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Set up options for new 1065 clients

Follow these steps to specify setup options for 1065 clients subsequently added to UltraTax CS.
  1. Select
    Setup
    , then
    1065 Partnership
    .
  2. Select the
    Federal
     tab.
  3. Select
    New Client Options
    .
  4. Specify the following information in the
    Return Presentation
     tab:
    • Options for specially allocated depreciation
    • Include only trade or business depreciation on Page 1 of the return
    • If the partner's ownership percentage should be based on ending capita
    • Display the Schedule K-1 percentages using the partnership's tax year
    • Use the partnership's name rather than the doing business as (DBA) name for identification
    • Suppress printing of partner numbers
    • Default state partner allocations to federal allocated amounts
    • Adjust Form 1125-A purchases by changes in inventory
    • Suppress the Schedule K-1 distribution in excess of basis supplemental information
    • Calculate gross farm and nonfarm income for all partners
    • Print and round amounts on Schedules L, M-1, M-2, and M-3
    • Mailing of state tax form instructions
    • If the taxing authority can discuss the returns with the preparer
  5. Specify the following information on the
    Other
     tab.
    • Proforma the Schedule B-1 maximum indirect percent to next year
    • Options for the partner transmittal letters
    • Suppress the calculation of the partner basis worksheet
    • Options for the data share of the partner basis worksheet
    • Electronically file 1065 and 8865 returns or to suppress the state electronic file when electronically filing FinCEN Form 114 or the federal partnership return
    • Client copy tax return delivery method
  6. Select
    OK
     to accept the settings and close the window or select
    Cancel
     to close the window without saving your changes.
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