Skip to main content

Estimated tax requirements for corporations

Generally, corporations whose tax in the past has exceeded $1,000 after credits are required to make a mandatory first installment (MFI) of estimated tax for their upcoming tax year. Corporations whose tax will exceed $1,000 in the current tax year are also required to file a declaration of estimated tax and make additional installment payments. Estimated tax is the amount estimated to be the franchise, excise, or gross receipts tax and MTA surcharge for the current tax year minus the amount of estimated allowable tax credits for the current tax year. 

Rules regarding the MFI and how to remit the payments are discussed below.

Rules regarding MFI