Dave Kropp
Level 3
05-18-2022
02:21 PM
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Does Form 1041 calculate the late penalties and interest like the 1040? If not, why not?
From IRS instructions - just like the 1040.
If you include interest on either of these penalties with your payment, identify and enter these amounts in the bottom margin of Form 1041, page 1.
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IRonMaN
Level 15
05-18-2022
03:30 PM
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Why have the client pay the late penalties? Maybe the IRS will have mercy and not charge them penalties and interest. It's a COVID world so maybe the IRS has mellowed a wee bit.
Slava Ukraini!
