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S Corporation Information Worksheet 2006

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S Corporation Information Worksheet 2006 document sample

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									                                                                                                                                                                 IMPOSITION OF
                                                                                                                                                            PENALTY WORKSHEET
                                                                                                                                                  Rev. 6/05 (effective for audits completed after 4/15/2005)



This worksheet is used to determine whether a penalty should be imposed and, if so, the penalty rate when a tax liability is assessed on a field or desk audit. Please note: this worksheet may not apply to
audits or assessments that are part of an automated billing and assessment process (including compliance assessment programs). In addition, this penalty worksheet does not apply to real property tax,
personal property tax or public utility personal property tax penalties. Separate instructions address the imposition or remission of additional charges for late filing/tax payment of these taxes.

The tax agent/auditor is to check all boxes that apply. The tax agent/auditor must follow the definitions of the terms to determine which boxes need to be checked. This worksheet only addresses the
imposition of penalty for a taxpayer failing to pay the correct amount of tax. It does not address all penalties such as fraud penalties. The imposition of the other types of penalties should only be made under
the guidelines of the tax administrator in charge of the assessed tax. While the tax agent/auditor must closely follow this worksheet, special circumstances may exist that must be documented in
writing to justify a deviation from the penalty indicated by this worksheet.

             Section #1 Penalty Criteria                                Check           Penalty       (Enter "x" in the Check column)
Non-remittance of Trust Tax or Willful Non-Collection
of Tax (Sales, Withholding, Pass Through Entity)                                        50.00%
Non-compliance                                                                           5.00%
Related Member Addback (2 x interest) (Franchise)                                $                -       See Related Member Penalty Worksheet Tab (Franchise tax only)
Automatic Penalty Imposition
Total Section #1 Penalty                                                0.00%

             Section #2 Penalty Criteria                                Check   (Enter "1" in the Check column)
Tax Compliance Issues
Tax Audit Compliance under 90%                                                                             Audit Compliance Percentage Calculation
Tax Audit Compliance under 80%                                                                                            Tax Accrued + Tax Paid at Source                 = Total
Tax Audit Compliance under 70%                                                                                                         0                      0                          0
Tax Audit Compliance under 60%                                                                                                         0                      0                      -
Tax Audit Compliance under 50%                                                   No Legal Dispute + Legal Dispute
Poor Prior Audit Compliance Improvement                                                         Tax Owed
Records not made Available during Audit                                         Stat Sample Offset                    Enter "x" if a direct payment permit audit
Unsatisfactory Audit Responsiveness                                             Enter "x", if yes                 Enter the number of years in the audit period
Other:                                                                                                   Total Paid
Other:                                                                                                   Total Refund
Total Section #2 Checkmarks                                               0                                               Tax Accrued        Tax Paid at Source
Total Section #2 Penalty                                                 0%

0 to 2 Checkmarks = No Penalty                              3 Checkmarks = 5% Penalty                 4 Checkmarks = 10% Penalty          5 or more Checkmarks = 15% Penalty

                                                                                                  Penalty Summary
                                                                                                                                                                                                 Total Penalty
Section #1 Penalty                0.00%                                         Purchase1                                         0.00%       $                -                             $               -
Section #2 Penalty                0.00%                                         Sales2                                            0.00%       $                -                             $               -
                                                                                Franchise                                         0.00%       $                -      $              -       $               -
                                                                                Withholding                                       0.00%       $                -                             $               -
1
    The total penalty for purchase audits cannot exceed 15%.                    Pass Through                                      0.00%       $                -                             $               -
2
    The total penalty for sales audits cannot exceed 50%.                       Please indicate type of audit: (Enter an "x" in the appropriate box)
Enter Taxpayer Name here
Enter Account Number here
Enter Audit Year here

B-3 Penalty Computation - ORC section 5733.042(E)&(F)


                                                                                                              Ohio Corporation Franchise Tax Report Instructions

                                                                 As Filed           As Corrected     A penalty for failure to pay the additional tax attributable to the related
Net Income Basis Tax                                                                                 member adjustments is applicable if the additional tax is not paid within
                                                                                                     one year after the date the report is filed. The penalty equals twice the
Net Worth Basis Tax                                                                                  interest charged. The penalty does not apply if the additional tax (i) is less
                                                                                                     than 10 percent of the total franchise tax and (ii) is less than $50,000. This
Schedule B-3 Adjustments                                                                             penalty is in addition to any other applicable penalties and charges. (See
                                                                                                     ORC section 5733.042(E) and (F)
Income increase due to Schedule B-3 Adjustments                                                 0

Marginal Tax Rate                                                                           0.085    2007


Tax increase due to Schedule B-3 Adjustments (only)                                             0                                                               2006 and Later
                                                                                                                                                                Subject to the Franchise
                                                                                                                                                      Yes
Additional tax attributable to related member adjustments                                       0   Equals result multiplied by 60%                             Tax Phase Out?

B-3 Penalty Due:                                                                                     The additional tax attributable to the related member adjustments for
Interest From Date (IFD) (mm/dd/yyyy)                                                                which the penalty is computed on, and the computation of the tax
(Interest begins the day after the last payment due date on 04/01 or 06/01)                          differential for which the penalty is limited by, is the lessor of the difference
                                                                                                     between tax as computed on audit and tax as filed or net income tax as
                                                                                                     computed on audit and net worth tax as computed on audit or the increase
Interest Through Date (ITD) for all audit results (mm/dd/yyyy)
                                                                                                     in tax due to the B-3 adjustment (only).

Overpayments Credited to Next Year (CRC)
(Enter any (CRC) as a positive amount)

Refunds received after filing report       Date:
(Enter any Refund as a positive amount) (mm/dd/yyyy)

                                      Interest Due to B-3 Adjustment                Enter Interest Dates above


                         Penalty Due ( 2 x "Interest Due"):                                  0.00
                                                  (see notes below)




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