: We updated Reports and Data Refresh to pull 2024 binders.
Excel add-in
Version 20.0.0
: Download the new version to import into 2024 Binders. Updated maps are listed below but refer to the specification workbook in Tools, Excel Add-in Downloads, Templates to view specific fields that have been added or removed.
1120 5472
1120 5713
1120 8824
1120 Pass-Through
1065 Schedule K
1065 Partnership
Federal updates
Form 1065X
: We modified the tax form and print for Page 3, line 13B.
Form 8883
: We added print functionality for this form.
Form 8886
: We updated Form 8886 to match the version currently used for Form 8865 filers.
1120 Corporate
Federal updates
We updated
Federal Depreciation
print so that States Not Adopting and Not Adopting IRC section 174 version of Form 4562 does not print after the federal Form 4562.
State updates
Arkansas
:
We updated e-file for Arkansas Form AR1100CT so that it does not include AR1100S - Schedule A details for pass-through interest.
We corrected print for Arkansas Form AR1100CT, Page 2, Schedule A, Section A, line 3 statement, CY capital loss line item.
District of Columbia
:
We updated the computation for District of Columbia, D20, Combined Schedule 2A, line 3b for financial and nonfinancial reporting.
We corrected District of Columbia, Form D20, Schedule D, Taxes print overstrike for consolidated returns, first line.
Georgia
: We updated Georgia Form 600, Page 8, Schedule 12 so that it prints blank in a Divcon filing as a GA single company return.
Indiana
:
We updated the computation for Indiana IT-NOL, Part 2, current year loss column B balance available so that it populates.
We corrected the Indiana Form FIT-20, Schedule H/FIT-2220 print alignment.
Iowa
:
We updated the Iowa Schedule K-1, Part III, line 2 calculation.
We corrected the Iowa Form 8453 PTE-C paid preparer and self-employed checkboxes. They had been swapped.
Maryland
: We updated Maryland Form EL101B Name and Title of Fiduciary print.
Minnesota
:
We updated Minnesota AMTT print.
We updated e-file so a Minnesota state rejection referencing CertificateNum is not received after the return is submitted.
We updated e-file so a Minnesota validation error referencing FilmProductionCreditAmt is not generated when it does not apply.
We updated Minnesota RD, Page 2, line 45 print.
New Mexico
: We updated the New Mexico S corporation common state spreadsheet trigger so that it does not activate for an 1120 return.
International
Form 5471, 8858 and 8865 Organizer Options to Turn Off Transfers from International Computes
Before transferring data to the forms, and after updating your foreign entity binders to the new tax year, decide whether you will file Form 5471 Schedules I & P by Shareholder or as a Summary. To manage this, use the
Enterprise Control Panel
with
Organizer INTL Transfer Options
to prevent transfers to the alternate approach. For instance, if you choose to file Schedule I by Shareholder, activate the "Yes/On" option for Schedule I by Shareholder and deactivate the "No/Off" option for Schedule I.
The International Compute, option
Transfer to US5471, US8865, and US8858
functions transfer information directly to the main pages of Forms 5471, 8865, and 8858 Organizer. This is different from the Income Statement and Balance Sheet, where data is transferred to hidden screens. By default, the transfer checkboxes for the following schedules are unchecked, allowing the transfer to occur unless specified otherwise.
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 unchecked – transfer occurs -- 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 deletes all existing information in the specified schedules. If you enter manual overrides in the Organizer, make sure you 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. This prevents additional transfers from International Compute to the schedule. If you do not check the individual boxes, you will lose any Organizer overrides (even if the Organizer field is locked) when you next run the International Compute with option
Transfer to US5471, US8865, US8858
for the binder.
note
International Compute with
Transfer to US5471, US8865, US8858
, as well as transfers to other forms,
has been temporarily disabled for tax year 2024.
Rollover Changes Tax Year 2023 to Tax Year 2024
We added New Entity Role fields to the tax year 2023 Form 8975 Schedule A Workpaper. These fields are available within individual FTC and foreign entity binders, as well as in the Consolidated Form 8975 Schedule A Workpaper in an FTC top consolidation binder. The selection for the Entity Role field will roll over to tax year 2024 and beyond.
