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Screen VACPen — Virginia Composite Penalties and Interest (1120)

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General Information

Date return filed, if different from original due date of return
If the date entered here 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 on the filing inserts. Enter the date you want to appear on the filing instruction inserts, and then insert the variable [
date filed f/t
] in place of the variable [d
ue 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).
Suppress penalties on return: Underpayment of estimated tax
Enter
X
 to suppress the printing of Form 760C and the calculation of the Form 760C penalty on the return. The application prints Form 760C if this field is blank and the underpayment penalty is due.
note
The application prints Form 760C whenever a penalty exists, even though this is inconsistent with the form’s instructions. If
Underpayment of estimated tax
 is marked, Form 760C does not print. To suppress the penalty, but print the form:
  1. Enter
    X
     in
    Underpayment of estimated tax
  2. Select
    Setup
    , then
    1120 Corporation
    .
  3. On the
    Virginia
     tab, select
    Tax Return
    .
  4. Highlight
    Form VA 760C
     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 VA Composite Late Filing Interest and Penalty Worksheet if this field is blank and late interest is due. The VA Composite Late Filing Interest and Penalty Worksheet also prints if
Failure to file or failure to pay
 or
Extension underpayment
 are blank and a failure to file or failure to pay penalty or extension underpayment penalty exists.
Suppress penalties on return: Failure to file or failure to pay
Enter
X
 to suppress the failure to file or the failure to pay penalty on the return. The application prints the VA Composite Late Filing Interest and Penalty Worksheet if this field is blank and the failure to file the failure to pay penalty is due. The VA Composite Late Filing Interest and Penalty Worksheet also prints if
Late interest
 or
Extension underpayment
 are blank and late interest or extension underpayment penalty exists.
Suppress penalties on return: Extension underpayment
Enter
X
 to suppress the Extension underpayment on the return. The application prints the VA Composite Late Filing Interest and Penalty Worksheet if this field is blank and the Extension underpayment penalty is due. The VA Composite Late Filing Interest and Penalty Worksheet also prints if
Late interest
,
Failure to file
, or
Failure to pay
 is blank and late interest or a failure to file penalty exists.
note
The application prints the VA Composite Late Filing Interest and Penalty Worksheet when penalties or interest exist. If
Late interest
,
Failure to file or
failure to pay
, and
Extension underpayment
 are all marked, the VA Composite Late Filing Interest and Penalty Worksheet does not print.
To suppress the late interest, failure to file penalty or the failure to pay penalties on the return, but print the worksheet:
  1. Mark
    Late interest
    ,
    Failure to file
    , or
    Failure to pay
    , and
    Extension underpayment
    .
  2. Select
    Setup
    , then
    1120 Corporation
    .
  3. On the
    Virginia
     tab, select
    Tax Return
    .
  4. Highlight the
    VA Composite Late Filing and Penalty Worksheet
    , then select
    Always if data
     n to force the application to always print the worksheet when it contains relevant data.

Annualized Income Installment Method

Adjusted gross income
Enter the amount of annualized gross income for each period. The application uses these amounts to determine whether the client qualifies for exception on Form 760C.

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