Set up insurance returns in the Tax Accounting System (TAS)
The following is an overview of how you set up an insurance return in TAS.
- Create a Tax Combination Chart.
- Import TCCs into the new Chart of TCCs.
- Verify TRC and TCC apply to 1120L and 1120PC returns.
- Create a Federal Chart of Accounts.
- Create Charts of Adjustments (book, reclassification, and tax) using those Charts of Accounts.
- Assign charts to binders.
- Import balances and adjustments either within an individual binder or using batch import.
- Create a NAIC Line Mapping Chart.
- Roll over or create binders.
- Create State Taxable Income Forms Mapping Charts to map state modifications to state income tax forms and schedules. Four states (New York, Mississippi, Michigan, Oregon) have insurance specific forms to file for insurance companies. These states will use an insurance type of Forms Mapping Chart
