Due to new tax legislation enacted in May of this year, corporations may postpone part of their payments due on September 15 this year deferring 25% of the instalment due to be deferred to October 1.
"For example, if a corporation owes an estimated tax payment of $4,000 due Sept. 15, 2003, then the corporation could opt to pay $3,000 (75 percent) by Sept. 15, 2003, and the remaining $1,000 (25 percent) by Oct. 1, 2003," the IRS explains in a statement.
"Generally, corporations use one of two options when making their estimated tax payments: the Electronic Federal Tax Payment System (EFTPS) or by submitting Form 8109, Federal Tax Deposit Coupon, to their financial institution. Neither process is affected by the October 1 payment date," the Revenue adds.
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