent failure to pay penalty Include a penalty A place of business (other than an office) where affairs A stock of goods Accounting period change checkbox (Excise tax Agricultural Workforce Housing Lender s Credit ORS Amended box and write the words Protective claim Amended checkbox Check the Amended box if this An economic presence through which the taxpayer An NOL carryforward is required to be reduced by the An office Announcements and common questions Any activity carried on in Oregon whether intrastate Assembling and submitting your return Submit Attach a schedule showing your computations Business identification number (BIN) Oregon identifies Calculate the amount of underpayment of estimated Calendar year filers: April 15 June 15 September 15 Cancellation of debt (COD) income IRC 108(i) Taxpayers Charitable donations not allowed for Oregon Donations Compute the interest you owe on the underpayment; Contributions of Computers and Scientific Equipment Corporate Taxes on the left navigation bar then click on Daytime telephone number Deferred gain recognized from out of state disposition Depletion in excess of basis Depreciation differences If your Oregon depreciation Depreciation of basis differences due to claiming a federal Doing business means carrying on or being engaged Don t send cash or postdated checks Don t staple payment to return Don t use Form 20 V payment voucher Don t use red or purple or any gel ink Due date of your return Returns are due by the 15th Employees or representatives providing services to Estimated payments and prepayments Please identify Excise or income tax checkbox Oregon has two types Extension checkbox For an Oregon extension when Extensions See the instructions for the extension FCG 20 Farm Liquidation Long Term Capital Gain Federal Form 8886 checkbox REIT/RIC checkbox Film production labor rebate Subtract the amount Fiscal year filers: The 15th day of the 4th 6th 9th and Form 24 Deferred gain checkbox Corporations may Form 37 checkbox If you have an underpayment you Forms instructions and law Gain from involuntary conversion The S corporation Gain or loss on the disposition of depreciable property Gain or loss on the sale of depreciable property The Gross receipts from sales of inventory (less returns and Gross receipts from the performance of services; Gross receipts from the sale exchange redemption Gross rent and lease payments received; High yield discount obligation dividends High yield discount obligation interest If the due date falls on a Saturday Sunday or legal holiday If you mail a check or money order to pay tax penalties If you owe penalty or interest and have an overpayment If you re Income from sources outside the United States Interest income excluded on the federal return Oregon Interest on obligations of the United States and its Is Oregon taxable income $1 million or less? If so multiply Is Oregon taxable income greater than $1 million? If so K 1 Summary If you had more than 10 shareholders Like kind exchanges Local government bond interest Long term capital gains from sale of farm Losses from outside the United States Subtract losses Making check or money order payments with your Making electronic payments with your e filed Manufactured dwelling park tenant payments made more than $1 million multiply the amount that s more than $1 million by 7 6% and add $66 000 Name Enter your company name as listed on your Net gain from the sale exchange or redemption of Net losses are allowed as a deduction against built in Net losses can be carried forward up to 15 years to offset No quarterly payments are made during the year and Online payments Online payments You may pay directly online for any Only credits carried forward from C corporation years Oregon BIN Oregon doesn t allow net losses to be carried back Oregon excise tax and other state or foreign taxes on Other additions include: Other subtractions include: Other subtractions is entered on Form 20 S line 3 QPAI deduction Add to federal taxable income the Registration and account status Remember to attach any documentation required to be Sale of manufactured dwelling park The taxable Sale of public utility dividend reinvestment plan stock Show you meet an exception to the payment of interest State of Oregon interest income included on line 1 Tangible or intangible property located in Oregon; Tax year 2014 The assessment isn t paid within 60 days after the The Oregon deduction is the sum of unused net losses The quarterly payment is less than the amount due for These credit carryforwards are only allowed to offset Use line 5 for Oregon net loss carried over from a year We receive the quarterly payment after that quarter s Workers Compensation Credit ORS 317 122 (for 20 INS Worksheet for line 22a On Oregon Form 20 S enter You file a return showing tax due or we assessed an You haven t filed a timely appeal $150 minimum excise tax for S $500 before its expected net tax increased (4 percent yearly) on delinquencies if: (A) (ORS 317 398) (Divide line 4 by the number of (Electronic Funds Transfer) This also applies to e filed (Exemption for certain out of state financial institutions) (including extensions) The failure to file penalty is in (income filers only) 361 (income filers only) Interest income from obligations (individual corporation trust or estate) (IRC 108; 168(k); and 179; ORS 317 301) (IRC 139A; ORS 317 401) (Keep for your records don t file with payment ) (located with Form OR 19 Annual Report of Nonresident (MeF) Beginning January 2015 we ll accept e filed (must attach explanation) 199 (must attach explanation) 999University venture development (ORS 315 521) (ORS 315 533) (S corporations without federal taxable income start on (state municipal and other interest income) 150Oregon excise tax and other tax 151QPAI deductions 102Uncategorized addition (such as installation inspection maintenance warranty (UND) You must make quarterly estimated tax payments *$1 000 for the first quarter underpayment plus $1 000 [ORS 317 476(4)(b)] 10 Federal Schedule K 1s if less than 11 shareholders 11 Form 7004 Federal extension 12th months of your fiscal year 150 101 025 to determine the Oregon modification 150 102 020 check the Amended box on Form 20 150 102 025 1 (Rev 10 14) 1 Form 20 S Instructions 150 102 025 1 (Rev 10 14) 10 150 102 025 1 (Rev 10 14) 11 Form 20 S Instructions 150 102 025 1 (Rev 10 14) 12 Form 20 S Instructions 150 102 025 1 (Rev 10 14) 13 Form 20 S Instructions 150 102 025 1 (Rev 10 14) 14 Form 20 S Instructions 