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Screen TNExt - Tennessee Extension, Penalties and Interest (1065)

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Extension

Calculate extension
If you leave this field blank and run the extension utility, UltraTax CS automatically selects the extension form to be used. If the federal return is extended and there is no balance due on the state return, UltraTax CS will not print Form 251 because Tennessee accepts the federal Form 7004. If the federal return is extended and there is a balance due on the state return, UltraTax CS will print Form 251. If the federal return is not extended,UltraTax CS will print Form 251. Enter
1
to force the application to use federal Form 7004. Enter
2
 to have UltraTax CS calculate the extension at 100 percent of the current year liability using Form 251. To print the extension, choose File then Print Extensions.
Extended due date
When an extension is printed by choosing File then Print Extensions, the extended due date automatically appears in this field. When this field is completed and the
Date return filed
field is blank, UltraTax CS uses the date in this field to calculate penalties and interest. The extended due date also is reflected in the filing instructions.
Amount paid with extension
Each time you print the extension (via the File > Print Extensions option), UltraTax CS:
  • calculates the extension payment amount and enters it in this field, 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 field. UltraTax CS then displays the new amount in black.
note
  • To delete the overruled amount and restore the original calculated amount, right-click the field and choose Delete overrule.
  • To confirm the accuracy of the overruled amount, right-click the field and choose 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 fields for which you overruled the calculated amounts and to list all overruled amounts in the Diagnostics window.
Balance due on extension (Force)
When you enter an amount, UltraTax CS displays this amount on the extension as balance due, completes the
Extended due date
field, and enters the amount in the
Amount paid with extension
field.

Penalties and Interest

Date return filed
If the date entered is later than the return due date, UltraTax CS automatically calculates the late-filing penalty and the interest on the underpayment. When this field and the
Extended due date
field are blank, it defaults to the due date of the return.
Suppress penalties and interest: Late interest
Enter
X
 to suppress the late payment interest on the return. UltraTax CS prints the TN Late Filing Interest and Penalty Worksheet if this field is blank and late interest is due. The TN 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 and interest: Failure to file
Enter
X
 to suppress the failure to file penalty on the return. UltraTax CS prints the TN Late Filing Interest and Penalty Worksheet if this field is blank and the failure to file penalty is due. The TN Late Filing Interest and Penalty Worksheet also prints if the
Late interest
 or
Failure to pay
 fields are blank and late payment interest or a failure to pay penalty exists.
Suppress penalties and interest: Failure to pay
Enter
X
 to suppress the failure to pay penalty on the return. UltraTax CS prints the TN Late Filing Interest and Penalty Worksheet if this field is blank and the failure to pay penalty is due. The TN 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
UltraTax CS prints the TN 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 TN Late Filing Interest and Penalty Worksheet does not print.

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