Skip to main content

Legal

Tax & Accounting

Trade & Supply

Risk & Fraud

News & Media

Books

Developers

Screens

Screen MEPen - Maine Penalties and Interest (1120)

General Information

If the date entered in this field is later than the return due date, the penalty for failure to pay and interest on the underpayment is automatically calculated. If this field is blank, it defaults to the original due date of the return.
Enter the prior year tax after allowable business credits. This amount is used to calculate the underpayment penalty. Enter
0
 (zero) in this field if a return was filed last year with 0 tax liability.
Enter
X
 if the preceding tax year was less than 12 months. This information is used to calculate Form 2220ME.
Enter
X
 if this is a large corporation.
Enter
X
 to suppress the printing of Form 2220ME and the calculation of the Form 2220ME penalty on the return. Form 2220ME prints if this field is blank and the underpayment penalty is due.
Enter
X
 to suppress the late payment interest on the return. The Maine Late Filing Interest and Penalty Worksheet prints if this field is blank and late interest is due. The Maine Late Filing Interest and Penalty Worksheet will also print if the
Failure to file
 or
Failure to pay
 fields are blank and a failure to file or failure to pay penalty exists.
Enter
X
 to suppress the failure to file penalty on the return. The Maine Late Filing Interest and Penalty Worksheet prints if this field is blank and the failure to file penalty is due. The Maine Late Filing Interest and Penalty Worksheet will also print if the
Late interest
 or
Failure to pay
 fields are blank and late payment interest or a failure to pay penalty exists.
Enter
X
 to suppress the failure to pay penalty on the return. The Maine Late Filing Interest and Penalty Worksheet prints if this field is blank and the failure to pay penalty is due. The Maine Late Filing Interest and Penalty Worksheet will also print if the
Late interest
 or
Failure to file
 fields are blank and late payment interest or a failure to file penalty exists.
Chat now

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close