Instructions for Form N-220 Underpayment of Estimated Tax by Corporations and S Corporations - Hawaii

Form N-220 Underpayment of Estimated Tax by Corporations and S Corporations - Hawaii

This document contains official instructions for Form N-220 , Underpayment of Estimated Tax by Corporations and S Corporations - a form released and collected by the Hawaii Department of Taxation. An up-to-date fillable Form N-220 is available for download through this link.

FAQ

Q: What is Form N-220?
A: Form N-220 is the form used by corporations and S corporations in Hawaii to report and calculate any underpayment of estimated tax.

Q: Who needs to file Form N-220?
A: Corporations and S corporations in Hawaii that have underpaid their estimated tax for the tax year need to file Form N-220.

Q: What is the purpose of Form N-220?
A: The purpose of Form N-220 is to help corporations and S corporations in Hawaii determine if they have underpaid their estimated tax and to calculate any penalties or interest owed.

Q: When is Form N-220 due?
A: Form N-220 is due on the 15th day of the 4th month following the close of the corporation's tax year.

Q: Are there any penalties for failing to file Form N-220?
A: Yes, there may be penalties for failing to file Form N-220 or for underpaying estimated tax. It is important to file the form and pay any required amounts to avoid potential penalties.

Q: Is there any assistance available for filling out Form N-220?
A: Yes, you can seek assistance from the Hawaii Department of Taxation or consult a tax professional if you need help filling out Form N-220.

Q: What should I do if I discover an error on my filed Form N-220?
A: If you discover an error on your filed Form N-220, you should file an amended form as soon as possible to correct the error.