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Screen COLPmt - Columbus Payments, Extension, Penalties and Interest (1065)
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Payments
Prior year overpayment
Enter the amount of any prior year overpayment. The application transfers the amount entered to Page 1. Don't include this amount again in
1st payment
.Total, or / 1st - 5th payment
Enter the total of all estimates made for the tax year in
Total, or
. UltraTax CS transfers this amount to Form BR-25, Page 1 and applies it equally to all quarters. To override the way the UltraTax CS applies the total to all quarters, enter actual amounts of estimated tax in the
1st payment
through 5th payment
boxes. Once amounts are entered in any of the individual payment boxes, UltraTax CS ignores the value in Total, or
.The first four boxes in the
Date
column default to the respective quarters’ due dates, and the fifth payment date defaults to the fourth-quarter date. If the client didn't make payments on the estimate due dates, enter the actual dates of payment in the boxes provided.Treat calculated amounts as amounts paid / Calculated Amount
If last year’s return was completed using UltraTax CS and estimates were calculated for the current year, UltraTax CS proformas the amounts into the
Calculated Amount
boxes. If there hasn't been data entry for estimate payments, enter
X
in Treat calculated amounts as amounts paid
to move the calculated amounts into the Amount Paid
boxes.Paid with extension
Each time you print the extension (via File, then Print Extensions), UltraTax CS does the following:
- calculates the extension payment amount and enters the amount in this box, and
- prints this amount on the main return, not on the extension.
Alternatively, you can overrule the calculated amount by entering the amount actually paid with the current-year extension in this box. UltraTax CS then displays the new amount in black.
note
- To delete the overruled amount and restore the original calculated amount, right-click the box and select Delete overrule.
- To confirm the accuracy of the overruled amount, right-click the box and select Acknowledge overruled data. UltraTax CS then turns off the acknowledge functionality from the right-click menu. To restore the original amount later, you'll need to manually enter the amount.
- If desired, you can set a user preference to mark boxes for which you overruled the calculated amounts and to list all overruled amounts in the Diagnostics window.
Extension
Calculate extension
If you leave this box blank and run the Extension utility, UltraTax CS automatically selects the extension form to be used. If the federal return is extended and there is no balance due on the city return, UltraTax CS won't print Form BR-42 because Columbus accepts the federal Form 7004.
If the federal return is extended and there is a balance due on the city return, UltraTax CS will print Form BR-42. If the federal return isn't extended, UltraTax CS will print the Form BR-42.
Enter
1
to force UltraTax CS to use federal Form 7004. The application won't print Form BR-42. Enter 2
to force the UltraTax CS to print Form BR-42. To print the extension, select File, then Print Extensions.note
UltraTax CS also enters the due date in
Extended due date
.Reason for extension
If the Columbus Form BR-42 is selected, enter the reason for extending Form BR-25 in the statement. Select Setup, 1065 Partnership, Ohio Cities tab, and then select Extension to enter a reason for extension that applies for all clients in UltraTax CS.
If you enter a reason for extension in this box, the reason for extension from the Extension window doesn't print. If you leave this box and
Reason
in the Extension window blank, UltraTax CS prints the default line Additional time is requested to gather information to prepare a complete and accurate return on all extensions for this state application.Extended due date
If an extension is printed by selecting File, then Print Extensions, or
1
or 2
is entered in Calculate extension
, the extended due date automatically appears in this box. Otherwise, enter the date that is to be used as the extended due date in the filing instructions.Estimated tax liability (Force)
If you enter an amount, UltraTax CS enters this amount on Form BR-42 as estimated tax for year, enters
1
in Calculate extension
, and completes Extended due date
.Balance due on extension (Force)
If an amount is entered, UltraTax CS displays this amount on the extension, marks
Calculate extension
, completes Extended due date
, and displays the amount in Paid with extension
.Penalties and Interest
Date return filed
If the return is being filed late, enter the date of filing. If this box is blank, it defaults to the due date of the return, including extensions. UltraTax CS compares this box with
Extended due date
in order to calculate interest and penalties.Prior year tax
Enter the prior year tax, including
0
(zero), for all Columbus cities filing on the return. These amounts are used to calculate the underpayment penalty. If this box is blank, UltraTax CS assumes no prior return was filed.Suppress penalties on return: Underpayment of estimated tax
Enter
X
to suppress the late payment interest on the return. UltraTax CS prints the Columbus Late Filing Interest and Penalty Worksheets if this box is blank and late interest is due. The Columbus Late Filing Interest and Penalty Worksheets also print if the Failure to file
or Failure to pay
boxes are blank and a failure to file or failure to pay penalty exists.Suppress penalties on return: Late interest
Enter
X
to suppress the late payment interest on the return. UltraTax CS prints the Columbus Late Filing Interest and Penalty Worksheets if this box is blank and late interest is due. The Columbus Late Filing Interest and Penalty Worksheets also print if the Failure to file
or Failure to pay
boxes are blank and a failure to file or failure to pay penalty exists.Suppress penalties on return: Failure to file
Enter
X
to suppress the failure to file penalty on the return. UltraTax CS prints the Columbus Late Filing Interest and Penalty Worksheets if this box is blank and the failure to file penalty is due. The Columbus Late Filing Interest and Penalty Worksheets also print if the Late interest
or Failure to pay
boxes are blank and late payment interest or a failure to pay penalty exists.Suppress penalties on return: Failure to pay
Enter
X
to suppress the failure to pay penalty on the return. UltraTax CS prints the Columbus Late Filing Interest and Penalty Worksheets if this box is blank and the failure to pay penalty is due. The Columbus Late Filing Interest and Penalty Worksheets also print if the Late interest
or Failure to file
boxes are blank and late payment interest or a failure to file penalty exists.note
UltraTax CS prints the Columbus Late Filing Interest and Penalty Worksheets when penalties or interest exist. If the
Late interest
, Failure to file
, and Failure to pay
checkboxes are all marked, the Columbus Late Filing Interest and Penalty Worksheets don't print.