150 102 025 1 (Rev 10 14) 2 150 102 025 1 (Rev 10 14) 3 150 102 025 1 (Rev 10 14) 4 Form 20 S Instructions 150 102 025 1 (Rev 10 14) 5 Form 20 S Instructions 150 102 025 1 (Rev 10 14) 6 150 102 025 1 (Rev 10 14) 7 Form 20 S Instructions 150 102 025 1 (Rev 10 14) 8 Form 20 S Instructions 150 102 025 1 (Rev 10 14) 9 Form 20 S Instructions 150 102 037 150 102 037; 150 314 525(1) (A) 150 314 525(1) (B) 150 314 525(1)(c) (A) 150 314 525(1)(d) 150 314 525(2) (A) and 150 314 525(2) (B) 150 800 734; 20 S line 14 These credits can apply to tax on recognized 20 S Oregon S Corporation Tax Return 150 102 025 under 20 V payment voucher 2011 may require subsequent Oregon modifications 2014 Schedule ASC CORP Codes 2014 Tax Rates and Minimum Tax 24 minus line 20 on line 25 3)] Check the box if making this election 31 2008 and before January 1 2012 for less than 316 848 and ORS 314 734(4) and (5) You may subtract the 317 147 317 309) 317 401) 317 and 318 S corporation tax statutes and rules are in 37 box in the header of your return 37 Underpayment of Oregon Corporation Estimated Tax 503 947 2017 6 enter payments made with your extension or other 7 6 percent and add $66 000 Enter the result 7 through 9 and go to line 10 S corporations with federal 90 days Attach a copy of your amended federal return a BIN if you ve made payments to the state of Oregon A business is required to have an authorization agreement a penalty payment of 100 percent of your unpaid tax if a qualified change in accounting period A taxpayer a refund due based on the retroactive adoption of federal a refund you must file a claim for refund of tax within A The total of all Other additions is entered on A The total of all Other credits is entered on Form A will be subject to UND charges for the first and accounting or personal services) or services incidental Add income from sources outside the United States Add the difference in gain or loss on sale of business addition on the Oregon return As this income is subsequently addition to the 5 percent failure to pay penalty Additions Additions 8 additions and Oregon subtractions Nonresident additions and subtractions additions that apply to taxable income included in line 1 Administrative Rules See ORS 314 730 to 314 784 adopted the provisions of IRC 1363(d) for S corporations Agricultural workforce housing construction 912 all estimated payments claimed by completing All or part of the acquired property was located outside All or part of the property exchanged or given up All S corporations without federal taxable income builtin allowances) equipment and other assets; Alternative fuel vehicle fueling stations 401 Alternative fuel vehicle fund (auction) 953 amended return List name and FEIN of payer only Amended returns and protective claims Amended returns and protective claims 5 amended returns For paper returns you may pay online amount of any prior underpayment plus the amount of Amount of each payment 5 amount of interest Attach a schedule showing how you amount of QPAI deduction per IRC 199 claimed on amount you want to apply Your election is irrevocable An amended return may be filed as a protective claim an item of gross income is less under Oregon law than An S corporation with one or more nonresident owners and 150 314 665(5) regarding apportionment of and before July 1 2016 For more information on qualifying and certifications; and check the Amended box If you re amending to and December 15 and forms visit www oregon gov/dor/business click on and fourth quarters Corporation A must make a timely and include a completed Form 20 V with the Amended and K 1s on CD Label the CD with the entity s and organizations that invest in U S government and Partnerships 150 102 171; and reportable transactions If you participate in another exception listed in OAR 150 314 775 any expenses incurred to produce this interest income any one of the last three years not including the current AP 1 Apportionment of Income for Corporations and Appendix A Appendix A 2014 Schedule ASC CORP code list 13 Appendix B Appendix B 2014 tax rates and minimum tax 14 application will be credited as of the due date of your applied from your previous year s tax return or an Oregon applies to income tax filers only Reduce the subtraction apportionment of business income for the interstate apportionment percentage from Schedule AP appropriate boxes in the header area of the Oregon tax are allowed on the S corporation return are allowed to offset the tax on excess net passive as defined in IRC 862 not included in federal taxable as requested You would only check one of the boxes Assembling and submitting returns 6 assets when the Oregon basis is greater than it s for assets when your Oregon basis is less than your assets when your Oregon basis is less than your basis for assigned to Oregon for preceding taxable years association or tenant s association supported nonprofit at the top of the form and include it with your Oregon attach a copy of the federal audit report Mail this separately Attach a copy of your Form 24 Oregon Like Kind attach a summary of shareholder information Your available except for applicable carryforward purposes: back (ORS 317 314) back of your Oregon return and check the Form 24 based on a 365 day year If your taxable income is based on an estimate of Oregon s national audience or basis (ORS 317 356) be subject to UND because of a retroactive adoption of federal law changes before January 1 2017 an interstate broadcaster s apportionment before January 1 2020 the amount of the credit has been before you file your Oregon return beginning Annually Monthly Daily Beginning January 1 2014 the following tax credits aren t Beginning on January 1 2014 the biomass production or beginning on or after January 1 2017 the method of billing for minimum tax Biomass production or collection 943 Biomass production or collection credit bonds or San Francisco city bonds but omit interest from box checked box if all of the following apply: box must be checked: broadcaster will revert to pre HB 4138 law and will be built in gain income (ORS 314 740) built in gains only business activity but included in the taxpayer s business day Business energy conservation facilities 903 Business Identification Number (BIN) 6 business in Oregon must pay the $150 minimum excise business income business income from the federal K 1s multiplied by the business registration with the Oregon Secretary of but is payable by the S corporation by any expenses incurred to produce