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My Datasets

NOL Automation - Jurisdiction

You can review the
NOL Allowance
 information in the
Data Source History
page for the unit you are currently working in. Open the page by choosing the
AUTOMATION
 button. in the
Activated Jurisdictions
 page. Also, you can enter data in the NOL fields to calculate the
NOL Allowance
 and
Base NOL Allowance
.
To enter the NOL Allowance Rate and Base NOL Allowance data:
  1. Select
    My Datasets > Units > Jurisdictions > Activated Jurisdictions > Edit > Enable
    .
  2. Type the
    NOL Allowance Rate
     and
    Base NOL Allowance
    .
When setting up NOL Automation:
  • The automation posts an amount as a NOL Temporary Difference with the System Codes NOL_SYS and the class of A. The NOL automation posts a reclass that creates the NOL Temporary difference, when the unit has a taxable loss. It draws down an available NOL Temporary Difference when the unit has taxable income.
  • Selections made in the NOL Allowance rate and Base NOL Allowance impact the amount of the reclass to NOL that is posted.
  • The NOL Allowance rate is the percent of taxable income/loss that should be considered when computing the NOL that should be reclassed for the specified unit.
  • The Base NOL Allowance, such as the §382 limitation, limits the amount of NOL that is considered. If there is no Base NOL Allowance, the default value of zero should remain the same.
To import information to the Automation section, complete the appropriate fields on the
#S# States
 worksheet in the Import Numbers template.

This article applies to:

  • PRODUCT: ONESOURCE Tax Provision