Instructions for Form 720ES, 41A720ES Corporation Income / Limited Liability Entity Tax Estimated Tax Voucher - Kentucky

This document contains official instructions for Form 720ES , and Form 41A720ES . Both forms are released and collected by the Kentucky Department of Revenue.

FAQ

Q: What is Form 720ES?
A: Form 720ES is a tax form used to make estimated tax payments for corporation income tax of limited liability entities in Kentucky.

Q: Who needs to file Form 720ES?
A: Corporations and limited liability entities who owe Kentucky income tax and expect to owe at least $500 in tax for the year must file Form 720ES.

Q: What is the purpose of Form 720ES?
A: The purpose of Form 720ES is to help corporations and limited liability entities accurately estimate and pay their tax liability throughout the year.

Q: When is Form 720ES due?
A: Form 720ES is generally due on or before the 15th day of the 4th, 6th, 9th, and 12th months of the corporation's tax year.

Q: What happens if I don't file Form 720ES?
A: If you don't file Form 720ES or fail to make the required estimated tax payments, you may be subject to penalties and interest on the unpaid tax amount.

Q: Can I make changes to my estimated tax payments?
A: Yes, you can make changes to your estimated tax payments by filing an amended Form 720ES. It is important to accurately estimate your tax liability to avoid underpayment penalties.

Q: Do non-resident corporations need to file Form 720ES?
A: Non-resident corporations that have a Kentucky income tax liability must also file Form 720ES to make estimated tax payments.

Q: Is there a penalty for late payment of estimated tax?
A: Yes, if you fail to make the required estimated tax payments or make late payments, you may be subject to penalties and interest on the unpaid amount.