1120 Enhancements
note
These enhancements are planned for tax year 2024 unless otherwise mentioned.
Federal
We are adding or updating the following:
New Forms
- Form 7211 Clean Electricity Production Credit
- Form 7218 Clean Fuel Production Credit
- Forms 8985, Pass-through - Statement Transmittal/Partnership Adjustment Tracking Report (Required under Sections 6226 and 6227)
- Forms 8986, Partner's Share of Adjustment(s) to Partnership-Related Item(s) (Required under Sections 6226 and 6227
Form 114
- Added ability to have multiple companies to an account for Part V.
Mixed group consolidations
- An enhancement to reduce trapped data in subgroup and divcon members.
Schedule K-1
- An option to the Organizer to printForm 8886with each shareholder's K-1. Go to . Go to the bottom and select the optionPrint Form 8886 with each K-1.
- Addingno column footnoteoption for shareholder footnotes. In Organizer go to .
1120S
- 1120S shareholder summarythat prints with the 1120S return will now print ending shares along with beginning shares.
- 1120S now has the option to carry shareholder debt fromForm 7203 directly to Schedule K-1line 16e. Go to Organizer, and scroll down to loan repayments and check the box to use loan repayment info from debt basis schedules.
- 1120S Shareholder Footnotescan be applied to all states or selected states.
States
We are adding or updating the following:
Various States
- Print for Form 8453-TR Electronic Signature Authorization Worksheet.
Alabama
- Estimated payment amounts to AL8453-C, AL8453-PTE and AL8453-FIE.
- New Form 8948-AL Pass Through Entity Preparer Explanation for Not Filing Electronically.
Colorado
- Added Form DR 1370 (Certified Economic Development Credit Schedule for Taxpayers with a Refund Certificate)
- Added new rewritten Form DR 1366 (Certified Economic Development Credit Schedule)
Florida
- An option to compute the 100% NOL Carryover Applied for NOL carryover that generated in taxable year beginning pre-2018.
Kentucky
- A worksheet to auto populate penalties and interest for the composite return (740NP-WH).
Massachusetts
- Automatically calculate Massachusetts Form NRCR estimated tax applied to next year.
- M-2210 to Composite returns.
- M-2210 to PTE returns.
Michigan
- Detroit:Automatic compute for the return penalty and interest in Form 5297
- Detroit:For electronic filing, added a Direct Debit payment option on the common state spreadsheet and e-file.
- Detroit:Added Form 5562, Direct Debit of Business Tax Payment.
New Hampshire
- The option to suppress the print and e-file of Form BET-80.
- Form DP-9 to automatically pull total and individual distributions for the group and each shareholder.
New Jersey
- NJ-GIT-DEP to the Tax Forms view.
- An automatic calculation for New Jersey Form NJ-1080-C for estimated tax applied.
- Form 336
New York
- Modified CT-33-A Combined Insurance Corporation Franchise Tax Return Changes.
- Modified CT-33 Insurance Corporation Franchise Tax Return Changes.
- Modified CT-33-NL Non-Life Insurance Corporation Franchise Tax Return Changes.
- Modified CT-635 New York Youth Jobs Program Tax Credit.
- Modified CT-646 Employee Training Incentive Program Tax Credit.
- Modified CT-646 Employee Training Incentive Program Tax Credit.
- Modified CT-248 Claim for Empire State Film Production Credit.
- Modified CT-246 Claim for Empire State Commercial Production Credit.
North Carolina
- A shareholder percentage summary to NC CD-401S, Page 3 for easy resolution of ownership percentage total.
South Carolina
- An automatic calculation for Form SC 1120S-WH amount exempt from withholding.
