1040-US: Late payment penalty is not calculating for clients on extension

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MFA required for electronic filing

Effective May 3rd, the 2017 version of UltraTax CS requires multi-factor authentication (MFA) to access the electronic filing transmission feature in CS Connect.

Thomson Reuters is committed to proactively evolving our security features to help you protect your firm and your clients' data. For more information about multi-factor authentication, see Multi-factor authentication overview.

Reg. 301.6651-1(c)(3) states that if the balance due is less than 10 percent of the total tax on the return for taxpayers granted an automatic six-month extension, then the failure to pay penalty is waived.

Related topics: Extension FAQs

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