this interest by EFT if you re required to make your federal estimated by Federal Public Law 86 272 A taxpayer having one or by the requirement (OAR 150 314 518) calculate Oregon sales by adding: Calculate the amount of underpayment of estimated Calculated Tax can t be used to reduce the Cancellation of debt (COD) income 108(i) 365 Losses from outside U S 358 carry total to Form 20 S line 18 Caution: If your final tax change additions subtractions or credits include detail change by the IRS to issue a deficiency notice To receive change in accounting period and you re subject to the changed because of a federal or state audit and you owe changes If a taxpayer files an amended return showing Chapter 314 of the Oregon Revised Statutes and Oregon charged the 5 percent failure to pay penalty charges UND if: Charitable donations not allowed for Oregon 132 charitable organizations receiving a disqualification Check the box and provide requested information check the box in the header of the form check this box This includes subsidiaries that join or checkbox below Include your extension as the final checkbox Reduced tax rate is available if you sold or Child Care Office contributions 905 claim their pro rata share of the corporation s business claiming credits that require certification code from the list in Appendix A The total of all code if this is your first return or the current code is different collection credit isn t allowed for canola grown collected Complete Worksheet FCG 20 Farm Liquidation Long Composite returns Composite returns 4 computation of Oregon taxable income Compute the amount of interest you owe on the Contributions of computers conversion of property owned by it conversions under IRC 1031 or 1033 even though the Copy of federal tax return and schedules; Corporation A s correct amount of each required installment corporation for federal income tax purposes it will be Corporation Form 20 S corporation is a successor to a previously existing business corporation name and Federal employer identification corporation return When the 15th falls on a Saturday corporations Corporations with no business activity in Oregon even corporations without federal taxable income start on costs incurred due to the closure of the park may be Credit ORS 317 151 credit s allowable for the tax year of the individual in Credits Credits 10 Credits 2 credits including links to certifying agencies Crop donation 403 Crop donation credit customers as the primary business activity (such as customers who are domiciled in Oregon For tax years D Part III line 18 date Don t send the extension until you file your Oregon date of the original return until the date you pay in full date of your return (not including extensions) or the date day of the month following the due date of your federal deductible as charitable donations for Oregon tax purposes deduction is less under Oregon law than under federal defer for Oregon tax purposes all gains realized in Deferral of certain deductions for tax years beginning deferred gain Deferred gain from out of state Deferred gain from out of state Manufactured dwelling park tenant payments 344 Dependent care assistance (employer provided) 907 Dependent care facilities (employer provided) 901 Depreciation differences 353State of Oregon interest income derive income from sources within Oregon but whose Description Code Description Code Description Code Description Code description of each subtraction Use the numeric description Diesel engine replacement 404 Diesel engine repower or retrofit 405 difference in gain or loss on the sale of business assets difference is a required modification to your Oregon disclosure to a donor to acknowledge this The Attorney disposition of property 118Depreciation differences 174Gain or loss on disposition of depreciable property 158Income from sources outside U S 159 disposition of property 352Sale of manufactured dwelling park 338 disqualifying order from the Attorney General aren t dissolved corporations Do you pay an excise tax or income tax to Oregon? One doing business in Oregon dissolved merged or reorganized doing business must file Form 20 S under the income tax Domestic production activities (QPAI) (IRC 199; Don t amend your Oregon return if you amend the federal Don t make payments for amended returns with EFT don t qualify for Oregon s income tax don t send unless a check or money order is included ) duce income due date An interest period is each full month starting Due date of return Extensions 6 due date; or during the year or K 1 Summary (see below); and E file E file 5 e filed returns you may pay online or send a check or each corporation using a BIN we assign You have Each individual shareholder of an S corporation may Each quarter the S corporation will complete a Form each shareholder on the federal form Schedule K 1 See Each shareholder s share of additions and subtractions EF T You must make your Oregon estimated payments EFT payments for corporation estimated taxes must be EIN name and tax year If your CD is password Electronic commerce in enterprise zone or city 910 Employee and dependent scholarship Energy conservation project 950 Energy manufacturing facility 948 Energy transportation project 951 enter $150 minimum tax Enter interest the corporation received from states and enter that name on the second line Enter the difference in gain or loss on the sale of business Enter the following penalties on your return if they apply entire Oregon taxable income of intervening tax years entity that has a commercial domicile outside of Estimated payments and prepayments 6 Estimated payments may be made by electronic funds estimated tax laws You must make estimated tax payments Estimated tax paid for the tax year Fill in the total estimated Estimated tax payments Estimated tax payments are due quarterly as follows: Estimated tax payments Estimated tax payments Even if you get an extension to file you ll owe interest if Example: During the year Corporation A s expected net Example: Include interest from state of Washington except DO use a Form 20 V payment voucher Exception: You won t be charged the 5 percent failure exchange See ORS 317 327 regarding the computation exchanged capital assets used in farming Exchanges/Involuntary Conversions 150 800 734 to the Excise or income tax? Excise or income tax? 4 Excise tax filers S corporations doing business in Oregon excise tax If the S corporation has an Oregon address Excise tax if you do business in Oregon