The N 301 Hawaii form is an application used by corporations to request an automatic extension of time to file their Hawaii corporation income tax return. This form allows businesses to extend their filing deadline by six months, provided they meet specific requirements and make any necessary tax payments. Understanding the proper use and submission of the N 301 can help corporations avoid penalties and ensure compliance with Hawaii tax regulations.
The N-301 form is an essential tool for businesses operating in Hawaii, allowing corporations to apply for an automatic six-month extension to file their income tax returns. This form is specifically designed for those filing Forms N-30, N-35, N-70NP, and N-310. By completing the N-301, taxpayers can avoid potential penalties associated with late filings. It is important to note that this extension does not apply to the payment of taxes owed; taxpayers must ensure that any balance due is paid in full at the time of filing the N-301. The form has been updated for electronic processing, enhancing efficiency and reducing errors. To facilitate accurate submissions, specific guidelines must be followed, such as using only black or dark blue ink and entering amounts within designated boxes. For those who prefer digital solutions, the N-301 can also be filed electronically through the State's Internet portal. Understanding the correct procedures and requirements for this form can significantly ease the tax filing process for corporations in Hawaii, ensuring compliance and minimizing stress during tax season.
Filling out the N-301 form for Hawaii can be straightforward, but many people make common mistakes that lead to delays or rejections. One major error is not printing amounts only on the applicable lines. If you fill in unnecessary lines, it can confuse the processing system, causing your form to be delayed. Always stick to the instructions and only provide information where it is specifically requested.
Another frequent mistake involves the choice of ink. Many individuals opt for colors like red or use pencil, which is against the guidelines. The form requires you to use only a black or dark blue ink pen. This is crucial because the form is scanned electronically, and any deviation from this requirement may result in processing issues.
People often forget to print their numbers inside the designated boxes. The instructions clearly state that numbers should be printed like this: 1 2 3 4 5 6 7 8 . 9 0. Failing to do so can lead to misinterpretation by the scanning machine, which may cause delays in processing your extension request.
Another common error is the use of dollar signs, slashes, dashes, or parentheses in the boxes. These symbols are not allowed and can lead to complications. It’s essential to follow the guidelines precisely to ensure that your form is processed smoothly.
Some taxpayers mistakenly photocopy the form before submission. While it’s a good idea to keep a record for your files, submitting a photocopy can cause significant delays. Always submit the original form as instructed, and keep a copy for your own records.
Additionally, many people fail to enter an amount on line 1 of the Income Tax Balance Due Worksheet. Even if you expect to owe nothing, you must enter zero (0). Neglecting this step can result in rejection of your extension request, so ensure that every required field is filled out accurately.
Lastly, it’s important to remember that the extension granted does not extend the time to pay your income tax. Many individuals assume that by filing the N-301, they can delay their payment as well. This is incorrect. You must pay the income tax balance due at the time of filing the form. Ignoring this rule can lead to penalties and interest charges, which can add up quickly.
FORM
N-301
STATE OF HAWAII –– DEPARTMENT OF TAXATION
APPLICATION FOR AUTOMATIC EXTENSION
(REV. 2010)
OF TIME TO FILE
HAWAII CORPORATION INCOME TAX RETURN
(Including Filers of Forms N-30, N-35, N-70NP and N-310)
About this Form
The Form N-301 has been redesigned for electronic scanning that permits faster processing with fewer errors. In order to avoid unnecessary delays caused by manual processing, taxpayers should follow the guidelines listed below:
1.Print amounts only on those lines that are applicable.
2.Use only a black or dark blue ink pen. Do not use red ink, pencil, or felt tip pens.
3.Because this form is read by a machine, please print your numbers inside the boxes like this:
1 2 3 4 5 6 7 8 . 9 0
4.Do NOT print outside the boxes.
5.Do NOT use dollar signs, slashes, dashes or parenthesis in the boxes.
6.Photocopying of this form could cause delays in processing your payment.
INTERNET FILING
Form N-301 can be filed electronically through the State’s Internet portal. For more information, go to www.ehawaii.gov/efile.
