UltraTax CS: 1120 Electronic payments

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The IRS requires all income and estimated tax payments for corporate returns to be deposited via Electronic Funds Transfer (EFT). If the corporate return is filed electronically, you can also pay the balance due on the return and the estimated tax payments via Electronic Funds Withdrawal (EFW).

Electronic Funds Transfer (EFT)

Electronic funds transfer (EFT) payments happen outside of UltraTax CS and are not initiated by the program. By default, UltraTax CS will include instructions for using EFT payment by ACH Debit. The filing instructions will indicate that the taxpayer should make the payment by EFT at least one business day before the due date of the return. The taxpayer needs to contact the EFTPS Financial Agent of the U.S. Treasury and direct the agent to initiate a withdrawal from the taxpayer's account. If you want the instructions to reflect an EFT method other than ACH Debit, go to the Letter screen in the General folder and select the method in the EFT option used in filing instructions field. 

Electronic Funds Withdrawal (EFW)

Cancel, change, or check the status of your EFW

For information about how to verify that your EFW is set up correctly and how the IRS handles EFW requests from UltraTax CS, click each link below. 

The process of sending an EFW to the IRS is as follows:

  1. You must enter EFW information (such as bank accounts, payment amounts, and payment dates) into UltraTax CS. The data entry depends on what kind of payment you want to make; see the sections below for detailed instructions.
  2. UltraTax CS includes whatever EFW information you entered in the e-file for the return or extension.
  3. The IRS receives the e-file (which includes the EFW information).
  4. If the return is accepted, the IRS is responsible for withdrawing the payment according to the information included in the e-file. If the return is rejected, the EFW will not take place. 

Before creating and transmitting the e-file, you should view the filing instructions to see what EFW information will be sent to the IRS.

  • If the instructions say to send a check, your EFW request is not set up correctly or is not acceptable for some reason. In that case, you should check your data entry according to the instructions below.
  • If you enter your EFW request correctly, the filing instructions will show that the IRS is authorized to withdraw the payment amount from the bank on a certain day; the instructions should accurately state the payment amount, bank information, and payment date. 

If you have not transmitted the return yet, you can change your EFW information by modifying your data entry according to the instructions below, then re-creating the e-file. If you have already transmitted the return, you cannot change EFW information per the IRS; however, the IRS does allow you to cancel the payment. For more information, see Pay Taxes by Electronic Funds Withdrawal on the IRS website.

The IRS is responsible for withdrawing the payment. View the contents of the e-file to verify whether EFW information was included. For more information, see Viewing the status and content of 1120 electronically filed returns

If the e-file includes the EFW information, contact the IRS for more information on why the payment was not withdrawn. If the e-file does not include the EFW information, data entry was missing at the time the e-file was created. Review the data entry requirements below and check the date the e-file was created compared to the last time anyone opened the return for editing. Information added after the e-file was created will not be included.

Balance due return

The following information is required for EFW with a balance due return. Click each link below to view instructions. 

Go to the 1120 screen in the General folder and fill out the Client phone number in the 1120 and 1120S Information section.

Go to the Bank screen in the General folder and enter the bank information.

You are required to specify a date for the payment to be withdrawn. Although the IRS will not withdraw the payment before the requested date, they may withdraw it after. 

  1. Go to the ELF screen in the Electronic Filing folder. 
  2. Enter the desired date in the Requested payment date field. If you are filing after the original deadline, the date you enter cannot be after the date you transmit the return to the IRS. 

Electronic funds withdrawal is only available for electronically filed returns.

  1. Go to the ELF screen in the Electronic Filing folder and mark File this return electronically.
  2. Before transmitting the return to the IRS, you must go to View > Diagnostics > ELF Critical tab and clear all ELF Critical diagnostics.

Extension payment

The following information is required for EFW with an extension. Click each link below to view instructions. 

  1. Go to the PmtExt screen in the Payments folder.
  2. Enter a date in the Extended due date field. 
  3. UltraTax CS calculates the total tax liability and balance due on extension based on the information in the return so far. If you don't want to complete the data entry for the client now, you can manually enter the total tax liability and the amount you want to pay with the extension in the Estimate of total tax liability (Force) and Balance due on extension (Force) fields, respectively. 

Go to the 1120 screen in the General folder and fill out the Client phone number in the 1120 and 1120S Information section.

Go to the Bank screen in the General folder and enter the bank information.

You are required to specify a date for the payment to be withdrawn. Although the IRS will not withdraw the payment before the requested date, they may withdraw it after. 

  1. Go to the ELF screen in the Electronic Filing folder. 
  2. In the Extension information section, enter the desired withdrawal date in the Electronic funds withdrawal for extension requested payment date field.

Electronic funds withdrawal is only available for electronically filed returns.

  1. Go to the ELF screen in the Electronic Filing folder and mark the File extension electronically field. 
  2. Before transmitting the extension to the IRS, you must go to View > Diagnostics > ELF Critical tab and clear all ELF Critical diagnostics.

Estimates

The following information is required for EFW with estimated tax payments. Click each link below to view instructions. 

  1. Go to the Est screen in the Payments folder.
  2. Enter a code in the 1120-W - 2018 declaration field.
  3. Depending on the code you choose, there may be additional data entry required in the fields below the code. Fields will be labeled with the code number they apply to. 
  4. If you have an overpayment you want to apply to the estimates, fill out the Overpayment Application section of this screen. 
  5. Enter any 2017 payment information in the Payments section on Screen PmtExt in the Payments folder. Amounts you enter here can affect estimate amounts. Click here to see details about each field on the PmtExt screen. 

Go to the 1120 screen in the General folder and fill out the Client phone number in the 1120 and 1120S Information section.

Go to the Bank screen in the General folder and enter the bank information.

To turn on EFW for estimates: 

  1. Go to the ELF screen in the Electronic Filing folder. 
  2. Mark the Electronic funds withdrawal for Form 1120-W estimated payments field.

Note:

  • If you are filing a return after the due date of the estimated tax payments, you must make the estimated payments through the Electronic Federal Tax Payment System (EFTPS). Clear the Electronic funds withdrawal for Form 1120-W estimated payments field in Screen ELF in the Electronic Filing folder. Then, select the appropriate EFT option in the Estimate filing instruction field in Screen Letter in the General folder.
  • The IRS requires estimates to be withdrawn on the 15th of the month (adjusted for weekends and holidays); therefore, withdrawal date fields are not available.
  • Estimates cannot be e-filed separately or with extensions; they must be e-filed with the return.

Electronic funds withdrawal is only available for electronically filed returns.

  1. Go to the ELF screen in the Electronic Filing folder and mark File this return electronically
  2. Before transmitting the extension to the IRS, you must go to View > Diagnostics > ELF Critical tab and clear all ELF Critical diagnostics.

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