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Screen VAPenC — Virginia Penalties and Interest (1120)

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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 field is blank, it defaults to the original due date of the return.
note
Use this field to customize the date due in the filing instruction or filing instruction inserts. In this field, enter the date you want to appear in the filing instruction or filing instruction insert, and then insert the variable [
date filed f/t]
 in place of the variable [
due date ASAP f/t
] in the filing instruction or filing instruction insert. If this field is blank, the date defaults to the due date of the return (original or extended).
Prior year tax for tax accrual
The application uses this amount to calculate Form 500C exceptions.
note
The application calculates the 500C penalty for a short-year client.
Tax on last year’s income using current year’s tax rates
Enter the amount of tax that would have been due if last year’s tax had been calculated using this year’s rates. This amount is used on Form 500C to determine whether the client qualifies for Exception 2.
Suppress penalties on return: Underpayment of estimated tax
Enter
X
 to suppress the printing of Form 500C and the calculation of the Form 500C penalty on the return. The application prints Form 500C if this field is blank and the underpayment penalty is due.
note
The application prints Form 500C whenever a penalty exists, even though this is inconsistent with the form’s instructions. If
Underpayment of estimated tax
is marked, Form 500C doesn’t print. To suppress the penalty, but print the form:
  1. Enter
    X
     in the
    Underpayment of estimated tax
     field.
  2. Select Setup, then 1120 Corporation.
  3. On the Virginia tab, select Tax Return.
  4. Highlight
    Form VA 500C
     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 Late Filing Interest and Penalty Worksheet if this field is blank and late interest is due. The Late Filing Interest and Penalty Worksheet also prints if the
Failure to file and failure to pay
 or
Extension underpayment
 field is blank and a failure to file or failure to pay penalty or an extension underpayment penalty exists.
Suppress penalties on return: Failure to file
Enter
X
 to suppress the failure to file or the failure to pay penalty on the return. The application prints the Late Filing Interest and Penalty Worksheet if this field is blank and the failure to file or the failure to pay penalty is due. The Late Filing Interest and Penalty Worksheet also prints if the
Late interest
 or
Extension underpayment
 field is blank and late payment interest or an extension underpayment penalty exists.
Suppress penalties on return: Extension underpayment
Enter
X
 to suppress the Extension underpayment on the return. The application prints the Late Filing Interest and Penalty Worksheet if this field is blank and the Extension underpayment penalty is due. The Late Filing Interest and Penalty Worksheet also prints if the
Late interest
 or
Failure to file
field is blank and late payment interest or a failure to file or the failure to pay penalty exists.
note
The application prints the Late Filing Interest and Penalty Worksheet when penalties or interest exist. If the
Late interest
,
Failure to file and failure to pay
 and
Extension underpayment
 fields are all marked, the Late Filing Interest and Penalty Worksheet doesn't print. To suppress the late interest penalties on the return, but print the worksheet:
  1. Mark the
    Late interest
    ,
    Failure to file and failure to pay
    , and
    Extension underpayment
     fields
  2. Select
    Setup
    , then
    1120 Corporation
    .
  3. On the
    Virginia
     tab, select
    Tax Return
    .
  4. Highlight the VA Late Filing and Penalty Worksheet and select the
    Always if data
     option to force the application to always print the worksheet when it contains relevant data.

Annualized Income Installment Method

Tax on annualized income
Enter the amount of annualized income tax liability for each quarter. The application uses these amounts to determine whether the client qualifies for Exception 3 on Form 500C.

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