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Screen KYLVPen - Louisville Penalties and Interest (1120)

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General Information

Date return filed, if different from original due date
If the date entered in this field is later than the return due date, the application automatically calculates the late payment penalty and the late payment interest on the underpayment. If this field is blank, the application defaults to the due date of the return (original or extended). This field is also used to calculate any underpayment penalty on the Louisville Underpayment of Estimated Tax Worksheet. If the return is filed prior to the due date, enter the filing date in this field so that the application stops the calculation of 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 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). For more information, refer to the Client documents overview.
Prior year tax
Enter the prior-year tax in this field. The application uses this amount to calculate underestimate exceptions. Note that the application is not designed to calculate the underestimate penalty for a short-year client. If this field is blank, the application assumes this is a new corporation or a corporation with zero liability for the previous year, and calculates the underpayment penalty and interest on the current-year tax.
Initial return, if different from state
Enter
X
 to indicate that this is the first return for Form OL-3, but not the first federal return. The application automatically considers this return as an initial return when it is an initial federal return. Louisville Underpayment of Estimated Tax Worksheet does not calculate for initial return clients.
Suppress penalties on return: Underpayment of estimated tax
Enter
X
 to suppress the printing of the Louisville Underpayment of Estimated Tax Worksheet and the calculation of the underpayment of estimated tax penalty on the return. The application prints the Louisville Underpayment of Estimated Tax Worksheet if this field is blank and the underpayment penalty is due.
note
The application prints the Louisville Underpayment of Estimated Tax Worksheet whenever a penalty exists, even though this is inconsistent with the form’s instructions. If the underpayment of estimated tax suppression checkbox is marked, the Louisville Underpayment of Estimated Tax Worksheet does not print. To suppress the penalty, but print the form, enter
X
 in the
Underpayment of estimated tax
 field, and then select
Setup
 then
1120 Corporation
. In the Kentucky tab, select the Tax Return button. Highlight the LV Underpayment Wrk 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 Louisville Late Filing Worksheet if this field is blank and late interest is due. The Louisville Late Filing 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 return: Failure to file
Enter
X
 to suppress the failure to file penalty on the return. The application prints the Louisville Late Filing Worksheet if this field is blank and the failure to file penalty is due. The Louisville Late Filing 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 Louisville Late Filing Worksheet if this field is blank and the failure to pay penalty is due. The Louisville Late Filing 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 Louisville Late Filing Worksheet when penalties or interest exist. If the
Late interest
,
Failure to file
, and
Failure to pay
 checkboxes are all marked, the Louisville Late Filing 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. In the Kentucky tab, select the Tax Return button. Highlight LV Late Filing Wrk and select the
Always if data
 option to force the application to always print the worksheet when it contains relevant data.

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