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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

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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.

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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

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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

ex-AllStar

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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 $$$$.

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Employee
Employee
I can check, but I'm pretty sure the answer to updating the 2015 program is a no since we're moving into 2018 and the input allows you to enter the correct dollar amount in place of the calculated value.
In place of entering a '1' to auto calculate, you may need to enter the dollar amount in its place.  
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Employee
Employee
I've notified our tax development team of the outdated calculation in TY15.
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Employee
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.

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Employee
Employee
The 2015 update is live and available for download.  
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