Historical Note

solidated corporate income tax return under A.R.S. § 43-947;

b.        Corporations in a unitary business filing a combined corporate income tax return under A.A.C. R15-2- 1131(E);

c.         Married taxpayers operating separate sole propri- etorships and filing a joint income tax return; or

d.        Partnerships, Limited Liability Companies, S Cor- porations, trusts, or estates conducting multiple busi- nesses, filing a single income tax return.

4.        “Total tax liability” means the combined total of the transaction privilege tax, telecommunications services excise tax, and county excise tax liabilities.

B.       The requirement to make an annual estimated tax payment is based on the annual tax liability. Use tax and severance tax are not subject to the estimated tax provisions.

1.        A taxpayer shall make an annual estimated tax payment if during the current calendar year the taxpayer, through use of ordinary business care and prudence, can anticipate incurring the annual tax liability. For example:

ABC Company has been selling home electronics for several years. Its tax liability for previous calen- dar   years   has   averaged   between   $60,000   and

$70,000. In February of the current year, ABC Com- pany begins selling computers and accessories as well. Early sales reports show an increase in total sales of approximately 50%. Based on these facts, ABC Company can reasonably anticipate incurring the annual tax liability.

2.        Taxpayers with multiple locations shall make the annual estimated tax payment based on the combined actual or anticipated annual tax liability from all locations. Taxpay- ers with multiple locations, shall make a single estimated payment each June.

C.      A taxpayer shall not amend an annual estimated tax payment except to increase the amount of the payment.

D.      The annual estimated tax payment shall not be applied, cred- ited, or refunded until a Transaction Privilege, Use, and Sever- ance Tax Return (TPT-1) for the month of June is filed.

E.       Late payment, underpayment, or non-payment of the annual estimated tax payment shall result in the following:

1.        Application of the penalty provisions under A.R.S. § 42- 136;

2.        Accrual of interest beginning from the due date of the annual estimated tax payment as prescribed in A.R.S. § 42-1322(D); and

3.        Loss of the accounting credit, as defined in A.R.S. § 42-

1322.04 for the June reporting period.

F.       Taxpayers who are not required to make the annual estimated tax payment but make a voluntary annual estimated payment are not subject to subsection (E).

Historical Note

Former Section R15-5-2215 renumbered to R15-5-2004, new Section R15-5-2215 renumbered from R15-5-212 effective October 14, 1993 (Supp. 93-4). Amended effec-

tive April 8, 1997 (Supp. 97-2).