Nonexistent or Incorrect PTET Vouchers

[SL855]

Most, if not all, states are requiring quarterly estimated payments if you elect the PTET election on your entity returns. But ProSeries either is not generating any vouchers or is generating them for the incorrect amount.

Two examples of this we have encountered so far:

1. Virginia typically has no franchise and excise tax due with the return. So the program generates a payment voucher for the 2022 balance due, but nothing at all for the now required quarterly estimates
2. California has a franchise tax due with the return, so quarterly estimates will generate but only for the franchise tax portion. It does not factor in the PTET portion and its required payments at all

I'm unclear on the logistics of what the state has to authorize in terms of forms. But even if the actual forms themselves are not supposed to be generated for some reason having something in the client letter noting the dates and amounts of the estimates would be helpful. Right now ProSeries seems to be ignoring them entirely. And maybe worse yet, for the returns it does generate vouchers for (like California) it does it for the incorrect amounts - at least assuming you are planning to do the PTET for the 2023 tax year as well.

[cpatrina]

Hi,

Be sure that you have the tax software up to date with the most recent release.  Also it may be too soon for those forms to generate.  Finally, check to be sure that you include the state corporate forms on your software update.  I had this problem with NJ PTET forms and now they are there.

Best,

Trina