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Screen NYPen - New York Penalties and Interest (1120)

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General Information

Date return filed, if different from original due date
If the date entered in this field is later than the return due date, the penalty for failure to pay, the penalty for failure to file, and the interest on the underpayment automatically calculate. If this field is blank, the application defaults to the original due date of the return.
note
Use this field to customize the date due in the filing instruction inserts. Enter the date you want to appear on 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.
Form CT-183 date return filed, if different from original due date (C Corp)
If the date entered in this field is later than the return due date, the penalty for failure to pay, the penalty for failure to file, and the interest on the underpayment automatically calculate. If this field is blank, the application defaults to the original due date of the return.
note
Use this field to customize the date due in the filing instruction inserts. Enter the date you want to appear on 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.
Prior year tax
Enter last year’s tax for C Corporations and S Corporations. This amount is used to calculate Form CT-222 exceptions.
note
The application calculates the Form CT-222 penalty for a short-year client.
Large corporation (C Corp)
Select this field if the corporation qualifies as a large corporation. 100 percent is used to calculate the current-year underpayment and it doesn’t use Form CT-222, exceptions 1 or 2. Otherwise, it is assumed this is not a large corporation and uses 91 percent to calculate the current-year underpayment and all exceptions.
Suppress penalties on return: Underpayment of estimated tax
Enter
X
 to suppress the printing of Form CT-222 and the calculation of the Form CT-222 penalty on the return. Form CT-222 prints and Form CT-222 checkbox is marked on the return if this field is blank and the underpayment penalty is due.
note
Form CT-222 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, Form CT-222 doesn’t print. To suppress the penalty, but print the form, enter
X
 in the
Underpayment of estimated tax
 field, select
Setup
 then
1120 Corporation
. In the New York tab, select the Tax Return button. Highlight NY Form CT-222 and select the
Always if data
 option to force the form to always print when it contains relevant data.
Suppress penalties on return: Late interest
Enter
X
 to suppress the late payment interest on the return. The NY Late Filing Interest and Penalty Worksheet prints if this field is blank and late interest is due. The NY 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. The NY Late Filing Interest and Penalty Worksheet prints if this field is blank and the failure to file penalty is due. The NY Late Filing Interest and Penalty 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 NY Late Filing Interest and Penalty Worksheet prints if this field is blank and the failure to pay penalty is due. The NY Late Filing Interest and Penalty 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
Note: The NY Late Filing Interest and Penalty Worksheet prints when penalties or interest exist. If the
Late interest
,
Failure to file
, and
Failure to pay
 checkboxes are all marked, the NY Late Filing Interest and Penalty Worksheet doesn’t print. To suppress the late interest, failure to file penalty, and failure to pay penalties on the return, but print the worksheet, select the
Late interest
,
Failure to file
, and
Failure to pay
checkboxes, and then select
Setup
 then
1120 Corporation
. In the New York tab, select the Tax Return button. Highlight NY Late Filing Worksheet and select the
Always if data
 option to force the worksheet to always print when it contains relevant data.

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