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Screen MSPen - Mississippi 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, the penalty for failure to file, and the interest on the underpayment automatically calculate. If this field is blank, it defaults to the original due date of the return. This field is also used to calculate any underpayment penalty on Form 83-305. If the return was filed prior to the due date, enter the filing date in this field so the calculation of underpayment penalty can stop 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 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 franchise tax for tax accrual
Enter the prior year franchise tax paid for use in the tax accrual calculation.
Suppress penalties on return: Underpayment of estimated tax
Enter
X
to suppress the printing of Form 83-305 and the calculation of the Form 83-305 penalty on the return. Form 83-305 prints if this field is blank and the underpayment penalty is due.note
Form 83-305 prints whenever a penalty exists, even though this may be inconsistent with the form’s instructions. If the underpayment of estimated tax suppression box is marked, Form 83-305 will not print. To suppress the penalty, but print the form, enter
X
in the Underpayment of estimated tax
field, choose Setup, 1120 Corporation, then Mississippi tab, and select the Tax Return button. Select Form 83-305 and choose the Always if data
option 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 MS Late Filing Interest and Penalty Worksheet prints if this field is blank and late interest is due. The MS 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 return: Failure to file
Enter
X
to suppress the failure to file penalty on the return. The MS Late Filing Interest and Penalty Worksheet prints if this field is blank and the failure to file penalty is due. The MS 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 return: Failure to pay
Enter
X
to suppress the failure to pay penalty on the return. The MS Late Filing Interest and Penalty Worksheet prints if this field is blank and the failure to pay penalty is due. The MS 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 MS Late Filing Interest and Penalty Worksheet prints when penalties or interest exist. If the
Late interest
, Failure to file
, and Failure to pay
boxes are all marked, the MS 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
boxes, and then choose Setup, 1120 Corporation, then Mississippi tab, and select the Tax Return button. Highlight Late Filing Worksheet and choose the Always if data
option to always print the worksheet when it contains relevant data.Annualized Income Installment Method
Tax due on annualized income
If the client uses the annualized income installment method, then the amounts for each period must be manually calculated and entered in the
Tax due on annualized income
fields respectively. If an amount for a period is zero, leave the field blank. The amounts print on Form 83-305, if this results in the lowest penalty.note
If an override is entered on Form 83-305, Page 1, the override will not be reflected in the penalty calculations on the MS Interest and Penalty on Underestimate Worksheet. Also, any override entered on the MS Interest and Penalty on Underestimate Worksheet will not be included in the penalty calculation or in the amount of penalty transferred to Form 83-305, Page 1.