Excise tax requirements Excise tax is a tax for the privilege existing deficiency; and Fast Accurate Secure Federal audit changes Federal audit changes 5 federal basis (ORS 317 356) federal extension Form 7004 write For Oregon Only federal extension with the Oregon return when you federal K 1s Those amounts are modified by Oregon federal law or the amount by which an allowable deduction federal purposes (ORS 316 716) federal return You can also conveniently include an electronic payment with your e filed original return See E file Federal subsidies for prescription drug plans federal tax purposes but not taken into account in the federal taxable income or LIFO benefit recapture only federal taxable income or LIFO benefit recapture only (S federal taxable income that are passed through to shareholders figured the interest file a Form 20 S to report and pay the $150 minimum file Check the Extension checkbox on your Oregon File corporate tax returns through the Federal/State E Filing Program If you re mandated to e file your federal return file Form 20 Oregon Corporation Excise Tax Return file your return within three months after the due date filed with us before it can start initiating EFT Filing checklist Filing checklist Filing checklist Filing information Filing information Filing information filing then click on Tax professionals Fill in the total estimated tax payments and any Film production development contributions 937 Film production labor rebate 336(income filers only) 364 fiscal year short year and amended electronic corporation Fish screening devices 914 following apply: follows: For a complete list and description of all Oregon corporation For a list of software vendors or for more information For a more detailed explanation see OAR 150 314 650 for a tax year while an issue is being litigated Check the For an Oregon only extension: Answer question 1 on For example April 16 through May 15 is one full interest For more information see ORS 314 525 OAR For more information see Special filing requirements For more information visit www oregon gov/dor/e filing For Oregon tax purposes S corporation income generally for payroll taxes; workers compensation; unemployment; For periods for refund at the top We ll also accept a written letter For tax years beginning on or after January 1 2014 and For tax years beginning on or after January 1 2014 the For tax years starting January 1 2014 and later exemption for the reacquisition of a debt instrument after December for the second quarter underpayment plus $1 500 for the forecast for the biennium by more than 2 percent Any Form 20 Instructions 150 102 020 1 Form 20 S enter the net excise tax per the original return Form 20 S Instructions Form 20 S Instructions Form 20 S Instructions Form 20 S line 2 Form 20 S S Corporation Tax 150 102 025; Form 24 Like Kind Exchanges/Involuntary Conversions Form 37 Underpayment of Corporation Estimated Tax Form 8824; Form instructions fourth quarter payment of $1 500 from corporation tax for certain out of state financial from farm production 411 from filing your return Follow the instructions above from sources outside the United States as defined in from the day after the due date of your original from us to avoid being charged a 5 percent late payment from your current year s return to: from your return write Amended on the payment fund contributions 939 future excess corporate revenues will be appropriated to gain attributable to the sale of a manufactured dwelling gain income only Gain or loss on sale of depreciable property 356Uncategorized subtraction Gain Tax Adjustment 150 102 167; gains or excess net passive income enter 0 calculated gains or excess net passive income enter 0 on lines General General 2 General will publish on the Internet and otherwise generally the S corporation will file and pay excise tax Go Electronic! gross income includes interest on all state and have income from an Oregon source S corporations that have taxable income and tax on federal Form 1120 S Heading and Checkboxes Heading and Checkboxes 6 However S corporations do pay Oregon tax on However this provision doesn t apply to a high income if different from corporation filing this return On line If items of income loss or deduction are different If Oregon taxable income is: If paying additional tax with your amended return you if registered to do business in the state aren t subject to if such income is subject to tax on the federal corporation If the amount on line 4 is less If the corporation is doing business under a different If the IRS changes your federal return for any tax year If you change taxable income by amending your federal If you don t amend or send a copy of the federal report If you don t make estimated payments as required you If you don t meet the federal requirements for mandatory if you don t pay the tax balance by the original filing if you expect to owe $500 or more with your if you expect to owe tax of $500 or more with If you file a short period return due to a qualified If you filed Form 20 S and later determined you should If you filed with a valid extension but didn t pay 90 If you have an underpayment attach Form 37 with If you owe interest on deferred tax liabilities with respect If you re required to e file with the IRS you re also If you re required to report listed or reportable transactions if you sold or exchanged capital assets used in farming If your current year corporation tax liability including If your expected net tax changes during the year divide If your registered corporation or insurance company isn t doing business in Oregon and has no Oregon source income Important Important: Important: Attach copies of all credit certifications to your Important: Don t file a Form 20 S unless you re required Important: For details about making payments with Important: Other additions for S corporations with Important: Other subtractions for S corporations with in a real estate investment trust (REIT) or regulated in accounting period per IRC 441 to 444 in any profit seeking activity in Oregon not protected in Form 20 Instructions Oregon 2014 Corporation Excise Tax In general Oregon income tax law is based on federal in Oregon check the box and provide all information in place of an amended return Include the same in the composite filing A nonresident owner in the EFT program if you would be disadvantaged include Form 20 V (Form 20 V must include a payment include: included in Oregon income (ORS 317 301) income income (ORS 317 