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Screen COPen - Colorado Penalties and Interest

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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 calculates late filing penalties and interest on Form 112, Page 3, or Form 106, Page 2. If this field is blank, it defaults to the original due date of the return.
If you filed the return before the due date, enter the filing date so the application can stop the calculation of the underpayment penalty as of the early filing date.
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 enter the variable [date filed f/t] in place of the variable [due date ASAP f/t] in the filing instructional inserts. If this field is blank, the date defaults to the due date of the return (original or extended).
  • You need to enter interest rates for composite returns in
    Setup
    ,
    1120 Corporation
    , then
    Colorado
     tab.
Prior year tax (C Corp and PTET)
For C Corporations and S Corporations electing to be subject to tax at the entity level under the SALT Parity Act, enter the amount of last year’s tax. The application uses this amount to calculate Form DR 205 and Form DR 233.
note
The application calculates the Form DR 205 and Form DR 233 penalty for a short-year client.
Prior year less than 12 months, if different from federal Screen Pen (C Corp)
For C Corporations, enter
X
 if the preceding tax year was less than 12 months. The application uses this information to calculate Form DR 205. If this field is blank, the application defaults to the federal information.
Estimated tax penalty (S Corp)
For S Corporations, enter the amount of the estimated tax underpayment penalty to use in calculating Form 106, Page 2, Part II: Composite Nonresident Income Tax Return.
Suppress penalties on return: Underpayment of estimated tax (C Corp and PTET)
Enter
X
 to suppress the printing of Form DR 205 and Form DR 233, and the calculation of the Form DR 205 and Form DR 233 penalty on the return. The application prints Form DR 205 and Form DR233 if this field is blank and the underpayment penalty is due.
note
The application prints Form DR 205 and Form DR 233 whenever a penalty exists. If you mark the
Suppress penalties on return: Underpayment of estimated tax
 field, Form DR 205 and Form DR 233 won't print. To suppress the penalty, but print the form, enter
X
 in the
Underpayment of estimated tax
 field, and select
Setup
, then
1120 Corporation
. In the
Colorado
 tab, select
Tax Return
. Select
CO Form DR 205
 or
Form DR 233
, then
Always if Data
 to force the application to always print the form when it includes relevant data.
Suppress penalties on return: Late interest
Enter
X
 to suppress the late payment interest on the return. The application prints the CO Late Filing Interest and Penalty Worksheet if this field is blank and a late interest penalty is due. The CO Late Filing Interest and Penalty Worksheet also prints if the
Failure to file or failure to pay
 field is blank and a failure to file or failure to pay penalty exists.
Suppress penalties on return: Failure to file or failure to pay
Enter
X
 to suppress the failure to file or failure to pay penalty on the return. The application prints the CO Late Filing Interest and Penalty Worksheet if this field is blank and the failure to file or failure to pay penalty is due. The CO Late Filing Interest and Penalty Worksheet also prints if the Late interest field is blank and a late interest penalty exists.
note
The application prints the CO Late Filing Interest and Penalty Worksheet when penalties or interest exist. If the
Suppress penalties on return: Late interest
 and
Failure to file or failure to pay
 checkboxes are both marked, the CO Late Filing Interest and Penalty Worksheet doesn't print.
To suppress the late interest and failure to file or failure to pay penalties on the return, but print the worksheet, mark the
Late interest
 and
Failure to file or failure to pay
 checkboxes, and then select
Setup
,
1120 Corporation
.
In the
Colorado
 tab, select
Tax Return
. Select
CO Late Filing Worksheet
, then
Always if data
 to force the application to always print the worksheet when it includes relevant data.

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