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2023 Rhode Island Business Corporation Tax Return
GENERAL INSTRUCTIONS FOR FORM RI-1120C, FORM RI-1120S AND FORM RI-1065
A return is considered timely filed if it is mailed so as to bear a U.S. postmark 5. RATE OF TAX:
on or before the applicable due date.
When the due date for filing Form RI-1120C, Form RI-1120S or Form RI-1065 Seven percent (7%) of net income apportioned to Rhode Island; or a
falls on a Saturday, Sunday, or a Rhode Island legal holiday, the filing is due minimum of $400.00, whichever amount shall yield the greatest tax.
on the next business day.
Limited liability companies, limited liability partnerships, limited partnerships,
and single member limited liability companies not treated as a corporation on
3. EXTENSION OF TIME FOR FILING: the federal level shall pay an annual charge equal to the minimum tax
imposed upon a corporation under R.I. Gen. Laws § 44-11-2(e).
An automatic extension of time for the filing of Form RI-1120C, Form RI-
1120S or Form RI-1065 may be requested using Form BUS-EXT. The
extension request may be granted provided Form BUS-EXT reasonably 6. DECLARATION OF ESTIMATED TAX BY
estimates the full amount of tax due for the taxable year based on income, CORPORATIONS:
or the minimum tax of $400.00, whichever shall yield the greater tax. If
payment for the full amount of tax due is not sent in with Form BUS-EXT, Every corporation shall file a declaration of its estimated tax for the taxable year
any amount due when the tax return is filed is subject to late payment if its estimated tax for such taxable year can reasonably be expected to exceed
interest and late payment penalty. $400.00. The entire amount of such estimated tax shall constitute the amount
of the advance required to be paid. The due dates and amounts of the install-
Extension requests: ments are as follows: The 15th day of the 4th month of the taxable year (25%),
Automatic six (6) month extension for filers of Form RI-1120C (except for fil- the 15th day of the 6th month of the taxable year (25%), the 15th day of the 9th
ers with a June 30 fiscal year end), Form RI-1120S or Form RI-1065 (LLC, month of the taxable year (25%) and the 15th day of the 12th month of the tax-
LLP, LP, Partnership, SMLLC). able year (25%)
Automatic seven (7) month extension for June 30 year end filers of Form RI- Underpayment-Interest on declaration of estimated tax
1120C.
In case of any underpayment of the estimate by a corporation there shall be
A proper estimate of the amount of tax due for the taxable year is added to the tax as the case may be for the taxable year, an amount
required to be reported on the extension when it is filed, otherwise the determined at the rate of 12% per annum upon the amount of the underpay-
extension will be void. ment for the period of the underpayment. “The amount of the underpay-
ment” shall be the excess of the installment or installments which would be
required to be paid if the advance payments were equal to eighty percent
4. PAYMENT OF TAX: (80%) of the tax shown on the return for the taxable year or, if no return was
filed eighty percent (80%) of the tax for such year, over the amount, if any, of
The balance of tax shown on the return to be due must be paid in full with the installment paid on or before the last date prescribed for payment.
the return. Failure to pay the tax on time will subject the taxpayer to an
assessment of interest and penalties. The law provides for the assessment of a penalty of 5% of the tax imposed
on such corporations for such taxable year for failure to file required estimat-
ed tax payments.
Interest Generally
Any tax not paid when due is subject to interest from the time the tax was 7. CHANGE IN NET INCOME BY FEDERAL
originally due at the rates of 18% per annum (1.5% per month) prior to GOVERNMENT:
January 1, 2023, and 12% per annum (1.0% per month) on or after January
1, 2023. DRAFT Any change in net income for any prior year directly affects the tax
liability to the State of Rhode Island and such changes must be reported to
Penalties - Failure to file returns on time the Tax Administrator within 60 days of final adjustment or determination.
For tax years 2014 and prior, such changes must be reported using Form
In case of failure to file a return within the time prescribed by law, or within RI-1120X. For tax years 2015 and forward, such changes must be reported
the extension period, there shall be added to the tax 5% of such tax if using Form RI-1120C, Form RI-1120S or Form RI-1065, whichever is appli-
delinquency is for not more than one month plus an additional 5% for each cable, and by checking the amended check box.
additional month or fractional part thereof during which such failure contin-
ues not exceeding 25% in the aggregate.
8. SUPPORTING SCHEDULES:
The law provides for the imposition of fines up to $5,000.00 for failure to file
the required returns or the filing of false or fraudulent returns. All schedules are to be firmly attached to the back of the return. Each sched-
ule must be clearly identified with the item which it supports. Write upon one
Penalties - Failure to pay tax on time 09/01/2023side of the sheet only, so that schedule may be read
without detaching from the return. If space permits, more than one
In case of failure to pay the tax with the return on or before the date schedule may be placed on a single sheet.
prescribed (determined with regard to any extension of time for payment)
there shall be added to the amount shown as tax on such return five-tenths
percent (0.5%) of the amount of such tax if the failure is for not more than 9. COMBINED RETURNS:
one month, plus an additional five-tenths percent (0.5%) for each additional
month or fractional part thereof during which such failure continues, not For tax years beginning on or after January 1, 2015, a business which is
exceeding 25% in the aggregate. treated as a C corporation for federal income tax purposes, and which is part
of a combined group engaged in a single or common business enterprise –
a “unitary” business – must file a combined return with Rhode Island.
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