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Screen WVPenC - West 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 automatically calculates the late payment penalty and the late payment interest on the underpayment. If you leave this field blank, it defaults to the original due date of the return. The application also uses this field to calculate any underpayment penalty on Form CNF-120U. If the return was filed prior to the due date, enter the filing date so the application can stop the calculation of underpayment penalty as of the early filing date.
note
Use this field to customize the date due on the filing instruction 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]
 on the filing instruction inserts. If this field is blank, the date defaults to the due date of the return (original or extended). For more information, see Client documents overview.
Prior year income tax
Enter the total prior year tax as reported on Forms CNF-120, Page 2. The application uses this information to calculate Form CNF-120U.
note
The application calculates the Form CNF-120U penalty for a short-year client.
Prior year less than 12 months, if different from the federal Pen screen
Enter
X
if the preceding tax year was shorter than 12 months. The application uses this information to calculate Form CNF-120U.
Waiver of underpayment penalty
Enter
X
 if the corporation is requesting a waiver of the underpayment penalty. When this field is marked, the application enters
X
 in the appropriate checkbox on Form CNF-120U and will no longer transfer the calculated penalty for underpayment of estimated tax to Form CNF-120.
Suppress penalties on return: Underpayment of estimated tax
Enter
X
 to suppress the calculation of the Form CNF-120U penalty on the return.
Suppress penalties on return: Late interest
Enter
X
 to suppress the late payment interest on the return. The application prints the WV Late Filing Interest and Penalty Worksheet if this field is blank and late interest is due. The WV Late Filing Interest and Penalty Worksheet also prints if the
Failure to file
 or
Failure to pay
 fields are blank and a 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 WV Late Filing Interest and Penalty Worksheet if this field is blank and the failure to file penalty is due. The WV Late Filing Interest and Penalty Worksheet also prints if the
Late interest
 or
Failure to pay
 fields are blank and a late payment interest or a 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 WV Late Filing Interest and Penalty Worksheet if this field is blank and the failure to pay penalty is due. The WV Late Filing Interest and Penalty Worksheet also prints if the
Late interest
 or
Failure to file
 fields are blank and late payment interest or a failure to file penalty exists.
note
The application prints the WV Late Filing Interest and Penalty Worksheet when penalties or interest exist. If the
Late interest, Failure to file
 and
Failure to pay
 checkboxes are all marked, the WV Late Filing Interest and Penalty Worksheet doesn't print. To suppress the late interest, failure to file penalty, and failure to pay penalties on the return, but print the worksheet, mark the
Late interest
,
Failure to file
, and
Failure to pay
 checkboxes, then select
Setup
,
1120 Corporation
, the
West Virginia
 tab, then
Tax Return
. Highlight
WV Late Filing Worksheet
 and select
Always if data
 to force the application to always print the worksheet when it contains relevant data.

Annualized Income Installment Method

Taxable income
Enter the total West Virginia taxable income earned for each period to calculate the CNF-120U, Annualized Income Installment section.
Income tax credits
Enter the total West Virginia corporate income tax credits for each period to calculate the CNF-120U, Annualized Income Installment section.

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