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Screen NCPen - North Carolina Penalties and Interest (1120)
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General Information
Date return filed, if other than due date of return
If a date is entered in this field that's 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, the application defaults to the original due date (original or extended) 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). For details, see Client documents overview.Prior year franchise tax for tax accrual
Enter the prior year’s franchise tax amount in this field. This amount is used to calculate the tax accrual.
Suppress penalties on return: Underpayment of estimated tax (C Corp)
Enter
X
to suppress the printing of Form CD-429B and to calculate Form CD-429B penalty on the return. The application prints Form CD-429B if this field is blank and the underpayment penalty is due.note
The application prints Form CD-429B 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 CD-429B won't print. To suppress the penalty, but print the form, enter
X
in the Underpayment of estimated tax (C Corp)
field, select Setup
, 1120 Corporation
, the North Carolina
tab, then Tax Return
. Highlight Form CD-429B
and select Always if data
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 NC Late Filing Interest and Penalty Franchise / Income Worksheets if this field is blank and late interest is due. The NC Late Filing Interest and Penalty Franchise / Income Worksheets 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 application prints the NC Late Filing Interest and Penalty Franchise / Income Worksheets if this field is blank and the failure to file penalty is due. The NC Late Filing Interest and Penalty Franchise / Income Worksheets 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 application prints the NC Late Filing Interest and Penalty Franchise / Income Worksheets if this field is blank and the failure to pay penalty is due. The NC Late Filing Interest and Penalty Franchise / Income Worksheets 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 application prints the NC Late Filing Interest and Penalty Franchise / Income Worksheets when penalties or interest exist. If the
Late interest
, Failure to file
, and Failure to pay
checkboxes are all marked, the NC Late Filing Interest and Penalty Franchise / Income Worksheets don't print. To suppress the late interest, failure to file penalty, and failure to pay penalties on the return, but print the worksheets, mark the Late interest
, Failure to file
, and Failure to pay
checkboxes, and then select Setup
, 1120 Corporation
, the North Carolina
tab, then Tax Return
. Highlight Late Filing Wrk
and select Always if data
to force the application to always print the worksheet when it contains relevant data.