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Screen ARFPen - Arkansas Franchise Tax Penalties and Interest (1120)

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General Information

Date return filed, if different from original due date
If the date entered here is later than the return due date, the application calculates the penalty and interest on the Corporation Franchise Tax Report. If this field is blank, it defaults to the original due date of the return.
note
Use this field to customize the date due on the filing instruction inserts. Enter the date you want to appear on the filing instruction inserts, and then insert the date filed in place of the due date ASAP in the filing instruction inserts. If this field is blank, the date defaults to the due date of the return (original or extended).
Prior year franchise tax for tax accrual
Enter prior-year franchise tax as reported on the Annual Corporation Franchise Tax Report or Annual LLC Franchise Tax Report. The application uses this amount during tax accrual when the following are entered in federal Screen TaxAc1:
  • X is entered in the
    Accrue state and city tax
    field
  • 3 is entered in the
    Arkansas: Franchise tax
     field.
Suppress penalties on Franchise Tax Report: Late interest
Enter X to suppress the late payment interest on the return. The application prints the AR Franchise Late Filing Interest and Penalty Worksheet if this field is blank and late interest is due. The AR Franchise Late Filing Interest and Penalty Worksheet also prints if the
Failure to file
 is field blank and there's a failure to file penalty.
Suppress penalties on Franchise Tax Report: Failure to file
Enter X to suppress the failure to file penalty on the return. The application prints the AR Franchise Late Filing Interest and Penalty Worksheet if this field is blank and the failure to file penalty is due. The AR Franchise Late Filing Interest and Penalty Worksheet also prints if the
Late interest
 field is blank and there's late payment interest.
note
The application prints the AR Franchise Late Filing Interest and Penalty Worksheet when there are penalties or interest. If the
Late interest
 and
Failure to file
 checkboxes are both marked, the AR Franchise Late Filing Interest and Penalty Worksheet doesn't print. To suppress the late interest and failure to file penalty on the return, but print the worksheet, mark the
Late interest
 and
Failure to file
checkboxes, and then select
1120 Corporation
 under
Setup
. In the
Arkansas
 tab, select
Tax Return
. Select the AR Franchise Late Filing Worksheet and select the
Always if data
 option to force the application to always print the worksheet when it contains relevant data.

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