Starting in tax year 2023, the FTC Defaults screen in a top consolidation binder includes new checkboxes for Foreign Derived Intangible Income (FDII) and Section 163(j). During the rollover from 2023 to 2024 and subsequent years, these settings will carry over.
Foreign Derived Intangible Income Calculation
Run FDII Calculation during TIBS: Prior year setting rolls over
Transfer to FDII Workpaper: Defaults to unchecked
Transfer to Form 8993 during US1118 Transfer: Defaults to unchecked
<New> Transfer Section 250 amounts to Income Sourcing during TIBS: Defaults to unchecked
Foreign Entity Section 163(j) Calculation
Transfer to 163(j) Workpaper: Defaults to unchecked
<Updated> Transfer to Form 8990 during US5471 Transfer: Prior year setting rolls over
CFC Group Election: Prior year setting rolls over
<New> 163(j) Adjustment – GILTI Computations: Prior year setting rolls over
<New> 163(j) Adjustment – Subpart F Computations: Prior year setting rolls over
PTI in USD Basis Ending Balances Report for Tax Years 2019 and Later
The new PTI in USD Basis Ending Balances Report is located in the
International Reports
Subpart F
Rollover
folder within the top consolidation and foreign entity binder. This report's format aligns with the PTI in USD Basis Export/Import Report found under
International Reports
International Data Entry Reports
Previously Taxed Income
, except it excludes columns related to current year adjustments. The report stacks foreign entities sequentially, and the information aligns with what will roll into the next year's PTI in US$ screen.
New ONESOURCE API Features for International Users
The 2024.005 release includes the new APIs to support the retrieval and update of the following information for tax years 2018 and later:
FTC Top Consolidation Binder Properties, on the International Members tab:
GET v1/binders/{binderId}/international-member-assignments
GET v1/binders/{binderId}/applicable-international-members
PUT v1/binders/{binderId}/international-member-assignments
ONESOURCE Income Tax Menu Path: FTC Top Consolidation, International Compute
GET v1/binders/{binderId}/international-foreign-compute-statuses
GET v1/binders/{binderId}/international-ftc-compute-statuses
GET v1/binders/{binderId}/target-ftc-consolidation-binders
POST v1/binders/{binderId}/international-foreign-compute
POST v1/binders/{binderId}/international-ftc-computes
Foreign entities
We resolved the following issues:
Section 951A GILTI High Tax Exception Calculation and Report
When a foreign divisional consolidation’s Intercompany Transaction Level set to Division, if full inclusion does not apply, the Other Deductions, Interest Expense and Foreign Income Taxes Paid include amounts for source codes that are Effectively Connected Income or Subpart F and do not have any gross income.
On the Section 951 A High Tax Exception Report, Foreign Taxes Paid includes withholding tax on 959(b) Dividend when the entity is full inclusion.
Automatic Transfer to GILTI > Tested Item Sourcing and Translation workpaper during Subpart F Calculations and GILTI Tested Item Sourcing and Translation Import Report
Line 2c – Total Income (rather than the Total Gross Income) from the E&P by Source Code After Dividend LT report is transferred to Line 2c (High Tax Exception Income) for the subpart F source codes that meet the 954(b)(4) High Tax Exception.
Line 5i - Allocable Deductions from Subpart F (Workpaper Only) - Dividend Withholding Taxes on 959(b) Dividends are included on Line 5i when the entity is full inclusion.
Line 7 – Tested Foreign Income Taxes - Dividend Withholding Taxes on 959(b) Dividends are included on Line 7 when the entity is full inclusion.
Hovering Deficit Calculation
GILTI Reclassifications are not subtracted from the current year earnings available for Hovering Deficit utilization calculations. As a result, the Hovering Deficit utilization is larger than expected.
Subpart F Comprehensive Edit Error 6301
Subpart F Error Code 6301 does not generate when there is a remaining amount to be allocated in the Division's Intercompany Dividend Receipts tab when a Divisional Consolidation is completing LT transactions at the division level.