Triva isn't available right now.
Check out the support page for our phone number and hours
Solutions
Law firms
Tax, audit & accounting firms
Success stories
-
A true competitive advantage
Law firm Zarwin Baum’s embrace of generative AI as the natural next step in the evolution of legal work and their adoption of CoCounsel Legal has helped them achieve remarkable efficiency gains and improved client relationships.
-
Workflow transformation drives impact
Brinks, a global leader in secure logistics and security solutions, used CoCounsel to reimagine what was possible with AI tools, turning legal challenges into a competitive advantage.
-
The forefront of audit tech
A better auditing workflow solution was the answer to multiple challenges faced by The Mercadien Group. Find out how they achieved greater efficiency by embracing Cloud Audit Suite.
Questions? We are here to help.
Products
Legal
Trade & supply
Tax, audit & accounting
- 1040SCAN
- Audit Intelligence Analyze
- CoCounsel Audit
- CoCounsel Tax
- Ready to Advise
- Ready to Review
- View all
Corporate tax
Recommended products
-
CoCounsel Legal
Transform your work with the only AI legal solution uniting research, drafting, and document analysis in a single experience. Designed by legal experts and built on trusted content and advanced AI, CoCounsel Legal accelerates multistep work so you can better serve your clients and grow your business.
-
CoCounsel Tax
Transform your tax practice with CoCounsel Tax, an AI-powered assistant that combines trustworthy answers, automation, and firm knowledge into one seamless platform. Enhance efficiency, reduce risk, and improve client confidence with CoCounsel Tax.
-
CLEAR Investigate
Intelligently surface critical connections and insights in actionable format through AI-driven research workflows seamlessly integrated with the trusted and transparent CLEAR platform. Accelerate investigations and empower your team to make strategic decisions with confidence.
Questions? We are here to help.
Purchase
Buy solutions
Resources
Insights
Events
Product training
Product communities
Developers
Highlights
-
2026 SKILLS showcase
Join weekly sessions to experience in-depth demonstrations of the leading legal AI products while connecting with strategic law firm leaders in knowledge management, innovation, and AI.
-
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.
-
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.
Examples of tax code adjustment entries
The following examples describe common tax code adjustment entries.
Example 1
Federal Income Taxes (1120 entity type): Accounts for federal income taxes can be coded to tax code 205. This tax code is adjusted for the amount of federal income taxes in the Line 2 (Federal income taxes per books) tab with an offset to the applicable M-1 tax code.
Example 2
Penalties (1120 entity type): Accounts for penalties can be coded to the tax code for other deductions. This tax code is adjusted for the amount of penalties in the Line 8 (Deductions on this return not charged against book income this year ) tab with an offset to the applicable M-1 tax code.
Example 3
The balance sheet account Allowance for bad debts decreased by $10,000.00 during the tax year. An additional $10,000.00 in bad debt expense needs to be recorded on the tax return. The tax code for bad debts is adjusted in the Line 2 (Federal income taxes per books) tab by $10,000.00 with an offset to the applicable M-1 tax code.
Example 4
Accounts for depreciation, amortization, depletion, organization or start-up costs, Section 179 expense, and 4797 gain/loss can be coded to the associated tax code.
The application treats the following tax codes as income statement tax codes for the following entity types:
Tax codes as income statement tax codes for: | 1120 | 1120S | 1065 |
|---|---|---|---|
207 | None | 1120S, L14a -Book depr-other than COGS | 1065, L16a -Book depreciation |
208 | 1120, L20a -Book depr-other than COGS | 1120S, L15 -Page 1 depletion - book | None |
209 | 1120, L21 -Page 1 depletion - book | None | None |
214 | None | 1120S, L19 -Total book amortization | 1065, L20 -Book amortization |
215 | 1120, L26 -Total book amortization | None | Sch M1, L4 -Start-up > org costs - book |
217 | 1120, L21 -Page 1 depln other than oil/gas | None | None |
218 | Sch M1, L5 -Org > start-up book expense | Sch M1, L3 -Org > start-up book expense | None |
228 | None | Sch M1, var -Book section 179 amount | Sch M1, var -Section 179 expense - book |
283 | Sch A, L5 -Book depreciation - COGS | Sch A, L5 -Book depreciation - COGS | None |
488 | None | Sch M1, var -4797 gain/loss - book | None |
489 | Sch M1, var -4797 gain/loss - book | None | None |
The preceding tax codes are increased or decreased in the appropriate tab in the
Enter Tax Code Adjustments
screen with the offset applied to the applicable M-1 code. UltraTax CS users should exclude any tax code adjustment entries from being included in the tax export because the M-1 adjustment and tax amounts are typically calculated automatically based on information in the asset module.Alternately, if accounts are coded with tax code 88888 so the accounts are not sent to UltraTax CS, tax code 88888 should be adjusted for the book-to-tax difference in the
Enter Tax Code Adjustments
screen. (Note: Tax code units shouldn't be assigned to tax codes 88888 or 99999.)Tax depreciation is $20,000.00 greater than book depreciation
- The tax code for depreciation is adjusted in the Line 8 (Tax deductions not on books) tab by $20,000.00 with an offset to the applicable M-1 tax code. This entry is marked as exclude
so it's not sent to UltraTax CS as part of the tax export.This article applies to:
- Product: Accounting CS
- Subject: Integration
Related Content
-
Enter Tax Code Adjustments screen (1120, 1120S, or 1065)
Format:
Article,
8 min read