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Screen MAUPen - Massachusetts Unitary Penalties and Interest (1120)

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Overview

Use this screen to complete Form M-2220, Underpayment of Massachusetts Estimated Tax by Corporations, and the MA Unitary Late Filing Interest and Penalty Worksheet. To use this screen, you'll need to mark the
Principal reporting corporation
 checkbox in the Massachusetts tab of the Client Properties window in the principal reporting corporation client only.
This screen is a multiple-unit input screen. The first unit of the input screen is always for the principal reporting corporation responsible for filing the unitary return for the group. A separate unit of the unitary input screens should be added for each affiliated corporation. For each affiliate, a unique unit number is assigned to the input screens in the Unitary folder.
The application lets you share Massachusetts Combined Return information from the affiliate returns to the principal reporting corporation’s return for members of a unitary group. For each affiliate to share data with the principal reporting corporation filing Form 355U for the unitary group, you'll need to enter the principal reporting corporation EIN in the Massachusetts tab of the Client Properties window. Don't mark the
Principal reporting corporation
 checkbox. You'll need to print preview each affiliate’s return to store combined return information for data sharing.

General Information

Date return filed, if different from original due date
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 box is blank, it defaults to the original due date of the return.
note
Use this box to customize the date due in the filing instruction inserts. Enter the date you want to appear in the filing instruction inserts. 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 box is blank, the date defaults to the due date of the return (original or extended).
Prior year tax
Enter the prior year’s tax amount in this box to calculate the underpayment penalty on Form M-2220.
note
Note: The application will calculate the M-2220 penalty for a short-year client.
Ninety percent of current year tax using prior year apportionment
Enter ninety percent of the current year tax using the prior year apportionment percentage. This amount is used to determine the tax liability subject to the underpayment penalty.
New corporation and less than 10 employees
Enter
X
 for new corporations with fewer than 10 employees. The application marks the checkbox on Form M-2220 and calculates the underpayment using the lower payment percentages.
Large corporation
Enter
X
 if the corporation or its predecessor had federal taxable income of $1 million or more for any of the three tax years immediately preceding the current tax year.
Suppress penalties on return: Underpayment of estimated tax
Enter
X
 to suppress the printing of Form M-2220 and the calculation of the Form M-2220 penalty on the return. The application prints Form M-2220 if this box is blank and the underpayment penalty is due.
note
If the
Underpayment of estimated tax
suppression box is marked, Form M-2220 won't print. To suppress the penalty but print the form, enter
X
 in
Underpayment of estimated tax
, then select Setup, 1120 Corporation. In the Massachusetts tab, select the Tax Return. Select MA Form M-2220 and select
Always if data
 to 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 MA Unitary Late Filing Interest and Penalty Worksheet if this box is blank and late interest is due. The worksheet also prints if the
Failure to file
or
Failure to pay
 boxes 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 MA Unitary Late Filing Interest and Penalty Worksheet if this box is blank and the failure to file penalty is due. The worksheet also prints if the
Late interest
 or
Failure to pay
 boxes 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 MA Unitary Late Filing Interest and Penalty Worksheet if this box is blank and the failure to pay penalty is due. The worksheet also prints if the
Late interest
 or
Failure to file
 boxes are blank and late payment interest or a failure to file penalty exists.
note
The application prints the MA Unitary Late Filing Interest and Penalty Worksheet when penalties or interest exists. If the
Late interest
,
Failure to file
, and
Failure to pay
 boxes are all marked, the MA Unitary 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
 boxes, and then select Setup, 1120 Corporation. In the Massachusetts tab, select Tax Return. Select MA Unitary Late Filing Worksheet and select
Always if data
 to force the application to always print the worksheet when it contains relevant data.

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