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Screen TNPen - Tennessee 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 calculates the penalty for failure to pay, the penalty for failure to file, and the interest on the underpayment. 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 instruction inserts. Enter the date you want to appear in the filing instruction inserts. 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 franchise tax
Enter last year’s franchise tax for C Corporations or S Corporations. The application uses this amount to calculate Tennessee Underpayment of Estimated Tax Worksheet exceptions.
Prior year excise tax
Enter last year’s excise tax for C Corporations or S Corporations. The application uses this amount to calculate Tennessee Underpayment of Estimated Tax Worksheet exceptions.
note
Note: The application calculates the underpayment of estimated tax penalty for a short-year client.
Suppress penalties on return: Underpayment of estimated tax
Enter
X
to suppress the printing of the TN Underpayment of Estimated Tax Worksheet and the calculation of the underpayment penalty on the return. The application prints the TN Underpayment of Estimated Tax Worksheet if this field is blank and the underpayment penalty is due.note
The application prints the TN Underpayment of Estimated Tax Worksheet whenever a penalty exists. If the
Underpayment of estimated tax
field is marked, the TN Underpayment of Estimated Tax Worksheet will not print. To suppress the penalty, but print the worksheet, enter X
in the Underpayment of estimated tax
field, choose Setup and then 1120 Corporation. In the Tennessee tab, choose the Tax Return button. Select TN Underpayment of Estimated Tax Worksheet and choose 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 TN Late Filing Interest and Penalty Worksheet if this field is blank and late interest is due. The TN Late Filing Interest and Penalty Worksheet will also print if the Failure to file or
failure to pay
field is blank and a failure to file or failure to pay penalty exists.Suppress penalties on return: Failure to file or failure to pay
Enter
X
to suppress the failure to file or failure to penalty on the return. The application prints the TN Late Filing Interest and Penalty Worksheet if this field is blank and the failure to file or failure to pay penalty is due. The TN Late Filing Interest and Penalty Worksheet will also print if the Late interest
field is blank and late payment interest exists.note
The application prints the TN Late Filing Interest and Penalty Worksheet when penalties or interest exist. If the
Late interest
and Failure to file or f
ailure to pay
fields are both marked, the TN Late Filing Interest and Penalty Worksheet will 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
and Failure to file or f
ailure to pay
fields, and then choose Setup and then 1120 Corporation. In the Tennessee tab, choose the Tax Return button. Select TN Late Filing Worksheet and choose the Always if data
option to force the application to always print the worksheet when it contains relevant data.