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Screen KYLXPen - Lexington Penalties and Interest (1120)

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General Information - Lexington Urban

Date return filed, if different from original due date
If the date entered in this field is later than the return due date, the application automatically calculates the late payment penalty and the late payment interest on the underpayment. If this field is blank, the application defaults to the due date of the return (original or extended). This field is also used to calculate any underpayment penalty on the Underpayment of Estimated Tax Worksheet. If the return is filed prior to the due date, enter the filing date in this field so that the application stops the calculation of underpayment penalty as of the early filing date.
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). For more information, refer to the Client documents overview.
Suppress penalties on return: Late interest
Enter
X
 to suppress the late payment interest on the return. The application prints the Lexington-Fayette Late Filing Worksheet if this field is blank and late interest is due. The Lexington-Fayette Late Filing 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. The application prints the Lexington-Fayette Late Filing Worksheet if this field is blank and the failure to file penalty is due. The Lexington-Fayette Late Filing Worksheet also prints if the
Late 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. The application prints the Lexington-Fayette Late Filing Worksheet if this field is blank and the failure to pay penalty is due. The Lexington-Fayette Late Filing Worksheet also prints if the
Late interest
 or
Failure to file
fields are blank and late payment interest or a failure to file penalty exists.
note
The application prints the Lexington-Fayette Late Filing Worksheet when penalties or interest exist. If the
Late interest
 and
Failure to pay
 checkboxes are both marked, the Lexington-Fayette Late Filing Worksheet does not print. To suppress the late interest and failure to pay penalties on the return, but print the worksheet, mark the
Late interest
 and
Failure to pay
 checkboxes, and then choose Setup then 1120 Corporation. In the Kentucky tab, select the
Tax Return
 button. Highlight LX Late Filing Wrk and select the
Always if data
 option to force the application to always print the worksheet when it contains relevant data.

General Information - School Board

Date return filed, if different from original due date
If the date entered in this field is later than the return due date, the application automatically calculates the late payment penalty and the late payment interest on the underpayment for Form 228-S. If this field is blank, the application defaults to the due date of the return (original or extended).
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 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). For more information, refer to the Client documents overview.
Suppress penalties on return: Late interest
Enter
X
 to suppress the late payment interest on the return.
Suppress penalties on return: Failure to file
Enter
X
 to suppress the failure to file penalty on the return.

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