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Penalties and interest

UltraTax CS/1065-CA automatically calculates the interest and penalties for failure to file, failure to pay, and late-filing interest based on the date entered in the
Date return filed
 field on the
CAPPmt
 or
CALPmt
 screen. If this field is left blank, UltraTax CS will default to the original due date of the return.
For Form 568, there are 2 payments that should be made in the prior year (2021): the LLC fee and LLC tax. Enter the fee and taxes paid separately.

LLC fee

The LLC fee is a variable amount that needs to be paid by 6/15 of the prior year. For example, the fee from the 2021 return entered in UltraTax CS 2021 should have been paid on 6/15/22. On the
CALPmt
 screen, use the
Amount paid
 field next the
Use current year calculated estimated fee as amount paid
 field to enter only the fee that was actually paid. If the fee was paid, but paid late, enter the
Date paid
 in the following field. UltraTax CS/1065-CA allows 1 partial payment. Based on this data entry, UltraTax CS will calculate an underpayment penalty of a flat 10% of the amount not paid by 6/15/22.

LLC tax

The LLC tax is a flat $800 owed by all Limited Liability Companies. If the LLC didn’t pay the $800, enter zero (0) in the
Amount of current year tax paid with Form 3522
 field on the
CALPmt
 screen. If the tax was paid on a date other than last year's due date, enter the proper
Date paid
. UltraTax CS/1065-CA allows for 1 partial payment. If UltraTax CS has calculated and determined that a penalty is owed for being late or underpaid, a worksheet in the 3522Late folder in forms view will display the late interest and penalties.
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