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This article applies to:

  • Product: ONESOURCE Income Tax
  • Return type: 1120 Corporation,1065 Partnership,international

2023.055 release information

tip

Pending releases

Release date: 5/24/2024

Domestic Income Tax

Excel Add-in data import:
 Download version 19.1.0 released – installation is optional and only needed to access the updated maps below.
  • 2022 1120 Form 4562 Map updated to include IRC Section 174.
  • 2023 1120 Form 4562 Map updated to include IRC Section 174.
  • 2023 1120 IL Adjustments Map updated for Deductions and Special Depreciation.
  • 2023 1120 Form 7004 Filer Information Print Foreign Owned USD option added.
  • 2023 1120 Form 8865 Schedule A and N added back
  • 2023 1120 Schedule K updated to include Lines 27 to 31.
  • 2023 1120 Schedule UTP missing fields for Part I and Part II added.
  • Download Template for 2023 updated.
  • Download Template for 2022 (4562 only) updated.
  • 19.1.0 Excel Add-in Specification worksheet released
    • Refer to this worksheet to view deleted, updated, and new fields for mapping.
We updated
Data Query, Tax Return > Corporate > Federal > Credits – 2023 Form 3800
  with a new page and line numbers.
Excel Add-in data import:
 Download version 19.1.0
  • 2023 1120 Form 4562 Map 50 Year Property – do not map and import. This information is not importing properly into the Organizer.
  • 2023 1120 Form 5471 Schedule B Part I ID Type has been removed due to import errors. 
  • 2023 1120 Form 1042 field EINofQDD does not import.
  • 2023 1120 IL Adjustments Map field does not import TotalDeprClaimFed4562Ln17Ln19For80PercentofProp.
Excel Add-in data import:
2023 1120 Schedule K line 2a-c and line 3
 – these two lines must all be mapped/ populated for import. If both lines are not mapped for import, then the existing data in the Organizer will be deleted/ removed and will need to be reentered.
  • BusinessActivityCode
  • BusinessActivityDescription
  • XifInactiveBusinessActivity
  • ProductOrServiceDescription
  • IsCorpASubInAnAffilGrpOrParentSubControlledGrp
  • ParentIDnumberOfSubInAffilGrp
  • ReasonForMissingEINOfSubInAffilGrp
  • ParentNameOfSubInAffilGrp
Data Query
  • 2023 Tax Return > Corporate > Federal > Credits and Credits with Member Detail
     is currently unavailable. This report will be revised when the final tax form is ready in the upcoming release.
  • 2023 1120 Form 5471 Schedule B Part I – Shareholder
     will not import if IDType is mapped. Do not map IDType. This will be corrected in a later release.
  • 2023 1065 Form 4562
     – The two fields below do not populate when mapped. This will be corrected in a later release.
    • CheckifEmployerhasEvidencetoSupporttheBusorInvuseClaimed
    • CheckifEvidenceisWritten

1065 Partnership

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. You can download the templates for 1120 and 1065 on the File downloads page.

Arkansas

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

Nebraska

Form 1065XN is pending development.

Oregon

Form OR-QUP-CAT will be released in a future release.

Federal

We added a checkbox on the
Depreciation Compute and Print Options Organizer
 to let all depreciation assets transfer to New York City. Also, we 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. Note: 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.

Idaho

We modified business rule 1120 to prevent improper diagnostics related to Line 27 allocated income.

Indiana

The K-1 and IN-65 were updated to include all new items from Federal other income and other deductions.

Iowa

We updated Page 4, line 16 for items added to the Federal Schedule K, line 13 Other deductions.

Ohio

We revised print for BR-25 to correctly show entity filing status.

Virginia

We corrected issues related to the transmittal letter for Virginia PTET and e-file signature authorization.

1120 Domestic

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. You can download the templates for 1120 and 1065 on the File downloads page.
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.

Federal

We updated
Form 1118
, Schedule H, Part II, lines 3a-3f so they’ll consolidate if an SIC code is nt present.
We corrected the
Form 3800
 print so that any federal and state returns that should print after Form 3800 in a consolidated return will print correctly. Previously, print terminated after Form 3800 in some returns.

Alabama

We corrected Form 20C, Page 4, Schedule F, lines 1 and 2a beginning of tax year balances. These lines previously reported the ending of tax year balances.

Delaware

We corrected the Form CIT-HIC, Page 1 print for incorporation state and date.

District of Columbia

We updated the computation for Form D, lines 9 and 25 so that amounts will flow from the organizer state workpapers input.

Florida

We corrected the fiscal year e-file XML for the element TaxYr.

Idaho

We corrected the print for Form 41, Page 1, business name in some cases.

Ohio RITA

We added electronic filing instructions.

Minnesota

We corrected the computation for Schedule KS, Page 3, line 48.
We corrected the computation for Form M4T, Page 1, line 18.

