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2220 interest rates 2023 Form: What You Should Know
Line 6a — Penalty interest rate for underpayment of estimated tax. Line 6b — Tax liability determined on line 11; interest due from October 1, 2021, through June 30, 20231 IRS Form 2220 21-7 — Rhode Island Corporation Tax Penalty The state tax liability of a corporation for state income taxes, and all associated penalties and interest are included on Form RI-2220. The calculation is based on the applicable interest rate and the number of days that the corporation underpaid. As a result, a one-time penalty of 0.50 for each 1,000 of underpayment is imposed. IRS Form 2220 21-7 §1. Form RI-2220 §2 (C)(4) 2021 Form RI-2220 §2 (A)(1) Line 19b — Compute the charge using the applicable interest rates and number of days times underpayment entered on line 17 for each install- meets period. Divide the amount of underpayment by the amount of interest due for the calendar year to determine the amount of the penalty and interest due for the calendar year. Line 6a — Penalty interest rate for underpayment of estimated tax. Line 6b — Tax liability determined on line 11; interest due from October 1, 2021, through June 30, 20224 IRS Form 2220 21-7 §10 (D) 2021 Form RI-2220 §10 (C)(4) If the amount of underpayment exceeds 5,000, the penalty for corporate underpayment of estimated tax is computed using interest at the rate set forth in §2220(3), rather than the rate of interest provided under §2220(5). Line 5a—Penalty interest rate for underpayment of estimated tax. Line 5b—Tax liability determined on line 11; interest due from October 1, 2023 – December 31, 20226 IRS Form 2220 21-7 §11A (D) . This calculation is in addition to any penalty imposed on a corporation for underpayment of Estimated Tax under §17.20 of the Rhode Island Corporation Code. 2021 Form RI-2220 §5 (C)(4) — Section 11 Line 5a — Penalty interest rate for underpayment of estimated tax.
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