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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- Late payment penalty and interest not calculating correctly?
Late payment penalty and interest not calculating correctly?
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Brandee_R
Level 1
06-01-2021
11:51 AM
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Has anyone noticed that Lacerte is not correctly calculating the underpayment penalty and interest charges? So far we've only noticed it on state of Kansas tax returns. It looks as if a full year is being calculated, even though we've entered the filing date on screen 8, and have the interest rates current in user options.
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2 Comments 2
CGJeff
Level 3
06-07-2021
01:50 PM
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Sadly, I didn't catch this during tax season and now I have clients receiving notices from both federal and Oregon that the penalties/interest was calculated incorrectly and clients are getting refunds. I've never had this happen in the 25 years I have used Lacerte... I'm baffled.
BobKamman
Level 15
06-07-2021
02:22 PM
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Examples, with amounts?
I usually check the "let IRS figure it" box because it's usually under $100 and they don't assess it.
If the penalty can be reduced by using one of the exceptions on the 2210, I'll do that. That often eliminates the need for the July 15 payment entirely. But I might hear from a few clients.
If the client insists on paying the penalty with the return and it's obviously high enough that IRS will assess it, I go along with the Pro Series calculations. Staying tuned for calls from clients who won't be unhappy about a small refund check.
