When e-filing an 1120 return with a balance due, the following payment options are available in UltraTax CS.
Electronic Funds Withdrawal (EFW)
In Screen ELF, located in the Electronic Filing folder, enter the date on which you want the funds withdrawn in the Requested payment date field. The default amount used for the tax payment made through EFW is the balance due on the federal tax return. If you want to specify only a partial payment of the balance due, enter the amount in the Amount of tax payment field in Screen ELF.
- The withdrawal amount cannot be more than 200 percent of the amount of tax due with the return.
- You must enter a date in the Requested payment date field if you want the IRS to withdraw funds.
- You must complete the bank information in Screen Bank.
Electronic Funds Transfer (EFT)
The IRS allows the following electronic funds transfer methods: ACH Debit and ACH Credit. Select an option from the Corporate filing instruction drop-down list in Screen Letter, located in the General folder, to inform the taxpayer which method they should use. UltraTax CS will then include corresponding verbiage for the method selected in the filing instructions. For more info, review 1120 – US: Electronic Funds Transfer Options in our Help & How-To Center.
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