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Screen GAPen - Georgia Penalties and Interest (1120)

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Penalties and Interest

Date return filed, if other than due date of return
If the date entered here is later than the return due date, the application automatically calculates the penalty for failure to pay, the penalty for failure to file, and the interest on the underpayment. If this field is blank, it defaults to the original due date of the return.
note
Use this field to customize the date due in the filing instructions or filing instruction inserts. In this field, enter the date you want to appear in the filing instructions or filing instruction inserts, and then insert the variable [date filed f/t] in place of the variable due date [due date ASAP f/t] in the filing instructions or filing instruction inserts. If the field is blank, the due date defaults to the due date of the return (original or extended).
Prior year tax
Enter the prior-year tax in this field. This information is used to satisfy the underpayment of estimated tax penalty exception. The application does not allow
0
 (zero) to be placed in this field. If prior year tax was zero, the corporation does not qualify for the penalty exception.
note
The application calculates a penalty for a short-year client.
Prior year net worth tax for tax accrual
Enter the prior year’s net worth tax amount in this field. This amount is used to calculate the tax accrual.
Prior year less than 12 months, if different from the federal Pen Screen
Enter
X
if the preceding tax year was shorter than 12 months. This information is used in determining whether a prior year exception to the underpayment of estimated tax applies.
Suppress penalties on return: Underpayment of estimated tax
Enter
X
 to suppress the printing of the GA Underpayment of Estimated Tax Penalties Worksheet and the calculation of the GA Underpayment of Estimated Tax Penalties Worksheet on the return. GA Underpayment of Estimated Tax Penalties Worksheet prints if this field is blank and the underpayment penalty is due.
note
GA Underpayment of Estimated Tax Penalties Worksheet prints whenever a penalty exists, even though this is inconsistent with the form’s instructions. If the underpayment of estimated tax suppression checkbox is marked, the GA Underpayment of Estimated Tax Penalties Worksheet does not print. To suppress the penalty, but print the form, enter
X
 in the
Underpayment of estimated tax
 field, choose Setup then 1120 Corporation. In the Georgia tab, select the Tax Return button. Highlight the GA Underpayment of Estimated Tax Penalties Worksheet and select the
Always if data
 option to force the application to always print the worksheet when it contains relevant data.
Suppress penalties on return: Late payment interest
Enter
X
 to suppress the late payment interest on the return. GA Income Tax Late Filing Interest and Penalty Worksheet prints if this field is blank and late interest is due. The GA Income Tax Late Filing Interest and Penalty Worksheet also prints if the
Failure to file
 or
Failure to pay
 fields 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. GA Income Tax Late Filing Interest and Penalty Worksheet prints if this field is blank and the failure to file penalty is due. The GA Income Tax Late Filing Interest and Penalty Worksheet also prints if the
Late payment interest
 or
Failure to pay
 fields are blank and late payment interest or a failure to pay penalty exists.
Suppress penalties on return: Failure to pay
Enter
X
 to suppress the failure to pay penalty on the return. GA Income Tax Late Filing Interest and Penalty Worksheet prints if this field is blank and the failure to pay penalty is due. The GA Income Tax Late Filing Interest and Penalty Worksheet also prints if the
Late payment interest
 or
Failure to file
 fields are blank and late payment interest or a failure to file penalty exists.
note
GA Income Tax Late Filing Interest and Penalty Worksheet prints when penalties or interest exist. If the
Late payment interest
,
Failure to file
, and
Failure to pay
 checkboxes are all marked, the GA Income Tax Late Filing Interest and Penalty Worksheet does not 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 choose Setup then 1120 Corporation. In the Georgia tab, select the Tax Return button. Select Late Filing Work and choose the
Always if data
 option to force the application to always print the worksheet when it contains relevant data.

Annualized Income Installment Method

Tax on annualized current year income
If the client uses the annualized income installment method, then enter amounts in the
Tax on annualized current year income
fields for each period. If an amount for a period is zero, leave that field blank. If you enter an amount in any of these fields, all other exceptions are ignored for purposes of calculating the penalty for underpayment of estimated tax.

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