Is the 2015 Lacerte program late filing minimum penalty not current? The penalty calculated is the 2015 law amount and the IRS is using the current law amount of $205

Forum|Forum|6 years ago
December 6, 2019
2 replies
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The 2015 Lacerte program is calculating a late filing minimum amount of $135 based on the 2015 tax law and the IRS is using the 2018 law amount of $205.

Lacerte Tax

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Best answer by George4Tacks

IRS is correct per https://www.irs.gov/businesses/small-businesses-self-employed/understanding-penalties-and-interest

Income tax returns are subject to a minimum late filing penalty when filed more than 60 days after the return due date, including extensions. The minimum penalty is the LESSER of two amounts – 100% of the tax required to be shown on the return that you didn’t pay on time, or a specific dollar amount that is adjusted annually for inflation. The specific dollar amounts are:

$210 for returns due after 1/1/2018
$205 for returns due between 1/1/2016 and 12/31/2017
$135 for returns due between 1/1/2009 and 12/31/2015
$100 for returns due before 1/1/2009

George4TacksAnswer

Level 15

IRS is correct per https://www.irs.gov/businesses/small-businesses-self-employed/understanding-penalties-and-interest

Income tax returns are subject to a minimum late filing penalty when filed more than 60 days after the return due date, including extensions. The minimum penalty is the LESSER of two amounts – 100% of the tax required to be shown on the return that you didn’t pay on time, or a specific dollar amount that is adjusted annually for inflation. The specific dollar amounts are:

$210 for returns due after 1/1/2018
$205 for returns due between 1/1/2016 and 12/31/2017
$135 for returns due between 1/1/2009 and 12/31/2015
$100 for returns due before 1/1/2009

Answers are easy. Questions are hard!

George4Tacks

Level 15

@IntuitAlicia - It appears Lacerte is only getting the $135. Is there any plan to update?
@jeromeburnett - I NEVER include penalties and interest. I tell the client to expect a notice and the amount will be ABOUT $$$$.

Answers are easy. Questions are hard!

IntuitAlicia

Employee

I just received notice that this has been addressed and is scheduled to be included in an upcoming program update. Because this is TY15 and we do not have a regularly scheduled update, I will update this posting when the program update is available.

IntuitAlicia

Employee

The 2015 update is live and available for download.

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