Screen Pen - Penalties and Interest (1120)

General Information

If this field is blank, the application defaults to the original due date of the return. If the date entered in this field is after the corporate return due date, the application automatically calculates the penalty for failure to pay, the penalty for failure to file, and the interest on the late payment.
Enter last year's tax for C Corporations or year's passive income tax for S Corporations. The amount is used to calculate Form 2220 exceptions. Note that the 2220 penalty is calculated for a short-year return.
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