2018 Lacerte Tax Update is available for download on 8/8/2019 (Version 39.0807). This update includes the following items;

Individual

IA Form 2210 Underpayment Penalty Not Generating

When filing an Iowa return the estimated payments were not made on time, due to form IA 2210 not generating with the return. The IA 2210 instructions indicate;

Taxpayers may avoid underpayment penalty if their estimated payments for 2018, made on or before the prescribed dates for payment, plus Iowa tax withheld for 2018...

In this situation, the payment made was sufficient to cover the tax, but the payments were not made every quarter (one payment was made int he last quarter). Should a penalty be generating due to payments not being made on time?

Update Details: Installments will be included in the underpayment when paid, even if a full amount of installment is greater than the tax due.

MT Form 2, Page 10, Line 8 Amount  Incorrect When Optimizing

When the program is optimizing filing status and Married Filing Separate Combined has no underpayment penalty, but Married Filing Joint does, the amount reported on Montana Form 2, page 10, line 8 is incorrect.

OH Oregon Generic Form R NOL Worksheet Not Generated

When preparing an Ohio, Oregon Generic Form R return with NOL details, the information flows to the worksheets displaying "Form R, Page 1, Line 5c NOL Carryforward".  However, the worksheets are not generated.

Fiduciary

IA Schedule C Part V Other Expense Items Cause Exception Error

When a Federal Schedule C includes information in Part V for Other Expenses and Iowa is included in the state inventory, exception errors will appear when attempting to calculate (switch to forms).

This occurs with both the Other Expenses (Ctrl+E) field entries as well as any additional fields that flow to Part V of the Schedule C, such as Bad Debts (code 57) and Bank Charges (code 203).

S-Corporate

LA Schedule L, Line 5 Incorrect

Louisiana Form CIFT-620, Schedule L, line 5 says to multiply line 4 by  $3.00 for each $1,000 or major fraction.  In our sample file, line 4 is $7,641. Lacerte is multiplying 7 x $3.00 instead of the major fraction of 7.6 or 8. (line 3 is also an issue)

Update Details: Corrected rounding placement.

Corporate

LA Schedule L, Line 5 Incorrect

Louisiana Form CIFT-620, Schedule L, line 5 says to multiply line 4 by  $3.00 for each $1,000 or major fraction.  In our sample file, line 4 is $7,641. Lacerte is multiplying 7 x $3.00 instead of the major fraction of 7.6 or 8. (line 3 is also an issue)

Update Details: Corrected rounding placement.