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Calculation of failure to file penalty on Late Worksheet is calculated to maximum
The Interest and Penalty Worksheet, in forms view, in the Late folder, states that the total failure to file penalty has been calculated to the maximum; however, that is not the situation. The instructions state the maximum is 25% of the tax due and UltraTax CS is only taking 22.5% of the tax due.
Both the failure to file and failure to pay penalties are 5% per month and both are limited to 25%. The penalty is calculating at 4.5% with a maximum of 22.5%, because the failure to file penalty is reduced when, in the same month, the failure to pay penalty is present.
This article applies to:
- Product: UltraTax CS
- Return type: 1041 Fiduciary
- Subject: Payments