Skip to main content

Solutions

Products

Recommended products

Questions? We are here to help.
Contact us

Purchase

Questions? We are here to help.

Resources

Screens

Screen GACPen - Georgia Composite Penalties and Interest (1120)

Show all hidden content

Penalties and Interest

Date return filed, if other than due date of return
If the date entered in this field 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.
The application prints interest and penalty amounts, if applicable, on Form IT-CR, line 9.
note
Use this field to customize the date due in the filing instructions or filing instruction inserts. In this field, enter the date you want to appear in the filing instructions or filing instruction inserts, and then insert the variable [date filed f/t] in place of the variable due date [due date ASAP f/t] in the filing instructions or filing instruction inserts. If the field is blank, the due date defaults to the due date of the return (original or extended).
Prior year tax
Enter
0
 (zero) to indicate that a composite return was filed in the prior year with a zero tax liability. This information is used to satisfy the underpayment of estimated tax penalty exception 1 on Form 500 UET. If this field is blank, the application assumes no prior return was filed.
note
Note: The application calculates the 500 UET penalty for a short-year client.
Suppress penalties on Form IT-CR: Underpayment of estimated tax
Enter
X
 to suppress the printing of Form 500 UET and the calculation of the Form 500 UET penalty on the return. Form 500 UET prints if this field is blank and the underpayment penalty is due.
note
Form 500 UET prints 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 500 UET does not print. To suppress the penalty, but print the form, enter
X
 in the
Underpayment of estimated tax
 field, choose Setup then 1120 Corporation. In the Georgia tab, select the Tax Return button. Highlight Form 500 UET and select the
Always if data
 option to force the application to always print the form when it contains relevant data.
Suppress penalties on Form IT-CR: Late interest
Enter
X
 to suppress the late payment interest on the return. GA Late Filing Interest and Penalty Worksheet prints if this field is blank and late interest is due. The GA 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 on Form IT-CR: Failure to file
Enter
X
 to suppress the failure to file penalty on the return. The GA Late Filing Interest and Penalty Worksheet prints if this field is blank and the failure to file penalty is due. The GA 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 Form IT-CR: Failure to pay
Enter
X
 to suppress the failure to pay penalty on the return. GA Late Filing Interest and Penalty Worksheet prints if this field is blank and the failure to pay penalty is due. The GA 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 Late Filing Interest and Penalty Worksheet prints when penalties or interest exist. If the
Late interest
,
Failure to file
, and
Failure to pay
 checkboxes are all marked, the Late Filing Interest and Penalty Worksheet does not print. To suppress the late interest, failure to file penalty, and failure to pay penalties on the return, but print the worksheet, mark the
Late interest
,
Failure to file
, and
Failure to pay
 checkboxes, and then choose Setup, 1120 Corporation, then Georgia tab, select the Tax Return button. Select Late Filing Wrk and choose the
Always if data
 option to force the application to always print the worksheet when it contains relevant data.

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close