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Screen ORPen - Oregon Penalties and Interest (1120)

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General Information

Date return filed, if different from original due date
If the date entered is later than the return due date, the application automatically calculates the penalty for failure to file and interest on the underpayment of tax. If this field is blank, the application defaults to the original due date 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).
Prior year tax
Enter last year’s net excise tax for C Corporations. Enter last year’s built-in gains and passive income tax for S Corporations. The application uses this amount to calculate Form OR-37 exceptions.
note
The application calculates the Form OR-37 penalty for a short-year client.
Prior year less than 12 months, if different from the federal Pen screen
Enter
X
 if the preceding tax year was shorter than 12 months. The application uses this information to calculate Form OR-37. If this field is blank, the application defaults to the federal.
Suppress penalties on return: Underpayment of estimated tax
Enter
X
 to suppress the printing of Form OR-37 and the calculation of the Form OR-37 penalty on the return. The application prints Form OR-37 and marks the Form OR-37 checkbox on Page 1 of the return if this field is blank and the underpayment penalty is due.
note
The application prints Form OR-37 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 OR-37 won't print. To suppress the penalty, but print the form, enter
X
 in the
Underpayment of estimated tax
 field, select
Setup
,
1120 Corporation
, the
Oregon
 tab, then
Tax Return
. Highlight
OR Form OR-37
 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 OR Late Filing Interest and Penalty Worksheet if this field is blank and late interest is due. The OR Late Filing Interest and Penalty Worksheet also prints if the
Failure to file and failure to pay
 field is blank and a failure to file and failure to pay penalty exists.
Suppress penalties on return: Failure to file and failure to pay
Enter
X
 to suppress the failure to file and failure to pay penalty on the return. The application prints the OR Late Filing Interest and Penalty Worksheet if this field is blank and the failure to file and failure to pay penalty is due. The OR Late Filing Interest and Penalty Worksheet also prints if the
Late interest
 field is blank and late payment interest exists.
note
The application prints the OR Late Filing Interest and Penalty Worksheet when penalties or interest exist. If the
Late Interest
 and
Failure to file and failure to pay
 checkboxes are all marked, the OR Late Filing Interest and Penalty Worksheet doesn't print. To suppress the late interest and failure to file penalties on the return, but print the worksheet, mark the
Late Interest
 or
Failure to file and failure to pay
 checkboxes, and select
Setup
,
1120 Corporation
, the
Oregon
 tab, then
Tax Return
. Highlight
OR Late Filing Worksheet
 and select
Always if data
 to force the application to always print the worksheet when it contains relevant data.

Adjusted Seasonal Installment Method

Exception 4
Enter the recurring seasonal income for each quarter. The application calculates Exception 4 based on the data entered in these fields.
note
If an override is entered on Form OR-37, Page 1, the override isn't reflected in the penalty calculations on the OR Underpayment of Estimated Tax Worksheet. Also, any override entered on the OR Underpayment of Estimated Tax Worksheet isn't included in the penalty calculation or in the amount of penalty transferred to Form OR-37, Page 2. The application prints Form OR-37 whenever a penalty exists, even though this is inconsistent with the form’s instructions.

Annualized Income Installment Method

Annualized period elected for current year
Enter a value to calculate the annualized income installment method. Enter
1
 if the corporation elected to use the annualization periods of the 1st 2 months for the 1st required installment, the 1st 4 months for the 2nd required installment, the 1st 7 months for the 3rd required installment, and the 1st 10 months for the 4th required installment. Enter
2
 if the corporation elected to use the annualization periods of the 1st 3 months for the 1st required installment, the 1st 5 months for the 2nd required installment, the 1st 8 months for the 3rd required installment, and the 1st 11 months for the 4th required installment. Enter
3
 if the corporation elected to use the annualization periods of the 1st 3 months for the 1st required installment, the 1st 3 months for the 2nd required installment, the 1st 6 months for the 3rd required installment, and the 1st 9 months for the 4th required installment.
Actual income less net losses
Enter the Oregon taxable income less any net operating losses for the 4 periods that correspond to the option selected in the
Annualized period elected for current year
 field.
Tax credits
Enter the credits to which the corporation is entitled for the 4 periods that correspond to the option selected in the
Annualized period elected for current year
 field.

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