April 15 on weekend/holiday and failure to file or pay

UltraTax CS calculates failure to file (FTF) and failure to pay (FTP) penalties and interest based on April 15 when it falls on a weekend or holiday and the due date is a later date. Review the
Late Filing Interest and Penalty Worksheets
in the
Late
folder in
Forms
view to see the calculation.
According to IRS code §7503, when April 15 falls on a weekend or holiday, the act of the payment needs to be performed on the next succeeding date. If the act hasn't been performed, the penalty will calculate based on the last prescribed date of April 15.
note
For returns filed after the extended due date, the FTF penalty calculates based on October 15 when it falls on a weekend and the due date is a later date.
If you don't want penalties to calculate from April 15, you need to suppress the penalties on the
Pen
screen in the
Payments
folder, and the IRS will calculate the penalties.

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