Bringing Penalty and Interest Up to Date

Depending on how your system is configured, several business processes may force the recalculation of penalty and interest real-time. Some examples of events in the system that may have been configured to bring P&I up to date are as follows:

• When a tax form posts or is reversed, transferred or adjusted. Basically any state transition of a form that causes adjustments to be created should include a step to bring P&I up to date.

• When a payment is frozen or canceled

• When the effective date of a frozen payment is changed

• An obligation's override due date changes.

• When a waiver is activated or canceled

• An event in an overdue process

In addition to real-time requests to bring P&I up to date, the system provides a background process that may periodically recalculate penalty and interest for all obligations governed by P&I.

A user may also request that P&I is brought up to date using the Credit Allocation zones on Control Central on both the Account Information portal and the Taxpayer Information portal.