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Screen UTPmt - Utah Payments, Extensions, Use Tax, Penalties and Interest (1065)

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Payments

Amount paid with extension
Each time you print the extension (via File then Print Extensions), UltraTax CS:
  • calculates the extension payment amount and enters it here, 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 here. UltraTax CS then shows 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 verify the accuracy of the overruled amount, right-click the box and select
    Acknowledge overruled data
    . UltraTax CS then disables the acknowledge functionality from the menu. To restore the original amount later, you will need to enter it manually.
  • ou can set a customer preference to mark fields for which you overruled the calculated amounts and to list all overruled amounts in the Diagnostics window.

Overpayment

Application of current year overpayment
These code options instruct UltraTax CS how to apply any current year overpayment for Form TC-65 - Utah Partnership / Limited Liability Partnership / Limited Liability Company Return. To enter the application of current year overpayment one time for all new clients, select
Setup
,
1065 Partnership
, the Utah tab, and then
New Client Options
. The overpayment options are listed in the dropdown and in the table that follows.
Code
Result
1
Refund 100 percent of the overpayment. This is the default option.
2
Apply 100 percent of the overpayment to next year.
5
This option applies the overpayment shown in
Amount for code #5
 to next year, and refunds any excess.

Extension

Calculate extension
To calculate Form TC-559, Corporation / Partnership Payment Coupon, enter a code from the following table or press F4 to see the dropdown of available options. To print the extension, select
File
 then
Print Extensions
.
Code
Description
1
Use 100 percent of current year liability (default).
2
Use 90 percent of current year liability.
3
100 percent of prior year tax.
note
UltraTax CS also enters the due date in
Extended due date
and any payment due in
Amount paid with extension
.
Extended due date
If you've printed an extension by selecting
File
 then
Print Extensions
 or entered a code for
Calculate extension
, the extended due date automatically appears. When this is completed and
Date return filed
 is blank, UltraTax CS uses the date here to calculate penalties and interest. The extended due date is also reflected in the filing instructions.
Balance due on extension (Force)
If you enter an amount, UltraTax CS shows this amount on Form TC-559, completes
Extended due date
, and shows the amount in the
Amount paid with extension
.

Penalties and Interest

Date return filed
If the date entered here is later than the return due date, UltraTax CS automatically calculates the failure to file penalty, failure to pay penalty, and late-filing interest. If you leave this blank, it defaults to the due date of the return. UltraTax CS calculates interest and penalty amounts, if applicable, on the UT Late Filing Interest and Penalty Worksheets and transfers these amounts to Form TC-65, line 10.
Suppress penalties on return: Late interest
Enter
X
 to suppress the late payment interest on the return. UltraTax CS prints the UT Late Filing Interest and Penalty Worksheets if this is blank and late interest is due. The UT Late Filing Interest and Penalty Worksheets also print if
Failure to file
,
Failure to pay
, or
Extension underpayment penalty
 are blank and a failure to file, failure to pay, or extension underpayment 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 UT Late Filing Interest and Penalty Worksheets if this is blank and the failure to file penalty is due. The UT Late Filing Interest and Penalty Worksheets also print if
Late interest
,
Failure to pay
, or
Extension underpayment penalty
 are blank and late payment interest, failure to pay, or extension underpayment 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 UT Late Filing Interest and Penalty Worksheets if this is blank and the failure to pay penalty is due. The UT Late Filing Interest and Penalty Worksheets also print if
Late interest
,
Failure to file
, or
Extension underpayment penalty
 are blank and late payment interest, failure to file, or extension underpayment penalty exists.
Suppress penalties on return: Extension underpayment penalty
Enter
X
 to suppress the extension underpayment penalty on the return. UltraTax CS prints the UT Late Filing Interest and Penalty Worksheets if this is blank and the extension underpayment penalty is due. The UT Late Filing Interest and Penalty Worksheets also print if
Late interest
,
Failure to file
, or
Failure to pay
 are blank and late payment interest, failure to file, or failure to pay penalty exists.
note
UltraTax CS prints the UT Late Filing Interest and Penalty Worksheets when penalties or interest exist. If
Late interest
,
Failure to file
,
Failure to pay
, and
Extension underpayment penalty
are all marked, the UT Late Filing Interest and Penalty Worksheets don’t print.

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