394) income Excise tax is the most common Most corporations income from built in gains or excess net passive income income from Oregon sources income from Oregon sources are required to file Form Income is from an Oregon source if it s derived from: income must determine and enter the calculated tax as income or minimum tax income or profits may not be deducted on the Oregon income producing activity doesn t actually constitute income S corporations doing business in Oregon must Income tax filers S corporations not doing business in Income tax if you don t do business in Oregon but income tax law Oregon is tied to the federal definition of Income tax requirements S corporations may still be income The requirement is waived if the owner income under IRC 861 to 864 (ORS 317 625) increased from 10 percent of the value of the quantity incurred in producing this interest income (ORS incurred to carry the obligations and by any expenses Individual development accounts 915 Individuals Partnerships Corporations and Fiduciaries Industry Classification System (NAICS) codes found Information contained herein is a guide For complete details of law refer to information in the letter as is required on an amended installment that next becomes due on or after the due institutions is no longer available (ORS 317 057) instructions for Line 27 instrumentalities included in Form 20 S line 1 This intangible assets not derived from the taxpayer s primary interest Interest accrues on any unpaid tax during an extension Interest income excluded on federal Interest is figured daily for a fraction of a month Interest on U S obligations and instrumentalities (must attach explanation) 399 Interest owed on tax starts the day after the due date of interest portions of payments already made Interest rates and effective dates: Interest will increase by one third of 1 percent per month internet site or through your financial organization If Interstate broadcasters (HB 4138) interstate or foreign commerce investment company (RIC) you must check the investment income investments and entities visit www oregon4biz com IRC 861 to 864 (ORS 317 625) IRC 862 not included in federal taxable income under irrevocable is $1 500 Because of its increased net tax Corporation is an amended return is an individual who isn t a resident of Oregon a business is greater under Oregon law than federal law is a is still disconnected from: is taxable to the shareholders rather than the corporation is the 15th day of the month following what would be isn t the same as your federal depreciation the issued after May 24 1961 Reduce the subtraction by item of gross income is greater under Oregon law than Items with a specific line on the form don t have a code See Form 20 S its adjusted issue price were allowed to elect deferral January 1 2012 5% 0 4167% 0 0137% January 1 2013 4% 0 3333% 0 0110% January 1 2014 4% 0 3333% 0 0110% January 1 2015 4% 0 3333% 0 0110% K 1 Summary 6 law changes we won t pay interest law is an addition on your Oregon return Enter only leave a consolidated filing group and newly formed or Lender s credit: affordable housing 902 Lender s credit: energy conservation 409 liability when you file your LIFO benefit recapture addition 10 LIFO benefits are included in taxable income for Line 1 Interest on government bonds of other states Line 1(a) Enter the amount from Form 1120 S Schedule Line 1(b) Refer to federal Form 1120 S instructions Line 10 Minimum tax Line 11 Tax (greater of line 9 or line 10) Oregon tax is Line 12 Tax adjustment for installment sales interest Line 13 Tax before credits (line 11 plus line 12) Line 14 Total other credits Use Schedule ASC CORP Line 15 Tax after credits (line 13 minus line 14) Line 16 LIFO benefit recapture addition Oregon has Line 17 Net tax Enter line 15 plus line 16 Line 18 Estimated tax and prepayments Line 2 Gain or loss on the sale of depreciable property Line 2 Total other additions The amount by which any Line 21 Penalty To avoid penalty and interest you must Line 22 Interest You must pay interest on unpaid taxes Line 23 Interest on underpayment of estimated tax Line 25 Total due See Filing checklist Line 27 Amount of refund to be credited to estimated Line 3 Other additions See ORS 316 680 316 848 Examples Line 3 Total other subtractions The amount by which Line 5 Interest from U S government Enter the amount Line 6 Gain or loss on the sale of depreciable property Line 7 Calculated tax Don t enter the minimum tax on Line 7 Work opportunity credit wage reductions Were line 7) Line 8 FCG 20 adjustment A reduced tax rate is available Line 8 Other subtractions See ORS 316 680 through Line 9 Total calculated tax (line 7 minus line 8) Line instructions listed or reportable transactions you must report it on local governments other than Oregon and its municipalities long term capital gain from farm property from line 9 of Long term rural enterprise zone facilities 904 loss carryovers and carrybacks of $1 million or more in losses forward only made using our EFT program This program allows payments mail any tax payment owed by the original due date of Mail If paying by mail send each payment with a Form make publicly available information identifying the make sure to include a copy of the certification with makes an election to join in the filing of a composite may be added to the federal K 1s and labeled Oregon may be subject to interest on underpayment of estimated Minimum Tax minimum tax apportion the $150 minimum tax by Minimum tax requirements All S corporations doing modifications multiplied by the S corporation s Oregon money order separately If you mail your payment separate months and more of the following in this state is doing business in more tax we ll charge interest from the due date of the More time to file doesn t mean more time to pay your most common Most corporations don t qualify for multiply the amount that s greater than $1 million by multiplying the $150 minimum tax by the total number municipal bonds or other interest excluded for federal must be made on your Oregon return for donations to must be reported to the shareholder These amounts must file an Oregon tax return Refer to the appropriate must include a completed Form 37 Check the Form must include interest with your payment Interest is figured name [for example a doing business as (DBA) name] name and identification number with the password Net loss deduction Net loss deduction 9 Net tax Net tax (line 2 minus line 3) 4 Net tax 10 next estimated tax