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2023.085

2023.085 release information

Pending releases

Release date: 8/23/2024

Income Tax

2023 State TI Mapping Charts
We updated or added the line descriptions in the 2023 State TI Mapping Charts for the following states to tie them to the 2023 state tax forms:
  • Arizona:
     Form 120 Other Subtractions Line B10 added line N-Contributions in Aid of Construction and Lines O1 & O2 for Marijuana Establishments only are now listed in the Arizona Forms Mapping chart.
  • Idaho:
    When you select the Common State option to suppress modifications and income adjustments carried from federal, errant Organizer/Override amounts no longer display in the State TI Review workpaper.
  • Kansas:
     Form K-120 Additions added Line 5–250 deduction related to GILTI and Line 6-Business interest expense carryforward are now listed in the Kansas Forms Mapping Chart.
  • Maine:
     The following Form 1120ME tax form lines now flow from the State TI Data Entry to the tax form lines:
    • Line 3 - Deferred Foreign Income
    • Line 4 - Income not taxable under the Constitution of ME, Expenses Incurred in the Production of Income not Taxable, and US Income Not Taxable Under Constitution of Maine or U.S.
    • Line 7 - Income from Ownership Interest in pass-through entity
    • Line 8 - State Income Tax Refunds
    • Line 10 - Wellness Program Credit Add-Back
    • Line 11 - Adult use cannabis business expenses
    • Line 15 - Northern Maine Transmission Corporations Adjustment
    • Line 21 - Business Interest deduction recapture
  • Minnesota:
    The following Form M4-I Line 04c Certain federal credit expenses now flow from State TI Data Entry to the tax form lines:
    • Research expenses disallowed on federal return
    • Salary expenses disallowed due to federal work opportunity credit
    • Salary expenses disallowed due to Indian Employment Credit
    • Handicap expenditures disallowed on federal return
    • Railroad track maintenance credit disallowed on federal tax
  • Nebraska:
     Forms Mapping Additions, lines 12 and 13 now transfers to the Organizer .
  • New Mexico:
     Form CIT, Page 1, line 17 Net operating loss deduction is now flowing from State TI Data Entry to the tax form line.
  • Rhode Island:
     Forms Mapping Additions, line 1d now transfers to the Organizer.

1065 Partnership

Nebraska
 Form 1065XN and schedules are pending development.

Federal

We released an Excel template for
Form 1042
 import and API. The templates will be available for download from Help and Support.
We updated the e-file conditions to include
Form 8986
 in the federal XML.
We updated the
K-1 Transfer
 program to allow for the transfer of K-1 information from accounts residing under the same firm account. If the locator is under a different firm account, you need to move it to the target’s firm account. You also need to open and close all source returns once after this release to enable the transfer. The returns don’t need to be calculated, they just need to be opened and closed once to facilitate the transfer.

State

Arkansas
:
  • We updated letters and filing instructions for AR1100PET to address the signed return and file date issues.
  • We updated letters and filing instructions for AR1100PET to correct tax due.
Idaho:
 We improved the diagnostics for Form 65, line 57 tax received.
Illinois
:
  • We added tax form and organizer function for Form 2220. Form 2220 print is still pending.
  • We modified the e-file schema to prevent improper activation of the business rule IL1065-4600-2 related to Step 3, Line 11.
  • We added the forms Included the Organizer field for Form 2220.
Kansas
: We corrected the tax year end date issue on Form K-9.
Kentucky
: We added e-file functionality for Form 740NP-WH Nonresident Income Tax Withholding.
Maryland
:
  • We added letters and filing instructions for 510D estimated payments.
  • We added e-file capability for 510D estimated tax payments.
Michigan:
  We added signature forms for letters and filing instructions.
New Jersey
:
  • We corrected the e-file schema for Schedule A Part II NJ Nexus.
  • We modified the print for NJ-1065, Schedule O, Other Subtractions detail.
North Dakota:
 We added Form 58-ES estimated payments filing instructions.
Ohio:
 We updated the print for the IT1140P payment voucher address.
Oregon
:
  • We updated the print for Form
    OR-OC-1 Composite Return
     to correctly print totals for Columns B & C and correctly flow information from the Column C total to e-file.
  • Portland
    : We modified the default payment method for Form 20XX letters and filing instructions.
  • We modified the e-file schema to prevent validation errors when reporting
    OR-19
     estimated payments.
South Carolina:
 We updated letters and filing instructions for estimated payments.
Tennessee
: We added e-file signature forms and letters and filing instructions for TN Franchise tax.
Texas:
 We updated the report year computation to include accounting year override fields.
Virginia:
 We added an Organizer input field for federal final determination date on Form 502FED-1.
Wisconsin:
 We updated Wisconsin Form 3 and Schedule 3K-1 to capture new Schedule K and K-1 other deduction amounts.

