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.
Payments
Each time you print the extension (via the File > Print Extensions option), the application:
- calculates the extension payment amount and enters it in this field,
- prints this amount on the main return, not on the extension, and
Alternatively, you can overrule the calculated amount by entering the amount actually paid with the current-year extension in this field. The application then displays the new amount in black.
Notes
- To delete the overruled amount and restore the original calculated amount, right-click the field and choose Delete overrule.
- To confirm the accuracy of the overruled amount, right-click the field and choose Acknowledge overruled data. The application then disables the acknowledge functionality from the right-click menu. To restore the original amount later, you will need to enter it manually.
- If desired, you can set a user preference to mark fields for which you overruled the calculated amounts and to list all overruled amounts in the Diagnostics window.
The code options instruct the application how to apply any current-year overpayment. The code affects the information that prints on Form BIRT, line 10. The overpayment options are listed in the fieldview and in the following table.
| Code |
Result |
| 1 |
Refund 100 percent of the overpayment. This is the default option. |
| 2 |
Apply the portion of the overpayment shown in the Amount to apply to current NPT field to the current Business Income & Receipts Tax or in the Amount to apply to next year BIRT field to next year, and refund any excess. |
Extension
Enter 1 or 2 to calculate the extension coupon and extend the return to the extended federal date or the 60-day automatic extension, respectively. Press F4 to view the choices. To print the extension, choose File > Print Extensions.
Note: The application also enters the applicable due date in the Extended due date field.
If an extension is printed by choosing File > Print Extensions or a code is entered in the Calculate extension payment field, the extended due date appears. When this field is completed and the Date return filed field is blank, the application uses the date in this field to calculate penalties and interest and the extended due date is also reflected in the filing instructions.
If you enter an amount here, the application enters this amount on Form BIRT Payment as 100 percent estimated 2015 Business Income & Receipts tax due, enters 1 in the Calculate extension payment field, and completes the Extended due date field.
If an amount is entered, the application displays the amount on the Business Income & Receipts Tax Extension Coupon and enters the amount in the Paid with extension field.
Penalties and Interest
If the date entered is later than the return due date, the application calculates the penalty for failure to file and late-filing interest on the Form BIRT Late Filing Interest and Penalty Worksheet. If you leave this field blank, it defaults to the due date (original or extended) of the return. The application prints the calculated amount on Form BIRT / BIRT-EZ, line 8.
Enter X to suppress the late payment interest on the return. The application prints the Form BIRT Late Filing Interest and Penalty Worksheet if this field is blank and late interest is due. The Form BIRT Late Filing Interest and Penalty Worksheet also prints if the Failure to Pay field is blank and failure to pay penalty exists.
Enter X to suppress the failure to pay penalty on the return. The application prints the Form BIRT Late Filing Interest and Penalty Worksheet if this field is blank and failure to pay penalty is due. The Form BIRT Late Filing Interest and Penalty Worksheet also prints if the Late interest field is blank and late interest exists.
Note: The application prints the Form BIRT Late Filing Interest and Penalty Worksheet when penalties or interest exist. If the Late interest and Failure to pay fields are both marked, the Form BIRT Late Filing Interest and Penalty Worksheet does not print.
UltraTax CS