payment installment Your election is Nonresident shareholders are taxed on their share of not be deducted on the Oregon return Taxes of other Note: A short period return doesn t automatically constitute Note: Corporation excise tax filers pay the greater of calculated tax or minimum tax Note: Don t use Schedule ASC CORP codes for Schedule Note: If a deficiency is assessed against any taxpayer Note: Income tax filers pay only calculated tax They are not subject to minimum tax Note: Oregon follows the federal entity classification notice of assessment is issued; and number (FEIN) if a payment was made by an affiliate of all items and amounts including carryovers of corporate taxes: excise and income Excise tax is the of doing business in Oregon It s measured by net of each quarterly payment belongs to each nonresident of each required installment of income recognition for federal purposes but not for of interest received from the U S government its instrumentalities of months in short period and dividing by 12 of Oregon of Oregon taxable income of other additions are: of property acquired in an IRC 1031 or 1033 of S corporation income loss and deductions from the of tax was made whichever is later of tax was made whichever is later See the of the addition if gain or loss is recognized for federal of the corporation are regularly conducted of the crop donated computed at the wholesale market of the filing corporation of the month following the federal extension s due of the state of Oregon isn t taxable if the obligation was of the subtraction if gain or loss is recognized for of the year complete Form OR 19 to show how much of those requirements based on shareholder classification of time to file on a voluntary basis on behalf of its nonresident owners who elect to participate on line 1 of the return Examples of Other subtractions on line 20 and your overpayment is less than on or after January 1 2009 and before January 1 On the estimated tax payments line on your amended On the first line enter the corporation s true name (as On the LIFO benefits line of each of the first three on the Oregon return The Oregon extension due date on your check or money order: online or by mail with Form 20 V on or before Online See www oregon gov/dor for more information only) or as previously adjusted Don t include any penalty or or estimated tax for corporation excise or income or FEIN address profit/loss sharing percentage and or holding of intangible assets derived from the taxpayer s or include a check or money order with your return For or interest separate from filing your tax return or measured by net income Oregon excise tax may or other prepayments 10 or produced in the Willamette Valley (ORS 315 141) or repair of a product) or scientific equipment for research 900 or telecommunications may elect to apportion income or the answer changed during the tax year order If you claimed a federal deduction an addition Oregon 2014 S Corporation Tax Oregon a nonresident trust or a qualified funeral trust Oregon but with Oregon source income don t pay minimum Oregon Corporation Form 20 S Oregon corporation tax paid on built in gains reported Oregon credit forms including notice of credit transfers Oregon Department of Revenue Oregon Department of Revenue Oregon doesn t have an amended return form for corporations Oregon estimated tax laws aren t the same as federal Oregon government bonds Oregon has two types of corporate taxes: excise and Oregon modifications and credits We prefer summaries Oregon net income expected in 1 Oregon Revised Statutes (ORS) and Oregon Administrative Rules (OAR) Oregon s income tax See Excise or income tax Oregon surplus rebate credit Oregon tax returns and instructions for an explanation Oregon taxable income by 6 6 percent and enter Oregon The exclusion from federal income created an Oregon: organization is exempt from tax (note following ORS original due date or by the extended due date if you file original or extended return filing due date of the third original return to the date you pay in full ORS 317 398) Other additions Other credits (carryforward from prior C corporation status only) Other Oregon statements; Other subtractions other taxes including Oregon minimum tax for excise Owner in a Pass through Entity 150 101 175 or meets Owner Tax Payments 150 101 182) Send in any required page of your return when you file paper return Make your check or money order payable park to a tenant s association facility purchase participation in the EFT program you may participate Partnerships 150 102 171 See ORS 314 734 Nonresident Pass through entities with distributive income attributable Pay all tax and interest due when you file an amended pay by the original due date even if you have an extension pay tax pay we ll charge interest starting the day after the due Payment due dates Payment due dates 3 payment of 20 percent of your unpaid tax if you don t payment of 5 percent of your unpaid tax if you don t Payment options Payment options 3 payment voucher isn t an extension of time to file or to payments (usually four) to determine the correct amount payments by EFT We may grant a waiver from participation payments made with Form 20 V Also include any refund Payments penalty interest and UND Payments penalty interest and UND 10 payments The EFT help/message phone number is payments when e filing your original return payments with a completed Form TPV 19 At the end Payments with your return 6 payments you need to make penalty percent of your tax by the original due date you ll be period If you file an amended return and have tax to PO Box 14777 PO Box 14790 Pollution control facilities 925 prepayments price to 15 percent (ORS 315 156) primary business activity and included in the program payments 911 protected mail the password separately or e mail it to provisions in ORS Chapter 318 Qualified equity investment 906 Qualified equity investment tax credit Qualified research activities 919 Qualified research alternative 913 Question D Refer to the current list of North American Question G If this is the corporation s first return check Question H Final returns: A final tax return is required Question J Taxpayers primarily engaged in utilities Question K Nonapportioned returns Questions Questions 8 Questions A C Complete only if this is your first return rate and minimum tax) received as a labor rebate and included in federal recognized on your federal return you may reduce the addition by the amount passed reduction here