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Screen VACPen — Virginia Composite Penalties and Interest (1120)
Show all hidden content
General Information
Date return filed, if different from original due date of return
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 on the filing 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). Suppress penalties on return: Underpayment of estimated tax
Enter
X
to suppress the printing of Form 760C and the calculation of the Form 760C penalty on the return. The application prints Form 760C if this field is blank and the underpayment penalty is due.note
The application prints Form 760C whenever a penalty exists, even though this is inconsistent with the form’s instructions. If
Underpayment of estimated tax
is marked, Form 760C does not print. To suppress the penalty, but print the form:
- EnterXinUnderpayment of estimated tax
- SelectSetup, then1120 Corporation.
- On theVirginiatab, selectTax Return.
- HighlightForm VA 760Cand selectAlways if datato 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 VA Composite Late Filing Interest and Penalty Worksheet if this field is blank and late interest is due. The VA Composite Late Filing Interest and Penalty Worksheet also prints if Failure to file or failure to pay
or Extension underpayment
are blank and a failure to file or failure to pay penalty or extension underpayment penalty exists.Suppress penalties on return: Failure to file or failure to pay
Enter
X
to suppress the failure to file or the failure to pay penalty on the return. The application prints the VA Composite Late Filing Interest and Penalty Worksheet if this field is blank and the failure to file the failure to pay penalty is due. The VA Composite Late Filing Interest and Penalty Worksheet also prints if Late interest
or Extension underpayment
are blank and late interest or extension underpayment penalty exists.Suppress penalties on return: Extension underpayment
Enter
X
to suppress the Extension underpayment on the return. The application prints the VA Composite Late Filing Interest and Penalty Worksheet if this field is blank and the Extension underpayment penalty is due. The VA Composite Late Filing Interest and Penalty Worksheet also prints if Late interest
, Failure to file
, or Failure to pay
is blank and late interest or a failure to file penalty exists.note
The application prints the VA Composite Late Filing Interest and Penalty Worksheet when penalties or interest exist. If
Late interest
, Failure to file or
failure to pay
, and Extension underpayment
are all marked, the VA Composite Late Filing Interest and Penalty Worksheet does not print.
To suppress the late interest, failure to file penalty or the failure to pay penalties on the return, but print the worksheet:
- MarkLate interest,Failure to file, orFailure to pay, andExtension underpayment.
- SelectSetup, then1120 Corporation.
- On theVirginiatab, selectTax Return.
- Highlight theVA Composite Late Filing and Penalty Worksheet, then selectAlways if datan to force the application to always print the worksheet when it contains relevant data.
Annualized Income Installment Method
Adjusted gross income
Enter the amount of annualized gross income for each period. The application uses these amounts to determine whether the client qualifies for exception on Form 760C.