GENERAL INSTRUCTIONS
Note: The use of federal Form 7004 is not allowed as a substitute for Form N-301, Application For Automatic Extension of Time To File Hawaii Corporation Income Tax Return.
1.Purpose. — Use this form to ask for an automatic 6-month extension of time to file Form N-30, N-35, N-70NP, or N-310. File this form to request an extension even if you are not making a payment.
An extension of time to file your income tax return will not extend the time to pay your income tax. Therefore, you must pay the income tax balance due (i.e., total income tax liability reduced by payments and credits) in full with this form.
Do not request an automatic extension if you are under a court order to file your return by the regular due date.
The extension will be granted if you complete this form properly, file it on time, pay with it the amount of tax shown on line 5 of the Income Tax Balance Due Worksheet and meet the conditions indicated on page 2.
INCOME TAX BALANCE DUE WORKSHEET
1
Total properly estimated income tax liability for the taxable year
Note: You MUST enter an amount on line 1. If you do not expect to owe tax, enter zero (0).
2
Current year’s estimated tax payments (include prior year’s overpayment
allowed as credit)
3
Other payments and credits
4
Total (add lines 2 and 3)
5
Income tax balance due (line 1 minus line 4). Pay in full with this form
Pay amount on line 5 in full. Detach the voucher from this form. Attach check or money order to the voucher for full
amount payable to “Hawaii State Tax Collector.” Write your Federal Employer Identification Number and “2010
Form N-301” on the check or money order. Pay in U.S. dollars drawn on U.S. bank. Do not send cash. File with the
Hawaii Department of Taxation, P.O. Box 1530, Honolulu, HI 96806-1530, or file electronically through www.ehawaii.
gov/efile.
— —
—
— — — — — — DETACH HERE
— — —
— — — — — —
Form (Rev. 2010)
Tax Year
STATE OF HAWAII — DEPARTMENT OF TAXATION
DO NOT WRITE OR STAPLE IN THIS SPACE
2010
APPLICATION FOR AUTOMATIC EXTENSION OF TIME TO FILE
DO NOT SUBMIT A PHOTOCOPY OF THIS FORM
CKF101
Place an X here if this is a change of address.
Name
Dba or C/O
Address
Suite Number
City, town, or post office
State
Postal/ZIP Code
Country
For office use only
MAIL THIS VOUCHER WITH CHECK OR MONEY ORDER PAYABLE TO “HAWAII STATE TAX COLLECTOR.” Write your Federal Employer I.D. Number and “2010 Form N-301” on your check or money order.
Federal Employer Identification Number (FEIN)
Calendar or Fiscal Year Ending (MM DD YY)
Amount of Payment
FORM N-301
PAGE 2
In no case shall the extension be granted for a period of more than 6 months beyond the prescribed due date of the return.
For extension requirement purposes, Hawaii does not conform to Treasury Regs. section 1.1502-76. For Hawaii income tax purposes, a corporation shall not be allowed an extension beyond 6 months. Corporations required to file a short year federal return under the above regulation and not able to file their Hawaii return on time should request an extension for the short year on or before the twentieth day of the fourth month following the end of the short year. Attach a letter of explanation to the front of the Hawaii return when it is filed.
An automatic extension of time for filing a return shall be allowed upon the following two conditions:
• You complete this form properly, file it, and pay any or properly estimated balance due on line 5 of the Income Tax Balance Due Worksheet by the prescribed due date for the return for which the extension applies.
• Within the time specified by the automatic extension, the return shall be filed, accompanied by payment of the tax to the extent not already paid.
One hundred percent of the properly estimated tax liability must be paid on or before the prescribed due date of your return. Properly estimated tax liability means the taxpayer made a bonafide and reasonable attempt at the time the extension was submitted to locate and gather all of the necessary information to make a proper estimate of tax liability for the taxable year. Payment of properly estimated tax liability will be presumed if the tax still owing after the prescribed due date of the return is 10 percent or less of the total tax shown as due on the return.
