Screen Bank - Direct Deposit and Electronic Funds Withdrawal (1120)

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MFA required for electronic filing

Effective May 3rd, the 2017 version of UltraTax CS requires multi-factor authentication (MFA) to transmit e-files from CS Connect. Find out more.

Overview

Use this screen to enter information for the direct deposit of the return refund or the electronic payment of the balance due when filing electronically. This information proformas from year to year.

Due to issues related to submitting an erroneous account or routing transit number, we strongly recommend that you confirm all proforma’d bank information with the client every year. To print the Bank Account Verification, mark the Print Bank Account Verification checkbox in the Setup > 1120 Corporation > Other Return Options > Other tab.

Electronic filing note: See General and input screen-specific topics for electronic returns for data-entry guidelines to prevent electronic filing rejections.

Account Information

Use this section if you want to deposit the refund from this return directly into the corporation's bank account and file Form 8050. This information is also used to complete the Electronic Funds Withdrawal Information section, which must be completed if you are electronically filing and want to use electronic funds withdrawal to pay a balance due on the return or to electronically file estimates.

Notes

  • If you do not want to generate the electronic file payment or electronically file estimates, you do not have to remove the account information in this section. The electronic file payment is only generated when the Electronic funds withdrawal for balance due returns: Requested payment date or Electronic funds withdrawal for Form 1120-W estimated payments fields in Screen ELF contains data.
  • A custom paragraph may be selected to include instructions on how to revoke an electronic funds withdrawal payment in the transmittal letter. To select this custom paragraph on a return basis, select custom paragraph 33, Elec Funds Withdrawal (TL) from a drop-down list for one of the Paragraph Number fields in Screen Letter. To select this custom paragraph to print for all returns subsequently added to the program when applicable, choose Setup > 1120 Corporation, click either the Transmittal Letter or Filing Instructions button, click the Custom Paragraphs tab, and then mark the Elec Funds Withdrawal (TL) checkbox. For additional information, see Custom paragraph FAQs.

Enter X if the funds for an automatic payment withdrawal come from an account outside the United States, or if the direct deposit refund goes to an account outside the United States. Critical diagnostics print if this field is marked, the corporation is filing electronically and is paying the balance due using electronic funds withdrawal, estimates are being filed electronically with the return, or if there is a refund that will be deposited directly to the bank account.

According to the Form 1120-F instructions, entities that do not bank in the United States that need to make a payment cannot pay using EFW or EFTPS. Also, Form 8050 instructions state the corporation is not eligible to request a direct deposit if the receiving financial institution is a foreign bank or a foreign branch of a U.S. bank.

Certain states do not allow direct deposit or debit for their returns when the transaction involves an International Automated Clearing House Transaction (IAT). IAT rules are maintained by the National Automatic Clearing House Association.

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