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12-05-2019
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This article will assist you with entering penalties paid by a corporation or S corporation, such as payroll penalties or late filing penalties, in Lacerte. Follow the instructions for applicable tax type below.
Follow these steps to enter penalties paid in the S-Corporate module:
- Go to Screen 31, Schedule M-1, M-3.
- Select Schedule M-1 from the left navigation panel.
- Scroll down to the Expenses Recorded on Books Not Included on Schedule K (+) section.
- Locate the Nondeductible Expenses subsection.
- Enter any penalties or fines incurred by the S corporation during the year in the Penalties field (code 106).
- Penalties include payroll tax penalties, late filing penalties, and any other nondeductible penalty or fine.
- The program prints a supporting statement and carries the amount to the following forms:
- Schedule K, line 16
- Schedule K-1, box 16
- Schedule M-1, line 3
- Schedule M-2, line 5, column (a) (AAA)
Follow these steps to enter penalties paid in the Corporate module:
- Go to Screen 39, Schedule M-1, M-3.
- Select Schedule M-1 from the left navigation panel.
- Locate the Schedule M-1 (Book-Tax Adj.) section.
- Locate the Expenses Recorded on Books not Included on this Return subsection.
- Enter any penalties or fines incurred by the corporation during the year in the Penalties field (code 117).
- Penalties include payroll tax penalties, late filing penalties, and any other nondeductible penalty or fine.
- The program includes this amount on Schedule M-1, line 5d and prints a supporting statement.
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