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202 2INSTRUCTIONS FOR FORM PH-1120 CITY OF PORT HURON CORPORATION RETURN Who Must File a Return Corporations must make estimated tax payments every Every corporation that is doing business in the City of year that their total City tax will exceed $250.00. To Port Huron must file a return. You must file a return make estimated payments, file Form PH-1040ES, even if the corporation did not maintain an office or place Declaration of Estimated Tax. of business in the City. You must file a return whether or Estimated taxes are payable in four equal installments. not the business has a net profit. The payments are due on the last day of the 4th, 6th, 9th and 13th month after the start of your fiscal year. For Under the Uniform City Income Tax Act all corporations calendar year taxpayers, the payments are due on April are taxed as corporations. A Sub-chapter S corporation 30, June 30, September 30, and January 31. You may must file as a corporation for Port Huron income tax also pay in full with the first voucher. If you need purposes. A corporation cannot elect to be taxed as a estimated tax forms, please call (810) 984-9741. partnership. Instructions for Page 1 Nonprofit entities that are exempt from Federal income Line 1a. Enter the net profit or loss from your Federal tax do not have to file a Port Huron return. Nonprofit corporate income tax return. You must attach a copy entities must submit a copy of their IRS determination of pages one through five of your Federal Form 1120 letter to our office. The ordinance also exempts banks, or 1120S. trust companies, insurance companies, building and loan and saving and loan associations, and credit unions. Line 1b. If you have approval to use the separate accounting method, enter your net profit or loss from Date Due and Payments page 2, Schedule C. The return is due by the last day of the fourth month, Line 2. Exclude on this line any portion of capital gains following the end of your corporation's taxable and losses occurring before the effective date of the ordinance, January 1, 1969. Compute the exclusion by year. Calendar year returns are due by May 1, using one of the following methods: 202 . The 3 return must be for the same taxable period as your federal return. 1) The difference between the purchase price and the fair market value of the asset on January 1, 1969. Mail your return and payment to: 2) Prorate the amount based on the number of months Income Tax Division since January 1, 1969 in relation to the total number of 100 McMorran Boulevard months held. Port Huron, MI 48060 Line 8. Show on this line the net operating loss carryover for the City of Port Huron. You may carry net Make all checks payable to: City of Port Huron operating losses forward for the same number of years allowed on your federal return; however, you cannot Extensions carry net operating losses back to a prior year. Attach a schedule showing the amount of unused loss by tax To get an extension, use form PH-4868, Application for year. You must have previously filed a City of Port Automatic Extension of Time to File a City Income Tax Huron return for each year showing the loss. Return. File the form on or before the due date of your return. An extension does not extend the time for Line 14. If line 10 exceeds line 13, enter the difference paying the tax due. You must pay the total estimated on line 14. This is your balance due. You must pay the tax due with the form. We will charge you penalty and balance due when you file the return. Make your check or money order payable to: City of Port Huron. interest if you underestimate or fail to pay the estimated Mail both the return and your payment to: Income Tax tax due. You do not need to file an extension if you will Division, 100 McMorran Boulevard, Port Huron, be claiming a refund. Michigan 48060. If you are paying in person, please pay at the City Treasurer's office. Declaration and Payment of Estimated Tax
