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Screen MEPen - Maine 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 penalty for failure to pay and interest on the underpayment is automatically calculated. 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 instructions or filing instruction inserts. 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 ASAP f/t]
in the filing instructions or filing instruction inserts. If this field is blank, the date defaults to the due date of the return (original or extended). For more information, go to the Client documents overview.Prior year tax
Enter the prior year tax after allowable business credits. This amount is used to calculate the underpayment penalty. Enter
0
(zero) in this field if a return was filed last year with 0 tax liability.Prior year less than 12 months, if different from the federal Pen screen
Enter
X
if the preceding tax year was less than 12 months. This information is used to calculate Form 2220ME.note
The 2220ME penalty calculates for a short-year client.
Large corporation (C Corp)
Enter
X
if this is a large corporation.Suppress penalties on return: Underpayment of estimated tax
Enter
X
to suppress the printing of Form 2220ME and the calculation of the Form 2220ME penalty on the return. Form 2220ME prints if this field is blank and the underpayment penalty is due.note
Form 2220ME prints whenever a penalty exists. If the
Underpayment of estimated tax
checkbox is marked, Form 2220ME doesn't print. To suppress the penalty, but print the form, enter X
in the Underpayment of estimated tax
field, select Setup
, 1120 Corporation
, the Maine
tab, then Tax Return
. Highlight ME Form 2220ME
and select Always if data
to force the form to always print when it contains relevant data.Suppress penalties on return: Late interest
Enter
X
to suppress the late payment interest on the return. The Maine Late Filing Interest and Penalty Worksheet prints if this field is blank and late interest is due. The Maine 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 Maine Late Filing Interest and Penalty Worksheet prints if this field is blank and the failure to file penalty is due. The Maine Late Filing Interest and Penalty Worksheet will also print 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 Maine Late Filing Interest and Penalty Worksheet prints if this field is blank and the failure to pay penalty is due. The Maine Late Filing Interest and Penalty Worksheet will also print if the Late interest
or Failure to file
fields are blank and late payment interest or a failure to file penalty exists.note
The Maine 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 Maine Late Filing Interest and Penalty Worksheet won't 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, then select Setup
, 1120 Corporation
, the Maine
tab, then Tax Return
. Highlight ME Late Filing Wrk
and select Always if data
to force the worksheet to always print when it contains relevant data.