The Director of Taxation may terminate the automatic extension at any time by mailing a notice of termination to the entity or to the person who requested the extension for the entity. The notice will be mailed at least 10 days prior to the termination date designated in the notice.
Note: Only those taxpayers whose automatic extension has been rejected will be notified by the Department of Taxation.
2.How To Obtain Tax Forms. — To request tax forms and publications by mail, you may call 808-587-4242 or toll-free 1-800-222-3229.
Tax forms are also available on the Internet. The Department of Taxation’s site on the Internet is: www.hawaii.gov/tax.
3.When to File. — File one copy of this application on or before the prescribed due date of the entity’s income tax return. If the prescribed due date falls on a Saturday, Sunday, or legal holiday file by the next regular workday.
You may file the applicable income tax return any time before the 6-month period ends.
4.Where to File. — File Form N-301 with the Hawaii Department of Taxation, P. O. Box 1530, Honolulu, Hawaii 96806-1530. Form N-301 can be filed electronically through the State’s Internet portal. For more information, go to www.ehawaii.gov/efile.
5.Consolidated Returns. — If a consolidated return is to be filed, a parent corporation may request automatic extensions for itself and its
subsidiaries by filing one Form N-301. In such case, the name, address, and Federal Employer Identification Number of each member of the affiliated group for which the extension is desired must be listed on an attachment to Form N-301. The filing of this form by a parent corporation is not considered as an exercise of the privilege of making a consolidated return.
6. How to Fill Out This Form. ––
• Enter the corporation’s name and address on the appropriate lines. • Using black or blue ink, enter the corporation’s FEIN, the date of
the end of the tax year, and the amount of the payment in the space provided.
• If no payment is being made with this form, enter “0.00” in amount of payment space.
• It is suggested that you make a photocopy of this form for your records before you detach the voucher. Do not, however, submit a photocopy of this form.
• Detach the voucher where indicated. Submit only the voucher portion of this form with your payment.
• Attach your check or money order payable to “Hawaii State Tax Collector” to the front of the voucher. Write your FEIN and “2010 Form N-301” on your check or money order. Pay in U.S. dollars. Do not send cash.
7.Making a Payment. — If a payment is being made with this form, make your check or money order payable to “Hawaii State Tax Collector.” Write your FEIN and “2010 Form N-301” on it. Attach your check or money order to the front of Form N-301.
8.How to Claim Credit for Payment Made With This Form. — Show the amount paid (line 5) with this form on the applicable income tax return.
9.Penalties
Late Filing of Return. — The penalty for failure to file a return on time is assessed on the tax due at a rate of 5% per month, or part of a month, up to a maximum of 25%.
Failure to Pay After Filing Timely Return. — The penalty for failure to pay the tax after filing a timely return is 20% of the tax unpaid within 60 days of the prescribed due date. The 60-day period is calculated beginning with the prescribed due date even if the prescribed due date falls on a Saturday, Sunday, or legal holiday.
These penalties are in addition to any interest charged on underpayment or nonpayment of tax.
10.Interest. — Interest at the rate of 2/3 of 1% per month or part of a month shall be assessed on unpaid taxes and penalties beginning with the first calendar day after the date prescribed for payment, whether or not that first calendar day falls on a Saturday, Sunday, or legal holiday. Form N-301 does not extend the time for payment of income tax. Interest will be computed on the sum of the tax due and penalties imposed on the late filing of the return or payment of the tax.
REASONS FOR REJECTION OF EXTENSION
1. The request was not in this office or mailed on or before the date prescribed by law for filing this return.
2. Separate requests are required for each type of tax and for each taxpayer involved.
3. The income tax return was not filed within the time specified by the automatic extension.
Hawaii Animal Import - Pet owners are strongly encouraged to prepare thoroughly before arrival in Hawaii.
What Is a Sales Agreement - Buyers accept the property in its current condition but may request inspections at their cost.
To effectively navigate the legal landscape, understanding the process of completing your Affidavit of Service is critical, as it ensures that all parties are properly informed of ongoing legal proceedings.
Hc5 2024 - Claimants can include details about past employers for the previous 52 weeks.