Missouri

We resolved an issue where some fields were not computing, and some forms were not printing.

Montana

We corrected print for CIT, Page 7 in 1120-REIT returns.

Nebraska

We resolved an issue where some fields were not computing, and some forms were not printing.

Oregon

We corrected the Form OR-19, Page 2, Column (h) Total for Owner e-file XML so that it reports the correct amount.

International

note
After updating your foreign entity binders for the new tax year and before sending data to the forms, decide if you will file Form 5471 Schedules I and P by Shareholder or Summary and use Enterprise Control Panel > Organizer INTL Transfer Options to stop transfer to the other method.  (For instance, if filing Schedule l by Shareholder, select the
Yes/On
 option for the Schedule I by Shareholder option and
No/Off
 for Schedule I by Shareholder.
Form 5471, 8858 and 8865 Organizer Options to Turn Off Transfers from International Computes
The
International Compute > Transfer to US5471, US8865 and US8858
transfers information directly to the “face” of Form 5471, 8865 and 8858 Organizer pages (rather than hidden screens as is the case for the Income Statement and Balance Sheet) for the following schedules – unless otherwise stated, the transfer checkboxes below default to unchecked, permitting transfer:
  • Form 5471 Schedule E
  • Form 5471 Schedule E-1
  • Form 5471 Schedule G
  • Form 5471 Schedule H
  • Form 5471 Schedule I (defaults to checked, no transfer)
  • Form 5471 Schedule I by Shareholder
  • Form 5471 Schedule I-1
  • Form 5471 Schedule J
  • Form 5471 Schedule M
  • Form 5471 Schedule P (defaults to checked, no transfer)
  • Form 5471 Schedule P by Shareholder
  • Form 5471 Schedule Q
  • Form 5471 Schedule R
  • Form 5471/Form 8990 (defaults to checked for tax year 2022; defaults to unchecked for tax year 2023 and later)
  • Form 8858 Schedule H (959(b) Dividends and Return of Capital)
  • Form 8858 Schedule J
  • Form 8865 Schedule K-2, Part II, Sections 1 and 2
  • Form 8865 Schedule K-2, Part III, Section 1
  • Form 8865 Schedule K-2, Part III, Section 4, Line 1
  • Form 8865 Schedule K-2, Part V
Before transferring new results, the International Compute will
delete all
 existing information in the schedules noted. If manual overrides are entered in Organizer, you must check the appropriate option(s) 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 from International Computes. Failure to check the individual boxes, will result in the loss of any Organizer overrides (even if the Organizer field is locked) when you next run the
International Compute \ Transfer to US5471, US8865, US8858
 for the binder.
New Entity Role Field Available in the Form 8975 Schedule A Workpaper Reports for Tax Year 2023
ONESOURCE Income Tax International offers workpapers to help with
Form 8975
 preparation. In the 2023.045 release,
we added new fields for Entity Role to the Form 8975 Schedule A Workpaper
 for each binder and to the
Consolidated Form 8975 Schedule A Workpaper
 in a top consolidation binder. In the current release, the reports from the workpaper screens and those under the
International Reports > International Data Entry Reports > Form 8975 Schedule
 A folder include the Entity Role information.
note
Transfer to U.S. Form 8975 will be available in an upcoming release.
Transfer to Form 8990 within the Form 5471 Organizer Folder (Specified Group Parent Instance) for Tax Years 2023 and Late
During Subpart F calculations, ONESOURCE analyses the organization structure (Top Consolidation > Binder Properties > International Members) along with any overrides entered in the top consolidation binder’s Section 163(j) CFC Grouping Overrides screen to determine how entities should be combined under the stand-alone or CFC grouping methods. When the
CFC Group Election
 box is checked in the FTC Defaults screen, the Subpart F calculations sort the CFCs into groups and aggregate the amounts in the group members’ Section 163(j) Workpapers to determine the group’s allowable business interest expense and allocate any disallowance to the members. If the CFC Group Election is unchecked, the 163(j) calculations are performed using the stand-alone method.
note
Any foreign entity identified as a
Non-Controlled 10/50 Company
(Binder Properties > International) is always treated as a stand-alone entity.
Under the grouping method, a CFC may be identified as belonging to the FTC Specified Parent Group, a CFC Specified Parent Group, or as a stand-alone entity. Use the Section 163(j) Group Member Detail Report to review the calculated results under the grouping method (as well as the stand-alone method). For those CFCs identified as the parent of a CFC Specified Parent Group, ONESOURCE now transfers information from the Section 163(j) Group Member Detail Report to the Specified Group Parent instance of the Form 5471 version of the Form 8990 when the
Transfer to US5471, US8865, US8858
is run if the top consolidation > FTC Defaults >
Transfer to Form 8990
 is selected and the
