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Ghosts on the ledger
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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 NEAdj - Nebraska Adjustments (1065)
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Adjustments Increasing Ordinary Income
Non-Nebraska state and local bond interest income
The statement contains all tax-exempt information entered in the federal K-4 and K1-5 Screens. To exclude an item from the state return, delete the amount, enter a zero, or delete the entire line item from the statement. UltraTax CS displays the modified column in black and does not overwrite the new data with subsequent federal-to-state data transfers.
Adjustments Decreasing Ordinary Income
Other amounts decreasing ordinary income
Use the statement to enter amounts for other adjustments decreasing ordinary income. The application transfers the credit adjustments made to federal other income, salaries and wages, taxes and licenses, and other deductions to this statement. These amounts are reported on Schedule A, line 17 or Schedule ELP, line 10. To exclude an item from the state return, delete the amount, enter a zero, or delete the entire line item from the statement. UltraTax CS displays the modified column in black and does not overwrite the new data with subsequent federal-to-state data transfers.
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 are no longer reported on Forms 4797 and 8824, but instead are reported on federal Schedule K, line 20c. This amount is calculated 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 1065N, Schedule A, line 5 or line 13. A nonsubmittable statement prints detailing this amount. Use the
Force
field to override the calculated amount. If 0
is entered, no adjustment will be made.Section 179 included in gain / loss
This field contains the total Section 179 expense deduction that was originally claimed on the assets disposed during the tax year. This amount is provided for reference purposes only.