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Screen VBGen - Virginia Personal Property Tax

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Overview

Use this window to complete general information questions for Virginia Property Tax returns.
note
To enter information specific to a particular location, use the VBReturn screen.

Federal-to-state input screen and asset module data transfer

If information is transferred from federal input screens or from the asset module to a state input screen, the application displays the transferred data in blue .
If necessary, you can overrule the transferred amount by entering the appropriate amount in the field. The application then displays the new amount in black.
note
  • When you overrule a transferred amount, the application does not overwrite that amount with subsequent federal-to-state or asset module data transfers.
  • To delete the overruled amount and restore the original transferred amount, right-click the field and select
    Delete overrule
     or simply enter the original amount in the field.
  • To confirm the accuracy of the overruled amount, right-click the field and select
    Acknowledge overruled data
    . The application then disables the acknowledge functionality from the right-click menu. To restore the original amount later, you will need to enter it manually.
  • If desired, you can set a user preference to mark fields for which you overruled the transferred amounts and to list all overruled amounts in the
    Diagnostics
     window.

Statements

Many data entry fields provide predefined statements in which you can enter additional information. For additional information, see the statements overview.

Accessing frequently asked questions

To view answers to common questions about calculations and data entry issues:
  1. Select
    Help
    , then
    Additional Resources
    , followed by
    Frequently Asked Questions
    .

General Information

Use this section to record general business information for the client’s Virginia Property Tax return.
Complete return using the VA treatment within the Asset module
Enter
X
 to use data from the VA treatment column in Fixed Assets CS or the asset module in UltraTax CS.
note
  • To regenerate the transfer of information from Fixed Assets CS or the applicable federal asset module, select
    Utilities
    , then
    Fixed Assets CS (Import)
    .
  • To mark the
    Complete return using the VA treatment within the Asset module
     field one time for all new clients, select
    Setup
    , then the
    Virginia PPT
     tab uinder the name of your application. Select the
    New Client Options
     button.
Use Net Book Value from asset module when Fair Market Value association is blank
Enter
X
 to use the net book value if no fair market values have been entered.
note
To mark the
Use Net Book Value from asset module when Fair Market Value association is blank
 field one time for all new clients, select
Setup
, then the
Virginia PPT
 tab uinder the name of your application. Select the
New Client Options
 button.
Business name
Enter the name as it appears on the client’s business license. If you leave this field blank, UltraTax CS defaults to the client name.
Indicate name to print on return
Enter
1
,
2
, or
3
 to indicate the taxpayer, spouse, or joint names to appear on the return or use
F4
 to select an option from the dropdown.
Type Code
Description
1
Taxpayer (Default)
2
Spouse
3
Joint
Doing business as / trade name / name 2
Enter the name which the business uses to identify itself in its trade. Various counties and cities refer to this information in slightly different terms.
EIN
Enter the company’s employer identification number. If you leave this field blank, UltraTax CS defaults to the federal employer identification number for all entities except 1040 and 1041.
Business address / Business city, state, zip code
Enter the taxpayer’s business address. If you leave these fields blank, UltraTax CS defaults to the federal business address for all entities except 1040 and 1041.
note
The address on Schedule C doesn't transfer to these fields as the business mailing address. The desired mailing address must be entered in this screen if it differs from the address on the federal return. If multiple mailing addresses are required, use the VBReturn screen to enter them.
Fax number
Enter the fax number for the business. If you leave this field blank, UltraTax CS defaults to the federal fax number entered under client contact information.
Mobile phone
Enter the mobile number for the business. If you leave this field blank, UltraTax CS defaults to the federal mobile number entered under client contact information.
NAICS code
Enter the North American Industrial Classification System code number for the business. If you leave this field blank, UltraTax CS defaults to the federal code for 1120 and 1065 only.
Start and end dates
Enter the dates on which the business first commenced and / or ended in the county. If you leave this field blank, UltraTax CS defaults to the federal date incorporated for 1120 and 1065 clients.
T
ax year end
Enter the tax year end. If this field is blank, UltraTax CS defaults to the federal tax year ending for 1120, 1065, and 1041 clients.
Telephone number
Enter the taxpayer’s telephone number. If you leave this field blank, UltraTax CS defaults to the federal telephone number.
Type of business
Enter the taxpayer’s type of business. If you leave this field blank, UltraTax CS defaults to the federal business activity for 1120 and 1065.
Entity type
Enter the taxpayer’s entity type. If you leave this field blank, UltraTax CS defaults to the federal entity type. This information is used on the Henrico County Form 740-A.
note
UltraTax CS defaults to entity type
5
(Other) for 1041 clients.
Mailing address / Mailing city, state, zip code
UltraTax CS defaults to the business address information if these fields are blank.

Taxpayer Declaration

Use this section to enter information pertaining to the declaration section of Virginia property tax returns.

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