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Ghosts on the ledger
Payroll fraud is a major compliance risk. Learn how payroll analytics and AI-powered tools can help exorcise phantom employees and employers.
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Future of professionals report 2025
The Thomson Reuters Future of Professionals Report 2025 reveals how AI continues to shape professional work — and what it takes to get ahead. This year’s report shows that increased efficiency, productivity, and cost savings top the list of benefits professionals attribute to AI, making it indispensable for organizations facing rapid change.
Screen LAAdj - Louisiana Adjustments (1065)
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Disposal of Property with Section 179 Expense in Prior Year
Gain / loss reported separately from federal Schedule K, line 20c
The IRS requires partnerships to separately report the disposition of assets where Section 179 expense was claimed in a prior year. These dispositions no longer report on Forms 4797 and 8824, but instead report on federal Schedule K, line 20c. This amount calculates from information entered in the federal 8824PT, SalePT, and K1Sale screens.
UltraTax CS reduces the basis of the asset by the amount of the Section 179 deduction when calculating the gain or loss. This amount is included on Form IT-565, Page 5, Schedule J; Page 7, line 2b; Page 10, line 2a; and the LA Partner’s Share of Income and Credits Worksheet. Use the
Force
box to override the calculated amount. If 0
is entered, no adjustment will be made.