Need to be able to calculate penalty and interest on amended returns. The less notices clients receive, the better. I also don't see a way to enter it manually for amended returns. So even if I calculated on my own, I'm out of luck. If this is "Industry-leading professional income tax software for individual or business returns" then it should have the ability to calculate interest and penalties on anything I want, without having to always look up interest rates too. Please.
Need to be able to calculate penalty and interest on amended returns.
Anonymous
05-31-202209:45 PM
05-31-202209:45 PM
Thanks for the idea. We are changing the status to "Open for voting" since it has been around for over 30 days and no longer considered "New". If you have any questions on the life cycle of an idea, check out our Idea Getting Started Guide for more information.
Anonymous
07-07-202302:28 PM
07-07-202302:28 PM
The enhancement idea to calculate penalty and interest on amended returns is currently Under review and the team is researching next steps. Thanks for the votes and additional comments.
Continue to vote and comment on enhancements by going to the Idea Exchange Home page and select "Status": Open for voting, "Sort by": Most Popular. >> ProConnect Idea Exchange If you have any questions on the life cycle of an idea, check out our Idea Exchange Getting Started Guide for more information.
As noted above, this is an incredibly important and valuable item to have included. As interest now becomes a more significant part of the equation for amended returns, not having this as a part of the program creates a lot of work that should be unnecessary as the calculation should be completed within the program.
Even if you calculate the amounts correctly, the client is going to get a notice that interest and penalty have been assessed. Further down, it might or might not be obvious that the amount assessed was paid and there is no balance due. So as they say in Arkansas, that dog don't hunt.
There are different rules on calculating interest, depending on whether it's for a corporation or individual, and whether there is just additional tax, or it comes with additional credits. You need a transcript to figure out the assessment date, and the payment dates.
This falls into the category of Socialist Software. Charge 99.8% of users for a feature that 0.2% might use, and there's no guarantee of a correct answer. For the easy cases, there are websites that already do that. Mark me down as a NO.
