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Screen ARPen - Arkansas 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 penalty for failure to pay, the penalty for failure to file, and the interest on the underpayment. If this field is blank, it defaults to the original due date of the return. For S Corporations, the application prints interest and penalty amounts, if applicable, on the bottom of Page 1.
note
Use this field to customize the date due in the filing instruction inserts. Enter the date you want to appear in the filing instruction inserts, and then insert the date filed in place of the variable due date ASAP in the filing instruction inserts. If this field is blank, the date defaults to the due date of the return (original or extended).
Prior year tax
Enter last year’s tax for C Corporations. Enter last year’s passive income tax for S Corporations. The application uses this amount to calculate Form AR2220 exceptions and for Form AR2220, Part I, line 2b, and to qualify for exception (e) if 0 (zero) is entered and if the Prior year less than 12 months field isn't marked.
Qualify for farm exception
Enter X to qualify for exception (1) on Form AR2220.
Exception for casualty, disaster, or other unusual circumstances
Enter X to qualify for exception (4) on Form AR2220.
Exception due to reasonable cause
Enter X to qualify for exception (5) on Form AR2220.
Suppress penalties on return: Underpayment of estimated tax
Enter X to suppress the printing of Form AR2220 and the calculation of the Form AR2220 penalty on the return. The application prints Form AR2220 if this field is blank and the underpayment penalty is due.
note
The application prints Form AR2220 whenever a penalty exists, even though this is inconsistent with the form’s instructions. If the underpayment of estimated tax suppression checkbox is marked, Form AR2220 does not print. To suppress the penalty, but print the form, enter X in the
Underpayment of estimated tax
field. Select Setup
then 1120 Corporation
. In the Arkansas
tab, select Tax Return
. Highlight AR Form AR2220 and select the Always if data
option to force the application to always print the form when it contains relevant data.Suppress penalties on return: Late interest
Enter X to suppress the late payment interest on the return. The application prints the AR Late Filing Interest and Penalty Worksheet if this field 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
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 AR Late Filing Interest and Penalty Worksheet if this field is blank and the failure to file penalty is due. The AR 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 on return: Failure to pay
Enter X to suppress the failure to pay penalty on the return. The application prints the AR Late Filing Interest and Penalty Worksheet if this field is blank and the failure to pay penalty is due. The AR 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 AR Late Filing Interest and Penalty Worksheet when there are penalties or interest. If the
Late interest
, Failure to file
, and Failure to pay
checkboxes are all marked, the AR Late Filing Interest and Penalty Worksheet doesn't print. To suppress the late interest, failure to file penalty, and failure to pay penalty on the return, but print the worksheet, mark the Late interest
, Failure to file
, and Failure to pay
checkboxes, and then select Setup
then 1120 Corporation
. In the Arkansas
tab, select Tax Return
. Highlight AR Late Filing Worksheet and select the Always if data
option to force the application to always print the worksheet when it contains relevant data.Annualized Income Installment Method
Taxable income or Business credits (C Corp)
To calculate Form AR2220A, Annualized Income for Underpayment of Estimated Tax by Corporations, enter the taxable income and business credits. If taxable income is zero, leave the field blank. The application prints Form AR2220 if this field is blank and the underpayment penalty is due.