Corporate Estimated Taxes

In generally, corporations are required to make quarterly estimated tax payments of their federal income-tax liability. For a corporation whose taxable year is the calendar year, these estimated tax payments must be made by April 15, June 15, September 15, and December 15th.

Part of the political battle over the 2003 Act was caused but the desire of some in congress to limit the “cost” of the law to $350 billion. In order to fit the 2003 Act into that framework, the new law takes 25% of the corporate estimated tax payment payable by September 15,2003 (which falls in the 2003 U.S. government fiscal year) and makes it payable by October 1, 2003 (which falls in the 2004 U.S. government fiscal year).