Intl Transfer Options > CFC’s 8990
 is not selected in the foreign entity Organizer.
note
The CFC’s
8990
 option controls transfer to both the Individual Entity and CFC Group Parent instances of the 8990 under the Form 5471. By default, the CFC’s 8990 box is unchecked for tax year 2023, allowing transfer to the form. Use Enterprise Control Panel to update the setting for a binder group.
During transfer, when the CFC’s
8990
 option is unchecked, existing information in the foreign entity’s Form 8990 (both the Individual Entity and Specified Group Parent instances) is deleted and replaced with data from the Section 163(j) Group Member Detail Report.
Transfer to Specified Group Parent Instance of the Form 5471 version of Form 8990 (Other lines are computed in Organizer).
Section
Group 8990 - CFC Specified Group Parent
Form 8990 | Lines 1 through 4, 6 through 15, 17 through 20, 23 and 24
Section 163(j) Group Member Detail Report | Total column
Form 8990 | Line 30
If the
CFC Specified Group Parent
 has NOT elected Safe Harbor, transfer the amount from the Member Detail Report - Total column | Line 30.                                                                                                                   
Form 8990 | Line 31
If the
CFC Specified Group Parent
 has NOT elected Safe Harbor, transfer the amount from the Member Detail Report - Total column.                                                                   
Radio Buttons & Checkboxes
N/A
Mandatory Compute Option
N/A
1 - Foreign corporation subject to 163(j) - Form 8990 will print
Select this radio button if there is at least one transfer amount for the Form 8990.
2 - Foreign corporation not subject to 163(j) - Form 8990 will not print
N/A
3 - Foreign corporation is excepted from filing - Form 8990 will not print
N/A
4 - Do not complete Form 8990 for this foreign corporation.
N/A
Foreign Entity Information
N/A
Is the foreign entity a CFC group member? Radio buttons -  Yes/No/Blank
N/A
Is this Form 8990 filed by the specified parent for an entire CFC group? Radio buttons - Yes/No/Blank
Select Yes.
Has a CFC or a CFC group made a safe harbor election? Radio buttons - Yes/No/Blank
For the
CFC Specified Group Parent
, if the Section 163(j) Group Member Detail Report | Safe Harbor Election has Yes, select
Yes
. If the Section 163(j) Group Member Detail Report | Safe Harbor Election has No, select
No
 radio.
Safe Harbor Election
N/A
CFC group safe harbor election - checkbox
Check the box if the
CFC Specified Group Parent
 has Safe Harbor Elected (the Section 163(j) Group Member Detail Report | Safe Harbor Election has Yes).
If CFC group pre-group disallowed BIE carryforward. Radio buttons - Yes/No/Blank
Select
No
 if the
CFC Specified Group Parent
 has Safe Harbor Elected.
Section 4 | Lines 6 thru 9
Section 163(j) Group Member Detail Report | Safe Harbor Election Section 4 - Eligible Amount Calculation | Section 951(a)(1)(A) amount | Total column.
New Subpart F Comprehensive Edit Warnings for Tax Years 2023 and Later
When a divisional consolidation processes intercompany transactions at the division level, data is entered in the divisional consolidation’s
Section 163(j) Business Interest Expense workpaper >
Section 163(j) Adjustment tab and
GILTI (Global Intangible Low Taxed Income) workpaper >
High Tax Exception Adjustments tab
 at the division level. During Subpart F calculations, the application ignores any rows related to a division that is not a member of the divisional consolidation. In the current release, comprehensive edit warnings will be triggered under the following conditions:
  • The Section 163(j) Adjustment tab contains a non-member division/elimination and the top consolidation binder’s FTC Defaults >
    163(j) Adjustment – Subpart F Computations box is checked and/or the FTC Defaults > 163(j) Adjustment - GILTI Computations is checked.
  • The High Tax Exception Adjustment tab contains a non-member division/elimination and the top consolidation binder’s FTC Defaults > GILTI High Tax Exception box is checked.
Previously when amounts were entered 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 would not generate in Organizer upon Transfer to US5471. This issue has been resolved for all years the Form 5471 Schedule P by U.S. Shareholder is available (tax years 2020 and later).
Previously, income tax accounts with account types 4800 through 4840 were wrongly added to
Line 6 - Tentative Taxable Income in the Allowable Business Interest Expense
  of the
Section 163(j) Business Interest Expense workpaper
 in a foreign entity binder. For tax years 2022 and later, this problem is fixed and Line 6 does not include those accounts.
Previously, income from
Regulated Investment Companies
 transferred from international computes to the Organizer
Form 1118
 using code RIC, which caused XML validation errors. With the May release, Income from Regulated Investment Companies will transfer in Tax Year 2023 binders with the new IRS E-file schema code RICS.

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