2024.019 release information

Pending releases

Release date: 1/24/2025

Tax accounting system

We added a new menu item
Alerts
on the Income Tax Home screen menubar. This feature allows you to go directly to the alerts page to view the alerts/notices for the Income Tax products.
State A&A Charts
: We updated the State A&A charts for this release, State A&A Logic, State A&A Forms Cross Reference and State A&A Reconciliation.
Entity Import
We added a default Entity Import template that maps all 22 entity import items in the following order:
  • *Entity type
  • *Return type
  • *Company name
  • Company name line 2
  • Company number, Street Address; City; State; Zip/Postal Code; Country; Province
  • Federal Employer I.D. Number
  • Fiscal year Beginning Date
  • Fiscal Year Ending Date
  • Date of Incorporation/Date Business Started
  • Incorporation State
  • International Filing Type
  • International Div Con Data Entry Level
  • International Div Con Intercompany Data Entry Level
  • Binder Name; Binder Year; Reference ID Number.
*Asterisk items are mandatory
Your import file needs to have all 22 columns in this order to use the default template. The data must begin on row 1. It's a shared template that each user can use, but you can't edit it.
Excel add-in data import
1065 Schedule K-1 missing fields will be added in a future release.
  • Net 4797 specifically allocated g/s Exclude from QBI checkbox
  • Qualified commercial clean vehicle credit for vehicles acquired after 2022
Entity Import and other TAS Imports
We updated the Entity Import (
Tools
, then
Admin Tools
) and other TAS Import Template mapping screens to more easily map data items with a keyboard. This import step now allows you to use the keyboard to map all the data items without using the mouse. We recommend using ALT + Down arrow keys to keep each drop-down list open since each data item is mapped.
Partnership K-1 Transfer
We corrected rollover from 2023 to 2024 to roll over all lines assigned. If you rolled over before the 2024.019 release, the following lines didn't get assigned in the 2024 chart.
  • Lines 11h through 11s
  • Line 13a, 13k, 13w, 13x-13ae

1065 partnership

District of Columbia:
The DC jurisdiction will accept partnership e-file transmissions for tax year 2024 starting Monday, January 27, 2025. All DC partnership filings transmitted before this date will be held, and then filed on January 27th.
We are still developing the
Colorado
state K-1 and Form 106 CR for pending future release.
We are currently developing
Oklahoma
Form 561-PTE and 561-P for tax forms, e-file and print for a future release.
Texas
: For
tax year 2023
, we updated the fiscal tax year forms for Texas franchise tax.

State updates

Georgia :
We included disaster relief information for Hurricane Helene and updated the affected state due dates.
Massachusetts:
We modified print for Form 4868.
New Jersey:
We corrected allocated amounts flowing to Schedule NJK-1.
New Mexico:
We added e-file instructions for PTE-ES estimated payment vouchers.
New Mexico:
We added partnership EIN to Page 2 of the PTE-D.
Virginia:
  • We added Form 500C.
  • We updated the logic for Form 502 PTET, line 16.

1120 corporate

Federal updates

Form 1120:
We updated the print for Form 1120, Page 3.
Form 1120S:
We corrected the Form 1120S Filing Instructions so that the form titles are included.

State updates

Colorado:
  • We corrected Colorado Form 112 original due date and extended due date.
  • We updated the computation for Colorado Form 112, Page 2, line 12 so it includes the capital gain item.
Illinois:
We updated the computation for Illinois IL-1120, Page 1 and 3 so that the amounts don’t override after consolidating.

