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Screen CACPen - California Composite Penalties and Interest (1120)

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General Information

Date return filed, if different from original due date of return
If the date entered here is later than the return due date, the application calculates the penalty for failure to pay, the penalty for failure to file, and the interest on the underpayment. If this is blank, the application defaults to the original due date of the return.
note
Use this 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 variable [date filed f/t] in place of the variable [due date ASAP f/t] in the filing instruction inserts. If this is blank, the date defaults to the due date of the return (original or extended). For additional information, see Client documents overview.
Prior year tax
Enter last year’s tax. The application uses this amount to calculate Form 5805 exceptions, except enter 110 percent of the prior-year tax if the prior-year California income included on the composite return is greater than $150,000.
note
The application doesn’t calculate the Form 5805 penalty for a short-year client.
Prior year less than 12 months, if different from the federal Pen screen
To properly calculate the amounts for Form 5805, enter
X
 if the preceding tax year was shorter than 12 months.
Suppress penalties on return: Underpayment of estimated tax
Enter
X
 to suppress the printing of Form 5805 and the calculation of the Form 5805 penalty on the return. The application prints Form 5805 and marks the Form 5805 checkbox on Side 2 of the return if this is blank and the underpayment penalty is due.
note
The applicdata ton prints Form 5805 whenever a penalty exists, even though this is inconsistent with the form’s instructions. If the underpayment of estimated tax suppression checkbox is marked, Form 5805 won’t print. To suppress the penalty but print the form, enter
X
 at
Underpayment of estimated tax
, select Setup then 1120 Corporation. In the California tab, select
Tax Return
. Select CA Form 5805 and then select
Always if data
force the application 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. The application prints the CA Composite Late Filing Interest and Penalty Worksheet if this is blank and late interest is due. The CA Composite Late Filing Interest and Penalty Worksheet will also print if
Failure to file
 or
Failure to pay
 are blank and a failure to file or failure to pay penalty exists.
note
The applicdata ton prints the CA Composite 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 CA Composite Late Filing Interest and Penalty Worksheet won’t print. To suppress the late interest, failure to file penalty, and failure to pay penalties on the return but print the worksheet, mark the
Late interest
,
Failure to file
, and
Failure to pay
checkboxes, and then select Setup then 1120 Corporation. In the California tab, select
Tax Return
. Select CA Composite Late Worksheet and then select
Always if data
force the application to always print the worksheet when it contains relevant data.
Suppress penalties on return: Failure to file
Enter
X
 to suppress the failure to file penalty on the return. The application prints the CA Composite Late Filing Interest and Penalty Worksheet if this is blank and the failure to file penalty is due. The CA Composite Late Filing Interest and Penalty Worksheet will also print if
Late interest
 or
Failure to pay
 are blank and late payment interest or a failure to pay penalty exists.
note
The application prints the CA Composite 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 CA Composite Late Filing Interest and Penalty Worksheet won’t print. To suppress the late interest, failure to file penalty, and failure to pay penalties on the return but print the worksheet, mark the
Late interest
,
Failure to file
, and
Failure to pay
checkboxes, and then select Setup then 1120 Corporation. In the California tab, select
Tax Return
. Select CA Comp Late Worksheet and then select
Always if data
 to force the application to always print the worksheet when it contains relevant data.
Suppress penalties on return: Failure to pay
Enter
X
 to suppress the failure to pay penalty on the return. The application prints the CA Composite Late Filing Interest and Penalty Worksheet if this is blank and the failure to pay penalty is due. The CA Composite Late Filing Interest and Penalty Worksheet will also print if
Late interest
 or
Failure to file
 are blank and late payment interest or a failure to file penalty exists.
note
The application prints the CA Composite 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 CA Composite Late Filing Interest and Penalty Worksheet won’t print. To suppress the late interest, failure to file penalty, and failure to pay penalties on the return but print the worksheet, mark the
Late interest
,
Failure to file
, and
Failure to pay
checkboxes, and then select Setup then 1120 Corporation. In the California tab, select
Tax Return
. Select CA Comp Late Worksheet and then select
Always if data
 to force the application to always print the worksheet when it contains relevant data.

Annualized Income Installment Method

Use this section to enter annualized income installment method information used to complete Form 5805.
Taxable income
To calculate the annualized income installment method, enter the taxable income earned for the 1st three, five, eight, and twelve months, respectively.
Tax credits
To calculate the annualized income installment method, enter the current-year tax credits for the 1st three, five, eight, and twelve months, respectively.
Mental services health tax
To calculate the annualized income installment method, enter the current-year mental services health tax for the 1st three, five, eight, and twelve months, respectively.

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