Reforestation 410 Refund applications Refunds or no tax due returns mail to: regularly takes advantage of Oregon s economy to pro regulations If an entity is classified or taxed as an S Reminder: The minimum tax isn t apportionable for a Renewable energy development contribution 949 Repeal of ORS 317 057 replacement property is outside Oregon Oregon will required third quarter installment equals $3 500 required to e file for Oregon We accept calendar year requirement also applies if you re an S corporation paying requirement or if we discover listed or reportable Requirements Requirements 3 requirements: Resident shareholders are taxed on their pro rata share return return return (not including extensions) or the date the overpayment return (ORS 314 750) return (ORS 317 301) Use the Depreciation Schedule for return and return and include the extension after all other attachments return at www oregon gov/dor return filers only ) Check this box only if both of the return Form OC Oregon Composite Return 150 101 154 return However the Oregon minimum tax and local return If you subtracted these taxes on your federal return is $500 or more you may return or within 30 days after receiving a billing notice return sends us a signed Oregon Affidavit for a Nonresident return This includes Oregon s minimum tax Oregon return to carry a net operating loss back to prior return up to the day your full payment is received by us return We accept electronic payments when e filing return We ll hold your protective claim until you notify return when claiming any certified credit return when you file Check the Extension checkbox return you must add them back on your Oregon return you must file an amended Oregon return within returns for 2013 and 2012 returns for tax year 2014 and will continue accepting returns of the new S corporation add one third of the tax S corporation minimum tax is $150 for excise tax filers S corporation s apportionment percentage from Schedule s corporation@dor state or us Include the S corporation S corporations doing business in Oregon or receiving S corporations doing business only within Oregon will S corporations without federal taxable income built in S corporations without federal taxable income built in gains or excess net passive income generally have 0 calculated salaries and wages on federal Form 1120 S reduced for Salem OR 97309 0470 Salem OR 97309 0960 Schedule AP Apportionment of Income for Corporations Schedule ASC CORP Oregon Adjustments 150 102 033; Schedule ES Estimated payments Schedule ES Estimated payments or other prepayments Schedule ES on your return List all payments that schedule K 1 line and amount of the modification Schedule SM instructions Schedule SM instructions 12 Schedule SM is for reporting Oregon modifications to second quarters To avoid UND charges for the third securities see e filing at www oregon gov/dor See Interest rates Sending check or money order payments separate set forth in the charter or legal document creating it) shall be claimed in three consecutive tax years beginning shall make the election to defer gain from the involuntary share of Oregon source distributive income on one tax shareholder Shareholder information Shareholder information 4 Shareholder information below shareholders are also taxed on their share of nonbusiness shareholders must report their ownership percentage of Shareholders who meet Oregon filing requirements short tax year (except a change of accounting period) Show you meet an exception to the payment of SM additions and subtractions Special instructions State s office states or foreign governments on or measured by net subject to the Oregon corporation income tax if they submitted to claim credits including certifications subscribers share (ORS 314 684 and 314 680) subtract for Oregon the amount that was previously Subtract tax credits allowable in 3 Subtract the amount of adjustment for tax on net subtracted (ORS 317 092) subtraction on your Oregon return Enter only subtractions Subtractions Subtractions 9 such charitable organizations Such organizations are required to provide a summary must include each shareholder s name SSN Sunday or legal holiday the due date is the next surplus revenues will no longer be credited to corporate Table of Contents tax (UND) If you have an underpayment refer to Form Tax 10 Tax Annual interest rate Number of full years tax are deductible and aren t required to be added tax balance Tax biennia beginning on or after July 1 2013 Oregon tax credit Tax credit sunsets tax credits See ORS 314 752 and OAR 150 314 752 The Tax Daily interest rate Number of days Tax due returns mail to: tax Enter 0 for minimum tax tax filers Attach the computation schedule to the Oregon tax If you don t have a BIN one will be assigned when tax increased from $2 000 to $6 000 Corporation A made Tax Monthly interest rate Number of full months tax on income from built in gains or excess net passive tax on lines 7 and 9 Tax on Oregon net income (see 2 Tax Payment Voucher and Instructions 150 102 172 tax payments made before filing your Oregon tax purposes but not taken into account in the computation tax purposes Reduce the addition by any interest tax rate tables for corporation tax tax returns utilizing the IRS Modernized e file platform tax the deferred gain when it s included in federal taxable tax The minimum tax isn t passed through to the shareholders tax These corporations pay minimum tax if they are excise tax filers tax To avoid penalty and interest pay tax due prepayments tax You may elect to apply part or all of your refund to taxable income as of December 31 2013; however Oregon taxable income before net operating loss and capital taxable income built in gains or excess net passive Taxable income Don t complete lines 1 6 unless you taxable income in determining your Oregon taxable taxes such as the Multnomah County Business Income taxpayer A high income taxpayer is one that had federal taxpayer s business income taxpayers when actual revenues exceed the revenue Term Capital Gain Tax Adjustment 150 102 167 and than $500 stop You don t have than you reported for last year that apply to taxable income included in line 1 that isn t in existence for the entire year shouldn t that quarter; or that was deferred from the last year of the C corporation the amended net tax amount by the number of required the bill you receive from us the box and provide all information as requested If the The corporation reported deferred gain on a federal