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Screen ORCPmt - Oregon Composite Payments, Ext, Pen and Int (1065)

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Payments

Enter total, or / 1st - 5th payment
Enter the total of all estimates made for the current tax year in
Total, or
. To override the way UltraTax CS applies the total to all quarters, enter actual amounts of estimated tax in the
1st payment
through
5th payment
 boxes. If you enter amounts in any of the individual payment boxes, UltraTax CS ignores the face value in
Total, or
for purposes of calculating Forms OR-OC and Schedules OR-OC1 and OR-OC2.
Treat calculated amounts as amounts paid / Calculated Amount
If the return was completed using last year’s application and estimates were calculated, UltraTax CS proformas the amounts into the
Calculated Amount
 boxes. If there hasn't been data entry for estimate payments, enter
X
 in
Treat calculated amounts as amounts paid
to move the calculated amounts into the
Amount Paid
 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 displays 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 turns off the acknowledge functionality from the right-click menu. To restore the original amount later, you'll 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 box blank and run the extension utility, UltraTax CS automatically selects the extension form to be used. If the federal return is extended and there's no balance due on the state return, Form OR-OC-V won't print because Oregon accepts the federal Form 7004. If the federal return is extended and there's a balance due on the state return, OR-OC-V will print. If the federal return isn't extended, Or-OC-V will print.
Enter
1
to use federal Form 7004 and not print Form OR-OC-V. Enter
2
to print Form OR-OC-V. To print the extension, select File, then Print Extensions.
Extended due date
If you've printed an extension by select File, then Print Extensions, the extended due date automatically appears in this box. The extended due date also is reflected in the filing instructions.
Balance due on ext (Force)
If an amount is in this box, UltraTax CS displays this amount on the extension, completes
Extended due date
, and displays the amount in
Paid with extension
.

Penalties and Interest

Date return filed
If the date entered in this box is later than the return due date, UltraTax CS automatically calculates the penalties for failure to pay and failure to file and the interest on the underpayment. If this box is blank, it defaults to the calculated 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 OC Late Filing Interest and Penalty Worksheet if this box is blank and late interest is due. The OC Late Filing Interest and Penalty Worksheet also prints 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 file
Enter
X
 to suppress the failure to file penalty on the return. UltraTax CS prints the OC Late Filing Interest and Penalty Worksheet if this box is blank and the failure to file penalty is due. The OC Late Filing Interest and Penalty Worksheet also prints if the
Late interest
 or
Failure to pay
 boxes are blank and the late payment interest or a failure to pay penalty exist.
Suppress penalties on return: Failure to pay
Enter
X
 to suppress the failure to pay penalty on the return. UltraTax CS prints the OC Late Filing Interest and Penalty Worksheet if this box is blank and the failure to pay penalty is due. The OC Late Filing Interest and Penalty Worksheet also prints if the
Late interest
 or
Failure to file
 boxes are blank and late payment interest or a failure to file penalty exists.
note
UltraTax CS prints the OC 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 OC Late Filing Interest and Penalty Worksheet doesn't print.

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