New (tax) year, new help!

Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

The application determines whether an underpayment of estimates exists using the following methods:

• If the client’s return is filed on or before the return’s original due date and the tax liability is $500 ($375 for S Corporations) or less, no penalties are due, provided the taxpayer has properly made an installment payment of at least 50 percent of the current year tax with the prior year return, or has otherwise properly made quarterly installment payments which equal the lesser of 90 percent of the current year tax or 100 percent of the prior year tax.
• If last year’s tax was less than $500 ($375 for S Corporations) but the current year’s tax is greater than $500 ($375 for S Corporations) and exception 1 is not met, estimated taxes were due. In this case, the application calculates a CBT-160 penalty.

Related topic: 1120 New Jersey frequently asked questions

Was this article helpful?

Yes No

Submit