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Screen VAPenS — Virginia Pass-Through Entity Penalties and Interest (1120)

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General Information

Date return filed, if different from original due date
If the date entered here is later than the return due date, the application calculates the penalty for failure to file. 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 or filing instruction inserts. Enter the date you want to appear in the filing instruction or filing instruction insert, and then insert the variable [
date filed f/t
] in place of the variable [
due date ASAP f/t
] in the filing instruction or filing instruction insert. If this field is blank, the date defaults to the due date of the return (original or extended).
Tax on last year’s income using current year’s tax rates (PTET)
Enter the amount of tax that would have been due if last year’s tax had been calculated using this year’s rates. This amount is used on Form 500C to determine whether the client qualifies for Exception 2.
Suppress penalties on return: Penalty for late filing of Form 502
Enter
X
 to suppress the late filing of Form 502 penalty on the return.
Suppress penalties on return: Withholding tax extension penalty
Enter
X
 to suppress the withholding tax extension penalty on the return. The application prints the Late Filing Interest and Penalty Worksheet if this field is blank and the extension underpayment penalty is due. The Late Filing Interest and Penalty Worksheet also prints if the
Late interest
 or
Penalty for late filing of withholding return
 field is blank and late payment interest or a failure to file or the failure to pay penalty exists.
Suppress penalties on return: Penalty for late filing of withholding return
Enter
X
 to suppress the late filing penalty on the return. The application prints the Late Filing Interest and Penalty Worksheet if this field is blank and late filing penalty is due. The Late Filing Interest and Penalty Worksheet also prints if the
Late Interest
 or
Withholding tax extension penalty
 field is blank and a late interest or an extension underpayment penalty exists.
Suppress penalties on return: Late interest
Enter
X
 to suppress the late payment interest on the return. The application prints the Late Filing Interest and Penalty Worksheet if this field is blank and late interest is due. The Late Filing Interest and Penalty Worksheet also prints if the
Penalty for late filing of withholding return
 or
Withholding tax extension penalty
 field is blank and a failure to file or failure to pay penalty or an extension underpayment penalty exists.
note
The application prints the Late Filing Interest and Penalty Worksheet when penalties or interest exist. If the
Withholding tax extension penalty
,
Penalty for late filing of withholding return
, and
Late interest
 fields are all marked, the Late Filing Interest and Penalty Worksheet doesn’t print. To suppress the late interest and penalties on the return, but print the worksheet:
  1. Mark these fields.
  2. Select
    Setup
    , then
    1120 Corporation
    .
  3. On the
    Virginia
     tab, select
    Tax Return
    .
  4. Highlight
    Late Filing Worksheet
    , then select
    Always if data
     to force the application to always print the worksheet when it contains relevant data.
Suppress penalties on return: Underpayment of estimated tax (PTET)
Enter
X
 to suppress the printing of Form 500C and the calculation of the Form 500C penalty on the return. The application prints Form 500C if this field is blank and the underpayment penalty is due.
note
The application prints Form 500C whenever a penalty exists, even though this is inconsistent with the form’s instructions. If
Underpayment of estimated tax
is marked, Form 500C doesn’t print. To suppress the penalty, but print the form:
  1. Enter
    X
     in the
    Underpayment of estimated tax
     field.
  2. Select Setup, then 1120 Corporation.
  3. On the Virginia tab, select Tax Return.
  4. Highlight
    Form VA 500C
     and select
    Always if data
     to force the application to always print the form when it contains relevant data.

Annualized Income Installment Method (PTET)

Tax on annualized income
Enter the amount of annualized income tax liability for each quarter. The application uses these amounts to determine whether the client qualifies for Exception 3 on Form 500C.

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