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Screen ARCPmt - Arkansas Composite Payments, Extension, Pen and Interest (1065)

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Payments

Prior year overpayment
Enter any prior-year overpayment in this box. UltraTax CS transfers the amount you enter to Form AR1000CR, line 9. Do not include this payment again in
1st payment
.
Total, or: / Specific payments if unequal or not timely: 1st - 5th payment
Enter the total of all estimates made for the tax year in
Total, or
. UltraTax CS transfers this amount to Form AR1000CR, line 9. To override the way UltraTax CS applies the total to all quarters, enter actual amounts of estimated tax in
1st payment
 through
5th payment
. If you enter amounts in any of the individual payment boxes, UltraTax CS ignores the value in
Total, or
 for purposes of calculating Form AR1000CR.
The first four boxes in the
Date
 column default to the respective quarters’ due dates and the fifth payment date defaults to the fourth-quarter date. If the payments were not made on the estimate due dates, enter the actual dates of payment in the boxes provided.
Treat calculated amounts as amounts paid / Calculated Amount
If the return was completed using last year’s version of UltraTax CS and estimates were calculated for the current year, UltraTax CS proformas the amounts to the
Calculated Amount
 boxes. If there has not been data entry for estimate payments, enter
X
 in
Treat calculated amounts as amounts paid
 to move the calculated amounts into the
Amount
 boxes.
Paid with extension
Each time you print the extension (via File, then Print Extensions), UltraTax CS :
  • calculates the extension payment amount and enters it in this box, and
  • prints this amount on the main return, not on the extension.
Alternatively, you can overrule the calculated amount by entering the amount actually paid with the current-year extension in this box. UltraTax CS then shows the new amount in black.
note
  • To delete the overruled amount and restore the original calculated amount, right-click the box and select
    Delete overrule
    .
  • To confirm the accuracy of the overruled amount, right-click the box and select
    Acknowledge overruled data
    . UltraTax CS then disables the acknowledge functionality from the right-click menu. To restore the original amount later, you will need to enter it manually.
  • If desired, you can set a user preference to mark boxes for which you overruled the calculated amounts and to list all overruled amounts in the
    Diagnostics
     window.

Extension

Calculate extension
If you leave this blank and run the extension utility, UltraTax CS automatically selects the extension form to be used. If the federal return is extended, Form AR1055-CR will not print because Arkansas accepts the federal Form 7004. If the federal return is not extended, Form AR1055-CR will print. Enter
1
 to use federal Form 7004 and not print Form AR1055-CR. Enter
2
 to print Form AR1055-CR. To print the extension, select
File
, then
Print Extensions
.
note
UltraTax CS also enters the applicable due date in
Extended due date
.
Extended due date
If you printed an extension by selecting
File
, then
Print Extensions
, or made a selection in
Calculate extension
, the extended due date automatically appears in this box. Otherwise, enter the date that is to be used as the extended due date in the filing instructions.
Balance due on extension (Force)
If you enter an amount in this box, UltraTax CS enters this amount on Form AR1055-CR, enters
2
 in
Calculate extension
, completes
Extended due date
, and displays the amount in
Paid with extension
.

Penalty and Interest

Date return filed
If the date you enter is later than the return due date, the penalties for failure to pay, failure to file, and late-payment interest calculate automatically. If you leave this blank, UltraTax CS defaults to the due date of the return.
Suppress penalties on return: Late interest
Enter
X
 to suppress the late payment interest on the return. UltraTax CS prints the AR Late Filing Interest and Penalty Worksheet if this is blank and late interest is due. The AR Late Filing Interest and Penalty Worksheet will also print if the
Failure to file
 or
Failure to pay
 boxes are blank and a failure to file or failure to pay penalty exists.
Suppress penalties on return: Failure to pay
Enter
X
 to suppress the failure to pay penalty on the return. UltraTax CS prints the AR Late Filing Interest and Penalty Worksheet if this is blank and the failure to pay penalty is due. The AR Late Filing Interest and Penalty Worksheet will also print if the
Late interest
 or
Failure to file
 boxes are blank and late payment interest or a failure to file penalty exists.
Suppress penalties on return: Failure to file
Enter
X
 to suppress the failure to file penalty on the return. UltraTax CS prints the AR Late Filing Interest and Penalty Worksheet if this is blank and the failure to file penalty is due. The AR Late Filing Interest and Penalty Worksheet will also print if the
Late interest
 or
Failure to pay
 bpxes are blank and late payment interest or a failure to pay penalty exists.
note
UltraTax CS prints the AR Late Filing Interest and Penalty Worksheet when penalties or interest exist. If the
Late interest
,
Failure to file
, and
Failure to pay
 boxes are all marked, the AR Late Filing Interest and Penalty Worksheet will not print.

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