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

What Is Form N-220?

This is a legal form that was released by the Hawaii Department of Taxation - a government authority operating within Hawaii. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

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

Q: Who needs to file Form N-220?
A: Corporations and S corporations in Hawaii who have underpaid their estimated taxes must file Form N-220.

Q: What is an underpayment of estimated taxes?
A: An underpayment of estimated taxes occurs when a corporation or S corporation in Hawaii has not paid enough in estimated tax payments throughout the year.

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

Q: Are there any penalties for not filing Form N-220?
A: Yes, there may be penalties for not filing Form N-220 or for underpaying estimated taxes. It is important to make accurate and timely estimated tax payments to avoid penalties.