1120 Corporate

Federal

We updated the
K-1 Transfer
 program to allow for the transfer of K-1 information from accounts residing under the same firm account. If the locator is under a different firm account, you need to move it to the target’s firm account. You also need to open and close all source returns once after this release to enable the transfer. The returns don’t need to be calculated, they just need to be opened and closed once to facilitate the transfer.
We updated
Form 1120-L
, Page 3, Schedule F print.
We updated
Form 7205
 e-file so validation errors don’t generate when they aren’t needed.
We updated the
Form 8990
, line 6 calculation to include the line 25 deduction.

State

Alabama:
 We updated the default for the Alabama Railroad Modernization Act of 2019 credit to
Blank
 instead of
Yes
.
We corrected the computation for
Colorado
 Form DR 106K, Page 1, line 11, columns A & B.
We updated the
Delaware
 NOL statement carryover limit to 80% of income.
Georgia:
  • We corrected Georgia 600, Page 8, Schedule 12 topcon print.
  • We corrected Form 600, Page 1, Schedule 1, line 8 overlap print.
Indiana:
  • We corrected the
    Indiana
     IT-20, Page 1, Principal Business Activity Code so that it transfers from the correct common state organizer field.
  • We updated Indiana Schedule IT-20PIC so that the amount fields are available for data entry.
  • We corrected the computation for Indiana IT-20, Page 1, line 11.
Iowa:
  • We updated Iowa Page 2, line 1 detail statement print to include NOL.
  • We updated the computation for
    Iowa
     8453-S, line 5 so it automatically populates.
Maine:
 We corrected the print for Maine Form 1040C-ME, Page 4.
Massachusetts:
 We updated Massachusetts Form 63D-ELT Total amount of Entity-level Tax Paid so that it automatically calculates.
Minnesota:
  • We corrected the computation for Minnesota M4I, Page 2, line 4.
  • We corrected the computation for Minnesota M4T, line 11.
Montana:
  • We updated the computation for Montana Schedule K-1, Part 5, line 3a so that withholding tax is not calculated when it does not apply.
  • We updated PTE, Page 5, Schedule IV, Part III, Column A details so they don’t duplicate.
New Jersey:
  • We updated the computation for New Jersey Form 329, Page 3, lines 34 and 36 so that amounts automatically populate.
  • We corrected the print for New Jersey CBT-100U, P27, Schedule 500-PA, Line 1b.
Virginia:
 We updated the print for Virginia Form 500, Page 1, Question C FEIN.

International

We resolved the issue when you run an
International Compute
 and the Topcon has the option selected
Transfer Subpart F Results to GILTI Workpaper
 in the FTC Defaults screen, the system removes any amount entered in an entity’s Adjustments tab ( GILTI Workpaper > High Tax Exception) from the
GILTI Tested Item Sourcing and Translation
 tab lines 5iv, 5v, and 9aiii. The amounts remain on the HTE Tab itself. As a result, the adjustments are included in the High Tax Calculation and reports but not in the GILTI calculation.
Run the International Compute after the 2023.085 release resolves the issue.

This article applies to:

  • PRODUCT: ONESOURCE Income Tax
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