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Screen SCPen - South Carolina Penalties and Interest (1120)
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General Information
Date return filed, if different from original due date
Enter the date the return is filed. If this field is blank, it defaults to the original due date of the return. If the date entered here is later than the original return due date, the application calculates the penalty for failure to pay, and the interest on the underpayment.
note
The filing date entered in
Date return filed
is also used to calculate any underpayment penalties for Form SC2220 as well as interest and penalty on late filings. So, if the return was filed prior to the due date, enter the filing date in this field so the application can stop the calculation of interest and penalties as of the early filing date. If blank, this field defaults to the original corporate return due date, and the application calculates interest and penalties up to that return due.note
Use this field to customize the date due in the filing instruction inserts. Enter the date 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).
Prior year tax
Enter last year’s tax for C or S Corporations. The application uses this amount to calculate Form SC2220 exceptions.
note
Note: The application calculates the 2220 penalty for a short-year client.
Prior year license tax for tax accrual
Enter last year’s license fee tax. The amount of the application uses this to calculate the tax accrual.
Prior year less than 12 months, if different from federal Screen Pen
Enter
X
if the preceding tax year was shorter than 12 months.Large corporation (C Corp)
Enter
X
if the corporation or its predecessor had 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 SC2220 and the calculation of the Form SC2220 penalty on the return. The application prints the SC2220 if this field is blank and the underpayment penalty is due.note
The application prints Form SC2220 whenever a penalty exists, even though this is inconsistent with the form’s instructions. If the underpayment of estimated tax suppression field is marked, Form SC2220 doesn't print. To suppress the penalty, but never the form, enter
X
in Underpayment of estimated tax
, select Setup
, then 1120 Corporation
. In the South Carolina
tab, select Tax Return
. Select Form SC2220
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 SC Income Tax Late Filing Interest and Penalty Worksheet and the SC License Tax Late Filing Interest and Penalty Worksheet if this field is blank and late interest is due. The SC Income Tax Late Filing Interest and Penalty Worksheet and the SC License Tax Late Filing Interest and Penalty Worksheet also prints if the Failure to file
or Failure to pay
fields are blank and 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 SC Income Tax Late Filing Interest and Penalty Worksheet and the SC License Tax Late Filing Interest and Penalty Worksheet if this field is blank and the failure to file penalty is due. The SC Income Tax Late Filing Interest and Penalty Worksheet and the SC License Tax Late Filing Interest and Penalty Worksheet also print if the Late interest
or Failure to pay
fields are blank and late payment interest or 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 SC Income Tax Late Filing Interest and Penalty Worksheet and the SC License Tax Late Filing Interest and Penalty Worksheet if this field is blank and the failure to pay penalty is due. The SC Income Tax Late Filing Interest and Penalty Worksheet and the SC License Tax Late Filing Interest and Penalty Worksheet also print if the Late interest
or Failure to file
fields are blank and late payment interest or failure to file penalty exists.note
The application prints the SC Income Tax Late Filing Interest and Penalty Worksheet when penalties or interest exist. If the
Late interest
or Failure to file or pay
fields are both marked, the SC Income Tax Late Filing Interest and Penalty Worksheet doesn't print. To suppress the late interest and failure to file or pay penalty on the return, but print the worksheet, select the Late interest
and Failure to file or pay
fields, and then select Setup
, then 1120 Corporation
. In the South Carolina
tab, select Tax Return
. Select SC Income Late Worksheet
and select Always if data
to force the application to always print the worksheet when it contains relevant data.Annualized Income Installment Method
Annualized period elected for next year
To have the application calculate the annualized income installment method, enter a code from the following table or select one from this dropdown list.
Code | Annualization Period |
|---|---|
1 | The first two months for the first required installment, the first four months for the second required installment, the first seven months for the third required installment, and the first ten months for the fourth required installment. |
2 | The first three months for the first required installment, the first five months for the second required installment, the first eight months for the third required installment, and the first eleven months for the fourth required installment. |
3 | The first three months for the first required installment, the first three months for the second required installment, the first six months for the third required installment, and the first nine months for the fourth required installment. |
Taxable income
Enter the taxable income earned for the four periods that correspond to the option selected in
Annualized period elected for next year
.Tax (S Corp)
Enter the tax for S Corporations for the four periods that correspond to the option selected in
Annualized period elected for next year
.Other taxes
Enter the other taxes owed for the four periods that correspond to the option selected in
Annualized period elected for next year
.Credits
Enter the credits for which the corporation is entitled for the four periods that correspond to the option selected in
Annualized period elected for next year
.