International

Section 163(j) Reports
For the 2023 tax year, we added 2 new reports. Go to
International Reports
Subpart F Reports
Section 163(j) Business Interest Expense
. These reports help you identify adjustments for Form 8990, line 13, reflecting the impact of CFC excess taxable income on specified deemed inclusions. The reports are:
  • Section 163(j) U.S. Shareholder’s Addition to Tentative Taxable Income
  • Section 163(j) Consolidated U.S. Shareholder’s Addition to Tentative Taxable Income
Updates in Release 2024.019
  • We renamed the
    Section 163(j) U.S. Shareholder’s Addition to Tentative Taxable Income
    report to
    Section 163(j) U.S. Shareholder's Adjustments to Tentative Taxable Income
    . It now includes both Addition and Subtraction sections.
  • A new line,
    Section 250 Reduction @ 50% (Assumes No Limitation)
    , reduces the GILTI inclusion to calculate Total Specified Deemed Inclusions.
  • The new Subtractions section includes a
    Section 250 Reduction @ 50% (Assumes No Limitation)
    for GILTI and Subpart F inclusions and gross-ups, assisting in completing Form 8990 Line 20 Other Reductions.
  • The
    Section 163(j) Consolidated U.S. Shareholder’s Subtractions to Tentative Taxable Income Report
    shows Total Subtractions related to Specified Deemed Inclusions by U.S. Shareholder and CFC. It matches the format of the existing Additions report.
Section 163(j) U.S. Shareholder’s Addition to Tentative Taxable Income Report
The following outlines various components and calculations related to Section 163(j) and specified deemed inclusions for tax purposes.
  • 163(j) Information
    : This includes details on group members or stand-alone entities, specified parents, and safe harbor elections. For entities that are stand-alone or CFCs whose specified parent is a CFC, the safe harbor election is noted as either "Yes" or "No." Additionally, for CFCs whose specified parent is a U.S. specified parent, this information is included in the CFC's Section 163(j) Business Interest Expense Workpaper under the Safe Harbor tab.
  • Last Subpart F Calculation
    : This is recorded in the Section 163(j) Group Member Detail Report.
  • Excess Taxable Income Ratio
    : This involves calculations of applicable CFC's excess taxable income and adjusted taxable income, as detailed in the Section 163(j) Group Member Detail Report. The ETI/ATI ratio is calculated by dividing the applicable CFC's excess taxable income by its adjusted taxable income, rounded to 9 decimal places. If the result is less than 0%, it is set to 0%, and if greater than 100%, it is capped at 100%.
  • Ownership Percentage
    : This is agreed upon in the Subpart F Deemed Distribution Report, and any US shareholder overrides in the CFC Overrides screen are included.
  • U.S. Shareholder ETI/ATI Ratio
    : This is calculated by multiplying the ETI/ATI ratio by the ownership percentage, rounded to 9 decimal places.
  • Specified Deemed Inclusions Related to Additions
    :
    • The GILTI amount before any Section 250 adjustment is taken from the Income Inclusion Report.
    • The Section 250 reduction is calculated as 50% of the GILTI amount, multiplied by -1.
    • The Subpart F amount is also taken from the Income Inclusion Report.
    • Total specified deemed inclusions are the sum of the GILTI and Subpart F amounts.
    • The total addition related to specified deemed inclusions is calculated as follows: if the safe harbor is elected, the total is 0; if not, it is the U.S. Shareholder ETI/ATI Ratio multiplied by the total specified deemed inclusions.
  • Specified Deemed Inclusions Related to Subtractions
    :
    • The GILTI amount and GILTI gross-up (both before Section 250 adjustment) are recorded in the Income Inclusion Report.
    • The Section 250 reduction is calculated as 50% of the sum of the GILTI amount and GILTI gross-up, multiplied by -1.
    • The Subpart F amount and Subpart F gross-up amount are also recorded in the Income Inclusion Report.
    • Total specified deemed inclusions are calculated as the sum of GILTI, GILTI gross-up, Section 250 reduction, and Subpart F and Subpart F gross-up amounts.
    • The total subtraction related to specified deemed inclusions equals the total specified deemed inclusion from the subtractions section.
The new
Section 163(j) Consolidated U.S. Shareholder’s Subtractions to Tentative Taxable Income Report
presents
the Total Subtraction related to Specified Deemed Inclusions on the prior report by U.S. Shareholder (columns) and CFC (rows). The report mirrors the format of the existing Section 163(j) Consolidated U.S. Shareholder’s Additions to Tentative Taxable Income Report.
  • Column: U.S. Shareholder
    - U.S. Shareholders appear as columns provided that: - The entity is an affiliated member of the consolidated group and the entity has an Addition to Tentative Taxable Income per the Section 163(j) U.S. Shareholder's Adjustments to the Tentative Taxable Income report.
  • Rows: Controlled Foreign Corporations
    - CFCs appear as columns if it has a Subtraction to Tentative Taxable Income per the Section 163(j) U.S. Shareholder's Adjustments to Tentative Taxable Income report for at least one affiliated U.S. Shareholder.
  • Amounts
    - Amounts for each CFC/U.S. Shareholder agree to Section 163(j) U.S. Shareholder's Adjustments to Tentative Taxable Income | Total Subtraction related to Specified Deemed Inclusions.
  • Total (Row)
    - Sum of all Subtractions for a specific U.S. Shareholder. Should agree to the Total Column of the U.S. Shareholder's Section 163(j) U.S. Shareholder's Adjustment to Tentative Taxable Income | Total Subtraction related to Specified Deemed Inclusions.
  • Total (Column)
    - Sum of all Subtractions related to a specific CFC.
Foreign Entity resolved
When a Controlled Foreign Corporation receives 959(b) dividends, the Tested Income (Loss) on the Consolidated Group GILTI Tested Items Report may not match the Tested Income (Loss) in the GILTI Workpaper.
We corrected the issue where Section 163(j) Workpaper line 31 may be incorrect when Line 29 is negative or zero, or when there is an override for line 30. This discrepancy doesn’t affect Form 8990 because the data transfer comes from the Section 163(j) Group Member Detail report, which remains accurate under these conditions. In a nested (tiered) divisional consolidation with specifically allocated expenses, the intercompany interest apportionment bases 511/513 may be incorrect. During Look Through and Subpart F Computes, we subtract expenses specifically allocated to passive subpart F source codes from gross income (Base 55) to determine the passive income offset by intercompany interest expense. If specifically allocated expenses exist in the lower tiers (2nd and lower) of the consolidation, we may subtract these expenses more than once, leading to incorrect expense apportionment for Base 511. Since Base 513 considers the amount apportioned on Base 511, it may also be incorrect.
A 9999 error occurs during subpart F Computes when the subpart F percentage calculated for the Section 954(b)(3) Deminimis/Full Inclusion Report exceeds 6 digits to the left of the decimal point.
Foreign Tax Credit Entity resolved
We resolved the issue where a 9999 error occurred during FTC Computes when the International Summary Chart Account Numbers exceed 30 characters.
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