Screen VAPenS — Virginia Pass-Through Entity Penalties and Interest (1120)

General Information

If the date entered here is later than the return due date, the application calculates the penalty for failure to file. If this field is blank, it defaults to the original due date of the return.
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.
Enter
X
to suppress the late filing of Form 502 penalty on the return.
Enter
X
to suppress the withholding tax extension penalty 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
Penalty for late filing of withholding return
field is blank and late payment interest or a failure to file or the failure to pay penalty exists.
Enter
X
to suppress the late filing penalty on the return. The application prints the Late Filing Interest and Penalty Worksheet if this field is blank and late filing penalty is due. The Late Filing Interest and Penalty Worksheet also prints if the
Late Interest
or
Withholding tax extension penalty
field is blank and a late interest or an extension underpayment penalty exists.
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
Penalty for late filing of withholding return
or
Withholding tax extension penalty
field is blank and a failure to file or failure to pay penalty or an extension underpayment penalty exists.
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.

Annualized Income Installment Method (PTET)

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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