the corporation was a C corporation the current required installment [OAR 150 314 515(2)] the exchange of like kind property and involuntary the excise or income tax provisions in ORS Chapters The excise tax return covers a period of less than 12 the federal extension s due date Don t send the extension the federal return Agricultural or horticultural cooperatives the final tax debt is $500 or more the Form 37 box checked to your tax return and file the greater of total calculated tax or minimum tax The income or loss of an S corporation is reported to the last year of the C corporation under these provisions the minimum tax and aren t required to file a return the minimum tax is less than $500 you re not required The Oregon extension due date is the 15th day the original due date of the return and the original due date of your return Note: Form 20 V the overpayment of tax was made whichever is later The The pass through entity reports the nonresident owners the result Enter 0 if the result is negative or zero The short period return is due to a qualified change the State School Fund (ORS 291 349) the tax on built in gains [ORS 314 740(5)(b)] No credits The tax on LIFO benefit recapture is in addition to all the tax return You must also mail your tax return by the the total of lines 1(a) and 1(b) on line 1 the work opportunity tax credit? Enter the amount of them before the due date of the return then on the left navigation bar click on Electronic then you don t need to file a corporation tax return There is no minimum tax for a corporate income tax filer third quarter estimated payment of $3 500* and a timely This is usually 4 ) this line through to cooperative patrons under IRC 199(d)(3) Tie to federal tax law timely first and second quarter estimated payments of to a charitable organization that has received a To avoid additional charges for UND you must pay the to be initiated by touch tone telephone a secure To calculate interest: to do so Filing an unnecessary return may result in a to extend the statute of limitations for a refund request to installment obligations under ORS 314 302 enter the to make estimated payments Don t complete this form to make estimated tax payments to Oregon Department of Revenue Write the following to Oregon sources must file a composite return to pay penalty if you meet all of the following to report the amount and description of each addition to report the amount and description of Other credits To speed processing: to the IRS on federal Form 8886 or if you participated to the sale of tangible or intangible personal property to your amended Oregon return and explain the adjustments Total due or refund Total due or refund 12 Total On line 7 enter the total of lines 1 through 6 then total penalty and interest then fill in the result of line TPV 19 Payment of Tax for Nonresident Owners 150 101 182 transactions transfer (EFT) directly online or by mail treated as an S corporation for Oregon tax purposes two years of the date of the federal report Uncategorized credit carryforward under federal law or the amount by which any allowable under Oregon and federal law indicate the federal under ORS 90 505 to 90 840 to compensate a tenant for underpayment; or university venture development fund contribution credit upcoming tax year upcoming tax year Tax credits us the litigation has been completed Use Form 37 to: Use Schedule ASC CORP Oregon Adjustments 150 102 033 Use Schedule ASC CORP to report the amount and Use the form for the tax year you re amending use the next regular business day Use the numeric description code from the list in Appendix using double weighted sales factor formula [OAR 150314 280( Visit us online: www oregon gov/dor Voluntary removal of riparian land was located in Oregon; and we have two years from the date we re notified of the We ll assess penalties if you don t comply with this we ll cancel any penalty or interest pertaining to these We will apply the elected amount to the estimated tax Weatherization lender s credit 917 were submitted prior to filing your return Include the What s new? What s new? What s new? when a corporation has ceased to exist withdrawn from when your Oregon basis is greater than your federal which the S corporation s tax year ends who have no other Oregon source income is required to Who must file with Oregon? Who must file with Oregon? 4 will be determined based on the broadcaster s with a valid extension attached With approved third party software you can e file your return complete with all schedules attachments and required with income that arose from cancellation of debt with the day after the due date of the original return with the year in which the credit s initially allowed with your federal tax return instructions Only enter the withhold tax on the owner s distributive share of S corporation Withholding requirement Withholding requirement 5 Wolf depredation 918 Worksheet FCG 20 (ORS 317 063) Worksheet FCG 20 Farm Liquidation Long Term Capital Worksheet to calculate Oregon estimated tax Worksheet to calculate Oregon estimated tax 3 year A 100 percent penalty is assessed on each year s years on investments made on or after January 1 2014 years Oregon allows corporations to carry net operating You can carry forward unused credits for up to five you don t file returns for three consecutive years by the you file your return or within 30 days of the date of You file your return within the extension period and You have a valid federal or Oregon extension and you have taxable income from an Oregon source You may elect to apply part or all of your refund to your You may make payments directly online for any amended you must notify us File an amended Oregon return and you pay after the return s original due date You pay at least 90 percent of your tax after credits by you pay by EFT don t send Form 20 V Oregon Corporation You pay the balance of tax due when you file your You pay the interest on the balance of tax due when you re also filing for a federal extension: Send the you re required to e file for Oregon your next estimated tax payment installment Fill in the your Oregon return forms in the following order: your Oregon tax return your original return your original return and ends on the date of your payment your return your return is received your return see Filing checklist your return This includes Oregon s minimum tax This Your tax return software also allows you to make electronic

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