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Screen FLPen - Florida 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 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.
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 variable [date filed f/t] in place of the variable [due date ASAP f/t] 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 for accrual
Enter last year’s tax from Form F-1120. The application uses this amount to calculate Form F-2220 exceptions.
note
The application calculates the F-2220 penalty for a short-year client.
Suppress penalties on return: Underpayment of estimated tax
Enter
X
to suppress the printing of Form F-2220, Underpayment of Estimated Tax, and the calculation of the Form F-2220 penalty on the return. The application prints Form F-2220 if this field is blank and the underpayment penalty is due.note
The application prints Form F-2220 whenever a penalty exists. If the underpayment of the estimated tax suppression checkbox is marked, Form F-2220 doesn’t print.
To suppress the penalty, but print the form, enter
X
in the Underpayment of estimated tax field, select Setup
, 1120 Corporation
. In the
Florida
tab, select the Tax Return
button. Select the Form F-2220 and select the Always if data
option 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 FL Late Filing Interest and Penalty Worksheet if this field is blank and late interest is due. The FL Late Filing Interest and Penalty Worksheet also prints if the Failure to file or Extension underpayment fields are blank and a failure to file or extension underpayment 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 FL Late Filing Interest and Penalty Worksheet if this field is blank and the failure to file penalty is due. The FL Late Filing Interest and Penalty Worksheet also prints if the Late interest or Extension underpayment fields are blank and late payment interest or an extension underpayment penalty exists.Suppress penalties on return: Extension underpayment
Enter
X
to suppress the extension underpayment penalty on the return. The application prints the FL Late Filing Interest and Penalty Worksheet if this field is blank and the extension underpayment penalty is due. The FL 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 FL Late Filing Interest and Penalty Worksheet when penalties or interest exist.
If the
Late interest
, Failure to file
, and Extension underpayment
checkboxes are all marked, the FL Late Filing Interest and Penalty Worksheet doesn't print. To suppress the late interest, failure to file penalty, and extension underpayment penalties on the return, but print the worksheet, mark the
Late interest
, Failure to file
, and Extension underpayment
checkboxes, then select Setup
, then 1120 Corporation
. In the
Florida
tab, select the Tax Return
button. Select the FL Late Filing Worksheet and select the Always if data
option to force the application to always print the worksheet when it includes relevant data.