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2023.005

2023.005 release information

Pending releases

Release date: 11/28/2023

Domestic Income Tax

  • We added
    TRC 41-635, Energy Efficient Commercial Buildings Deduction
    . This TRC will carry to:
    • 1120 Page 1, line 25
    • 1120S Page 2, line 19
    • 1120REIT Page 1, line 18
    • 1065 Page 1, line 20
  • Consolidation option added for Illinois apportionment
     in TAS, State Options or Batch Process, State Options. With this option you can set up one of the following options for all consolidated members:
    • Single sales apportionment (default)
    • Federal regulated exchange apportionment
    • Financial organization apportionment
    • Insurance company apportionment
    • Transportation company apportionment
  • Consolidated amounts reported on the
    Schedule M-2 review workpaper
     are now accurate.
  • The
    state entity type for New Jersey
     is now updated to reflect its allowed filing types in Process Options.

1065 Partnership

Federal

You can e-file Schedules K-2 and K-3 in XML format for tax year 2023; not in PDF format. Read article.

Hawaii

We updated the Everywhere calculation for Hawaii other salaries and wages.

New Jersey

We updated the calculation for NJ PTE-100, page 2, column D.

New Mexico

We added print suppression for Form PTE-PV.

North Carolina

You can now choose to suppress the use of all 9s for disregarded entities listed on Schedule NCK-1.

International

  • We changed how foreign derived intangible income (FDII) is rolled over from 2022 to 2023. Read article.
  • You can roll the
    Form 5471 Schedule C Cross Reference (OCI) Chart
     to next year using Batch, Rollover Charts.
  • Automatic transfer of Section 250 deductions
     to income sourcing workpaper for tax years 2023 and later.
  • We added functionality to determine the
    Section 163(j) current business interest expense deduction under the grouping method
     for foreign corporations.
  • In an upcoming release, you can
    transfer Section 163(j) adjustments to 5(ii) - Section 163(j) Adjustment (workpaper only)
     in GILTI Workpaper, Tested Item Sourcing and Translation. In preparation for this change, line 5(ii) won't accept data entry in a tax year 2023 binder, and the GILTI - Tested Item Sourcing and Translation import will ignore any data for line 5(ii).
  • New options available in Enterprise Control Panel,
    Organizer Intl Transfer Options
    , including Foreign Entity 5471 and 8865 International Compute Transfers.
  • New options available to
    turn off transfers from international computes
    . Before transferring new results, the international compute deletes all existing information in the schedules. If manual overrides are entered in Organizer, you must select the appropriate options on the INTL Transfer Options pages within the Foreign Corporation (5471), Foreign Partnership (8865) and FDE and FB (8858) navigation tree to prevent additional transfers to the schedule. Failure to select these individual options will result in the loss of any Organizer overrides (even if the Organizer field is locked).
  • Post-86 E&P and Taxes Ending Balances Report
     is available for tax year 2019 and later in International Reports, Subpart F, Rollover within a top consolidation and foreign entity binder. The format of the report ties to the format of the Post-86 E&P and Taxes Report within International Reports, International Data Entry Reports, Beginning Balances - E&P and Taxes with the addition of current year changes by activity type. Foreign entities are stacked one after another and the information matches what'll roll into next year's Post-86 E&P and Taxes screen.

This article applies to:

  • PRODUCT: ONESOURCE Income Tax
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