Chart of Tax Combination Codes
The Charts of Tax Combination Codes (TCCs) and the Tax Return Codes (TRCs) relationship are the foundation for all account management. TCCs allow you to add multiple customized descriptions for individual TRCs that populate TAS workpapers, reports and whitepaper detail of the return. The Chart of TCCs is the first chart you create.
A TCC is a user-defined code used to combine accounts into subcategories within a single TRC. The descriptions you enter for TCCs are used in workpapers and on tax return supporting schedules. The application summarizes and consolidates account balances based on the TRCs/TCCs assigned to the accounts in the system.
note
It's a good thing if you use a common TCC chart.
Rules and guidelines
- Page 1 and Schedule M-1 descriptions are limited to 50 characters.
- Balance Sheet descriptions are limited to 35 characters.
- Tax Return Codes are limited to 150 Tax Combination Code descriptions except for the Schedule M-1, which is limited to 255 descriptions for line 5C and 8C.
- Every account number must have a valid TRC and TCC.
- You can enter data into a Chart of TCCs manually, copy it from an existing Chart of TCCs, or import from an outside file.
- ONESOURCE Income Tax provides a default Chart of TCCs for copying.
- A TCC number can be up to three-digits in length.
- Use of a common chart of TCCs is strongly recommended (contact your client service representative for assistance with establishing a common chart of TCCs)
- Skip between TCC numbers so more can be added later.
- Changing a TCC affects all charts and data based on that chart.
- Changing a TCC affects all charts and data based on that specific Chart of TCCs.
- There must be a common TCC Chart for a cross-tie return in consolidations
- Once a Chart of TCC is assigned to a Chart of Accounts, it cannot be deleted until all Charts of Accounts that use that particular Chart of TCCs are deleted.
- A Chart of Tax Combination Codes consists of TRCs and related TCCs. The application uses predefined TRCs to relate accounts in a Chart of Accounts to a specific line on a federal or state tax return.
