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Enhancements

1120 Enhancements

Federal

We are adding or updating the following:
New Forms
  • Form 7211 Clean Electricity Production Credit
  • Form 7218 Clean Fuel Production Credit
  • Forms 8985, Pass-through - Statement Transmittal/Partnership Adjustment Tracking Report (Required under Sections 6226 and 6227)
  • Forms 8986, Partner's Share of Adjustment(s) to Partnership-Related Item(s) (Required under Sections 6226 and 6227
Form 114
  • Added ability to have multiple companies to an account for Part V.
Mixed group consolidations
  • An enhancement to reduce trapped data in subgroup and divcon members.
Schedule K-1
  • An option to the Organizer to print
    Form 8886
     with each shareholder's K-1. Go to
    Informational Forms
    Reportable Transaction Disclosure
    Transaction 1
    General Information
    . Go to the bottom and select the option
    Print Form 8886 with each K-1
    .
  • Adding
    no column footnote
     option for shareholder footnotes. In Organizer go to
    Shareholder Information
    Shareholder Footnotes
    No Column Footnote Applic to all Shareh/1
    .
1120S
  • 1120S shareholder summary
     that prints with the 1120S return will now print ending shares along with beginning shares.
  • 1120S now has the option to carry shareholder debt from
    Form 7203 directly to Schedule K-1
     line 16e. Go to Organizer,
    Schedule K
    Items Affecting S/H Basic/Other Info
    Items Affecting S/h Basis/Other Info
      and scroll down to loan repayments and check the box to use loan repayment info from debt basis schedules.
  • 1120S Shareholder Footnotes
     can be applied to all states or selected states.

States

We are adding or updating the following:
Various States
  • Print for Form 8453-TR Electronic Signature Authorization Worksheet.
Alabama
  • Estimated payment amounts to AL8453-C, AL8453-PTE and AL8453-FIE.
  • New Form 8948-AL Pass Through Entity Preparer Explanation for Not Filing Electronically.
Colorado
  • Added Form DR 1370 (Certified Economic Development Credit Schedule for Taxpayers with a Refund Certificate)
  • Added new rewritten Form DR 1366 (Certified Economic Development Credit Schedule)
Florida
  • An option to compute the 100% NOL Carryover Applied for NOL carryover that generated in taxable year beginning pre-2018.
Kentucky
  • A worksheet to auto populate penalties and interest for the composite return (740NP-WH).
Massachusetts
  • Automatically calculate Massachusetts Form NRCR estimated tax applied to next year.
  • M-2210 to Composite returns.
  • M-2210 to PTE returns.
Michigan
  • Detroit:
     Automatic compute for the return penalty and interest in Form 5297
  • Detroit:
     For electronic filing, added a Direct Debit payment option on the common state spreadsheet and e-file.
  • Detroit:
     Added Form 5562, Direct Debit of Business Tax Payment.
New Hampshire
  • The option to suppress the print and e-file of Form BET-80.
  • Form DP-9 to automatically pull total and individual distributions for the group and each shareholder.
New Jersey
  • NJ-GIT-DEP to the Tax Forms view.
  • An automatic calculation for New Jersey Form NJ-1080-C for estimated tax applied.
  • Form 336
New York
  • Modified CT-33-A Combined Insurance Corporation Franchise Tax Return Changes.
  • Modified CT-33 Insurance Corporation Franchise Tax Return Changes.
  • Modified CT-33-NL Non-Life Insurance Corporation Franchise Tax Return Changes.
  • Modified CT-635 New York Youth Jobs Program Tax Credit.
  • Modified CT-646 Employee Training Incentive Program Tax Credit.
  • Modified CT-646 Employee Training Incentive Program Tax Credit.
  • Modified CT-248 Claim for Empire State Film Production Credit.
  • Modified CT-246 Claim for Empire State Commercial Production Credit.
North Carolina
  • A shareholder percentage summary to NC CD-401S, Page 3 for easy resolution of ownership percentage total.
South Carolina
  • An automatic calculation for Form SC 1120S-WH amount exempt from withholding.

This article applies to:

  • Product: ONESOURCE Income Tax Express RS
  • Return type: 1120 Corporation
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