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2023.051

2023.051 release information

Pending releases

Release date: 5/03/2024

1065 Partnership

Form 7205
, Energy-Efficient Commercial Buildings Deduction is pending the release of the e-file part.
We released an excel template for
Form 1042
 and
1042-S
.  The excel template uses the Tax Return Import method and an API call to complete the import.

Arkansas

We added the calculations and e-file for AR1100NOL. Print is still pending.

Nebraska

Form 1065XN is pending development.

Oregon

Form OR-QUP-CAT is pending release.

Federal

We added an option on the
Depreciation Compute and Print Options Organizer
 to let all depreciation assets transfer to New York City. We also added a note to the State Depreciation Asset screen, preceding the New York entry line, to alert clients to this and the New York State similar option. This option already exists on the same Organizer screen for New York State.
When an entry is made on
Federal Organizer/Activity Information
, Pass-Through Entity, Pass-Through Entity Activity, K-1 Line, lines 1-15 for non-portfolio short-term capital gain (loss) and/or non-portfolio long-term capital gain (loss), the data will transfer to the lines on the Pass-Through Entity schedule, Schedule D, and on Schedules K, line 11 and K-1, line 11s.These amounts will
not
 transfer to Schedule K and Schedule K-1, lines 8 and 9a.
We corrected the
Form 5471
 statement reference print for Schedule A.
We revised the
Schedule K-1
 computation for QBI to ensure the omission of line 20z when toggling the checkbox.

All States

We included new filing instructions at the client’s selection to alert preparers that electronic payment could be needed when the balance due exceeds $15,000.

1120 Corporate

We released an excel template for
Form 1042
 and
1042-S
.  The excel template uses the Tax Return Import method and an API call to complete the import.
1040 and 1041 filers can use either the 1120 or 1065 tax application to e-file the forms as long as you have an EIN number. The IRS doesn't support SSNs in those schemas for the withholding agent.
This release also includes 1120 22-7.24.

Letters and Filing Instructions

We added preparer email address print to the federal filing instructions.

Federal

We corrected the print for
Form 3800
, Part IV, lines 2a through 2d, Columns (b) through (d).

Maine

We updated the 1040ME filing instructions so that a refund is including in the instructions. We also updated the mailing address for refund returns.

Minnesota

We updated the computation for Form AMTI, line 4b.
We corrected the e-file so that a validation error referencing SchM4A only generates when needed.
We corrected the print for Form M4T.

Missouri

We updated the MO-1120V scanline check digit calculation.
We updated the MO-1120ES scanline check digit calculation.
We updated MO-2NR SSN so it prints with 9 digits instead of 10.

Ohio

We updated the computation for IT 1140, line 9 so that it excludes federal conformity adjustment deductions as part of other deductions.

Texas

We updated Form 05-158 and Form 05-169 print for the zero gross receipts scenario.

Virginia

We updated the calculations for Form 502PTET, Page 1, lines 8, 9, 14, and 15 to take any override amounts coming from Organizer, States, Virginia, then State Adjustments.

International

When you enter amounts into the
Form 5471 Schedule P Beginning Balance Shareholder Overrides
 field in the CFC Overrides screen, the Form 5471 Schedule P by U.S. Shareholder does not generate in Organizer when you select the
Transfer to US5471
 option. This issue will be resolved in an upcoming release.
When you run
Look Through calculations
, the application pulls all entities involved in intercompany transactions with the selected entity(s) into the Look Through calculations. If you select the compute options
Subpart F
 and
Transfer to US5471, US8865 and US8858
  along with
Look Through
 (from within a foreign binder or a top consolidation binder), and the system adds entities to the Look Through calculations, the system incorrectly includes the expanded entity list in the Subpart F and Transfer processes. As a result, the Transfer process becomes “stuck” for those entities added for the Look Through compute.
To immediately workaround the issue, run Look Through separately from Subpart F and Transfer to US5471, US8865 and US8858, or run calculations for all members from the top consolidation. This issue will be resolved in an upcoming release.
We updated
Form 5471 Schedule P by Shareholder
 so that during the
Transfer to US5471, US8858 and US8858
 from International Computes, the process now creates an individual 5471 Schedule P for an FTC Shareholder that owns less than 10% of a foreign entity when the CFC Overrides, U.S. Shareholder Override is set to
Treat this entity as a U.S. Shareholder
.

This article applies to:

  • PRODUCT: ONESOURCE Income Tax
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