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Screen OJAKRPmt — Akron Payments and Extension (1120)

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Payments

Prior year overpayment
Enter any prior-year overpayment. The amount transfers to Page 1 of the return. Do not include this amount again in
1st payment
.
Total, or / Specific payments if unequal or not timely: 1st – 5th payment
Enter the total of all estimates made for the tax year in the
Total, or
 field. This amount transfers to Page 1 and applies equally to all quarters for purposes of calculating interest and penalties. To override the way the application applies the total to all quarters, enter the actual amount of estimated tax for the
1st payment
 through
5th payment
. Once amounts are entered in any of the individual payment fields, the application ignores the value in the
Total, or
 field for purposes of calculating interest and penalties.
Treat calculated amounts as paid
The estimated payments calculated in the prior year application proforma to the
Calculated Amount
 fields. Enter
X
 to transfer amounts from the
Calculated Amount
 column to the
Amount Paid
 column.
note
Amounts entered in the
Amount Paid
 column are not overwritten when the
Treat calculated amounts as paid
 checkbox is marked.
Paid with extension
Each time you go to
File
, then
Print Extension
 to print the extension, the application:
  • calculates the extension payment and enters it in this field
  • prints this amount on Form BR, Page 1.
Alternatively, you can overrule the calculated amount by entering the amount actually paid with the current-year extension in this field. The new amount is then displayed in black.
note
  • To delete the overruled amount and restore the original calculated amount, right-click the field and select
    Delete overrule
    .
  • To confirm the accuracy of the overruled amount, right-click the field and select
    Acknowledge overruled data
    . The application then turns off the acknowledge functionality from the right-click context menu. To restore the original amount later, you'll need to enter it manually.
  • You can set a user preference to mark fields for which you overruled the calculated amounts and to list all overruled amounts in the
    Diagnostics
     window.

Extension

Calculate extension
Enter
1
 or leave this field blank to calculate the extension utilizing federal Form 7004. When this option is selected, the Akron Application for Extension will not print since Akron accepts the federal extension when federal Form 7004 is attached to the Akron return when filed. In addition, when this option is selected, the
Extended due date
 field is updated to the last day of the month following the extended federal due date, and the application prints federal Form 7004 with the Akron return. Enter
2
 to calculate the extension utilizing the Akron Application for Extension. When this option is selected, the Akron Application for Extension is printed, and the application updates
Extended due date
 field to 6 months beyond the original due date of the return.
note
  • The applicable due date is entered in
    Extended due date
     whenever a selection is made in this field.
  • If you go to
    File
    , then
    Print Extensions
     to print the extension, the amount due is shown in
    Paid with extension
     in the Payments section.
Reason for extension
Enter the reason for extending Form BR in the statement. To enter a reason for extension that applies for all city clients in the application, select
Setup
,
1120 Corporation
, the
Ohio Cities
 tab, then
Extension
. If a reason for extension is entered in
Screen OJAKRPmt
, the reason for extension from the Extension statement does not print. If a reason for extension is not entered under the
Extension
 statement or in
Screen OJAKRPmt
, the standard line is printed on all extensions for this application: Additional time is requested to gather information to prepare a complete and accurate return.
Extension signature
Enter
1
 or leave this field blank to print the officer title in the signature area on the Akron Application for Extension. Enter
2
 to print the preparer title in the signature area on the Akron Application for Extension.
note
To select an option globally for all clients, select
Setup
,
1120 Corporation
, the
Ohio Cities
 tab,
Extension
, and enter a selection in the
Extension signature
 field. If either option is selected in the
Extension
 statement, the application shows the appropriate officer or preparer title on the Akron Application for Extension unless a different selection is made in
Screen OJAKRPmt
 for a specific client.
Extended due date
If you've printed a selection by going to
File
 then
Print Extensions
, or have entered an amount in either the
Balance due on extension (Force)
field or the
Tentative tax (Force)
 field, the extended due date automatically appears in this field. Otherwise, enter the date to be used as the extended due date when calculating the late filing penalties and in the filing instructions. If this field is blank, the application assumes that the return was not put on extension.
Tentative tax (Force)
Enter an amount, including
0
 (zero), if you want to override (force) the calculated amount on the Akron Application for Extension, line 1. The application calculates the balance due on extension based on the amount entered in this field, less any payments.
Balance due on extension (Force)
If an amount is entered, the application calculates the amount of total tax using the estimated payments entered, completes the
Extended due date
 and places the amount entered in the Payments section.

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