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Screen ORPPmt - Multnomah Portland Payments, Extension, Pen and Interest (1065)

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Payments

Enter total, or / … / Specific payments, if unequal or not timely
Enter the total of all estimates made for the tax year in
Enter total, or
. To override how UltraTax CS applies the total to all quarters, enter actual amounts of estimated tax in the
1st pmt
 through
5th pmt
 boxes. If there are any amounts entered in any of the individual payment boxes, UltraTax CS ignores the value in
Total, or
for purposes of calculating Form P-2019 and the Multnomah / Portland Underpayment of Estimated Payments Worksheet.
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 payments weren't made on the estimated due dates, enter the actual dates of payment in the boxes provided.
Treat calculated amounts as amounts paid / Calculated Amount
If the return was completed using last years’ application and estimates were calculated, 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:
  • calculates the extension payment amount and enters it 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 enter it manually.
  • 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
Select
1
or
2
for UltraTax CS to calculate the extension using 100 percent or 90 percent of the tax liability on Form EXT. If this box is blank, the extension is calculated using 100 percent of the current year liability. To print the extension, select File, then Print Extensions.
Extended due date
If you've printed an extension by selecting File, Print Extensions, or entered a code
1
or
2
in the
Calculate extension
box, the extended due date automatically appears in this box. The extended due date also is reflected in the filing instructions.
Balance due on extension, Multnomah / Portland (Force)
If you enter an amount in either of these boxes, UltraTax CS displays the amount on the extension as balance due, updates
Calculate extension
 with
1,
completes
Extended due date
, and displays the amount in the
Paid with extension
boxes.

Penalties and Interest

Date return filed
UltraTax CS calculates penalties for failure to pay and failure to file and the interest on the underpayment and late filing if the date entered in this box is later than the original due date of the return or the extended due date. If blank, this box defaults to the calculated due date of the return.
Suppress penalties on return: Underpayment of estimated tax
Enter
X
 to suppress the printing of the Multnomah / Portland Underpayment of Estimated Payments Worksheet and the calculation of the underpayment penalty on the return. If this box is blank and an underpayment penalty is due, UltraTax CS prints the Multnomah / Portland Underpayment of Estimated Payments Worksheet and includes the underpayment penalty on Form P-2019, Page 1.
note
To suppress the penalty but print the worksheet, enter
X
 in
Underpayment of estimated tax
. Select Setup, then 1065 Partnership. In the Oregon tab, select Tax Return. Highlight Underpayment of Estimated Payments worksheet and select
Always if data
 to always print the form when it contains relevant data.
Suppress penalties on return: Late interest
Enter
X
 to suppress the late payment interest on the return. UltraTax CS prints the Multnomah / Portland Late Filing Interest and Penalty Worksheet if this box is blank and the late interest is due. The Multnomah / Portland Late Filing Interest and Penalty Worksheet also prints 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 Multnomah / Portland Late Filing Interest and Penalty Worksheet if this box is blank and the failure to file penalty is due. The Multnomah / Portland Late Filing Interest and Penalty Worksheet also prints if the
Late interest
 or
Failure to pay
 boxes are blank and the late payment interest or a failure to pay penalty exist.
Suppress penalties on return: Failure to pay
Enter
X
 to suppress the failure to pay penalty on the return. UltraTax CS prints the Multnomah / Portland Late Filing Interest and Penalty Worksheet if this box is blank and the failure to pay penalty is due. The Multnomah / Portland Late Filing Interest and Penalty Worksheet also prints 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 Multnomah / Portland Late Filing Interest and Penalty Worksheet when penalties or interest exist. If the
Late interest
,
Failure to file
, and
Failure to pay
 checkboxes are all marked, the Multnomah / Portland Late Filing Interest and Penalty Worksheet doesn't print.

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