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Screen ILPenC - Illinois Penalties and Interest (1120)

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General Information

Date return filed
If the date entered in this field 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 field is blank, it defaults to the due date (original or extended) of the return.
The application prints interest and penalty amounts, if applicable, on the bottom of Page 3 with the following identifying codes.
Code
Penalty
FTF
Failure to file
FTP
Failure to pay
INT
Interest due
note
Use this field to customize the date due in the filing instruction inserts. Enter the date you want to appear in 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 field is blank, the date defaults to the due date of the return (original or extended).
Prior year tax
Enter last year’s tax for C Corporations. The application uses this amount to calculate Form IL-2220 exceptions.
note
The application calculates the IL-2220 penalty for a short-year client.
Amount paid with return (Force)
Enter an amount if the return is being filed after the original due date and the total balance due as shown on Form IL-1120 is not being paid with the return. Zero (
0
) is a valid entry. The application uses this field to complete Form IL-2220, Step 4, Penalty Worksheet 1. If this field is blank, it defaults to the tax due on Form IL-1120.
Suppress penalties on return: Underpayment of estimated tax
Enter
X
 to suppress the printing of Form IL-2220 and the calculation of the Form IL-2220 penalty on the return. The application prints Form IL-2220 if this field is blank and the underpayment penalty is due.
Suppress penalties on return: Late interest
Enter
X
 to suppress the late payment interest on the return. The application prints the IL Late Filing Interest and Penalty Worksheet if this field is blank and late interest is due. The IL Late Filing Interest and Penalty Worksheet will also print if the Failure to file or Failure to pay field is blank and a failure to file / failure to pay penalty exists.
Suppress penalties on return: Failure to file
Enter
X
 to suppress the failure to file penalty on the return. The application prints the IL Late Filing Interest and Penalty Worksheet if this field is blank and a failure to file penalty is due. The IL Late Filing Interest and Penalty Worksheet will also print if the Late interest or Failure to pay field is blank and a failure to file / failure to pay penalty exists.
Suppress penalties on return: Failure to pay
Enter
X
 to suppress the failure to pay penalty on the return. The application prints the IL Late Filing Interest and Penalty Worksheet if this field is blank and a failure to pay penalty is due. The IL Late Filing Interest and Penalty Worksheet will also print if the Late interest or Failure to file field is blank and a failure to file / failure to pay penalty exists.
note
The application prints the IL 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 IL Late Filing Interest and Penalty Worksheet won’t print. To suppress the late interest, failure to file, and failure to pay penalties on the return, but print the worksheet, mark the
Late interest
,
Failure to file
, and
Failure to pay
 checkboxes. Select
Setup
, then
1120 Corporation
. In the
Illinois
 tab, select the
Tax Return
 button. Select the Late Filing Wrk and select the
Always if data
 option to force the application to always print the worksheet when it contains relevant data.

Annualized Income Installment Method

First 3 months
Enter the net income that would have been shown on Form IL-1120, Step 5, line 35 (net income) for the first 3 months of the year.
First 5 months
Enter the net income that would have been shown on Form IL-1120, Step 5, line 35 (net income) for the first 5 months of the year.
First 6 months
Enter the net income that would have been shown on Form IL-1120, Step 5, line 35 (net income) for the first 6 months of the year.
First 8 months
Enter the net income that would have been shown on Form IL-1120, Step 5, line 35 (net income) for the first 8 months of the year.
First 9 months
Enter the net income that would have been shown on Form IL-1120, Step 5, line 35 (net income) for the first 9 months of the year.
First 11 months
Enter the net income that would have been shown on Form IL-1120, Step 5, line 35 (net income) for the first 11 months of the year.
Cannabis surcharge
Enter an amount of the cannabis surcharge for each of the periods.

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