Penalties and interest after 2 years
UltraTax CS only calculates penalties for 2 years after the tax year of the return. For example, a return prepared in UltraTax CS
2025
can calculate penalties through 2027
.After 2 years, you need to either calculate penalties manually or file the return without penalties and allow the IRS to send a bill.
You can only add or update interest rates for the years and quarters that are listed under
Setup
, then the return type, then the Federal
tab. UltraTax CS will update those interest rates automatically.
