2024.035 release information
tip
- Get the latest on open issues by reviewing Alerts and notices.
- Review the status of 1065 federal forms.
- Review the status of 1120 federal forms.
- Go to file downloads forDK-1workbooks and other files such asForm 1042templates and1065 Partner Special Allocation ImportandClient Code Importfiles released on this release.
- Go to the Home screen,Forms Availabilityto see the availability of state releases.
Pending releases
Release date: 03/28/2025
Income tax
Data Query reporting / OData
- TAS Book to Tax Reconciliation with Member Columns report added to Data Query Reporting
- 1120L Tax Return report DAC BOY & Sch F added to Data Query Reporting and OData
- 1120PC Tax Return Income Statement report added to OData
- 1120PC Tax Return Balance Sheet report added to OData
- e-file XML report added to Data Query Reporting
- Registration / Authentication with Universal ID / Password available for OData
- If using a token from API Administration then it is required to leave Username blank
Excel add-in data import
1065 Schedule K 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.
Tax Accounting System
We updated or addressed the following:
- TheBinders Listcolumn filter for Tags is now working.
- Resolved the issue with theMapbutton on thePartnerships A&A mapping chart.
- Resolved the issue whereData Hubimports done from inside theBinder Balancesscreen weren't successfully completed when the Data Hub Collection has both beginning and ending balances in the Aggregation Logic.
1065 partnership
Developing
Oklahoma
forms 561-P for pending future release.State
We updated or addressed the following:
Illinois
:
- Corrected lines 3, 16 and 18 on Form 4562 for bonus depreication.
- Modified the print for K-1-P, Step 1, line 4.
- Updated e-file schema for IL-1065, Page 2, line 42 apportionment factor.
Indiana
: Corrected financial transaction payment date in the e-file schema. Maryland
: Activated 500DM e-file schema.Missouri
: Increased K-1 Package bookmark field length.South Carolina
: Updated qualified mismatch fields and XML. Tennessee
: Modified FAE 174 Page 5, line 38 caclulation.Virginia
: Added withholding exemption codes to Organizer. 1120 corporate
State
We updated or addressed the following:
Minnesota
: Updated the print for Minnesota M4I, Page 2, line 4c.Ohio
: Corrected the Ohio MNPT Element Name: SchMNPTaxCredit validation so it;s valid.International
Form 5471, 8858 and 8865 Organizer Options to Turn Off Transfers from International Computes
important
Before you transfer data to the forms, decide whether you will file Form 5471 Schedules I & P by Shareholder or Summary after rolling over your foreign entity binders to the new tax year. Use the Enterprise Control Panel, select
Organizer INTL Transfer Options
to prevent data transfer to the method you are not using. For example, if you choose to file Schedule I by Summary, select the Yes
option for Schedule I by Shareholder and No
option for Schedule I.The International Compute option
Transfer to US5471, US8865 and US8858
transfers information directly to the face of Form 5471, 8865, and 8858 Organizer pages. Instead of hidden screens which happens for the Income Statement and Balance Sheet. This applies to the following schedules. Unless specified otherwise, the transfer checkboxes below are unchecked by default, allowing the transfer to occur.- 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
- 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 to 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 don't check these boxes, you will lose any Organizer overrides (even if the Organizer field is locked) the next time you run the International Compute Transfer to US5471, US8865, US8858
for the binder.Transfer to US8865 Schedule K-2 Available in Tax Year 2024 Binders
You can now transfer Form 8865 Schedule K-2 information from the International Computes screen in a 2024 tax year top consolidation and foreign entity binder. The 2024.035 release enables transfer from the
Form 8865 Schedule K-2
workpaper for the following schedules:
- Part II Section 1 – Gross Income
- Part II Section 2 – Deductions
- Part III Section 1 – R&E Expense Apportionment Factors
- Part III Section 4, Line 1 – Foreign Taxes
- Part V – Distributions from Foreign Corporations to Partnership
Exchange Rate Chart Updates for Tax Years 2024 and Later
Starting in tax year 2024, ONESOURCE Income Tax will use currency-based translation rates in its Exchange Rate chart, rather than country-based rates. Any country that uses a specific currency will refer to the common rate assigned to a binder in the chart. If you need a translation rate that differs from the standard rate for a binder, you can create a separate Exchange Rate chart or enter overrides in Binder Properties. When you try to remove a currency from a chart, the system checks the binders using that chart. If any binder uses the currency, the system will prevent you from removing it. A pop-up window will appear, showing an exportable report that identifies the binders involved and indicates whether the currency is selected as local, functional, or reporting currency.
You can now enter translation rates using either the
multiply by
or divide by
method and the application computes the other set of values for you. By default, both existing and new charts use the multiply by
method. You can switch the method by selecting the gear icon. When you rollover a chart from 2024 to 2025 (and beyond), the application keeps the method you selected in the previous year.During the installation of version 2024.035, the system migrates information from existing tax year 2024 or 2025 charts to a new format. If a chart contains multiple rates for a currency, the application assigns the rates from the first country listed (alphabetically by country name) to that currency. When rolling over from tax year 2023 to 2024, the system uses the same process to determine the beginning translation rates for the new year.
The import format for tax years 2024 and later is as follows:
- Required fields
- Currency Abbreviation
- Beginning Rate
- Ending Rate
- Weighted Average Rate
- For charts using multiply by rates, the valid range is .0000001 to 9999.9999999.
- For charts using divide by rates, the valid range is .0001 to 10,000,000.
note
- Apart from the Exchange Rate Chart, all other screens within ONESOURCE Income Tax are unchanged and reflect the multiply by rates or other stated value.
- Data entry and import will force values in the computed columns to fall within the valid range.
- Exchange Rates charts for tax years 2023 and earlier continue to track translation rates by country using the multiply by convention.
We updated or addressed the following:
- Enabled theAdd Chartbutton and you can create an Exchange Rate Chart for a brand new account.
- The Exchange Rate Transferred to the Tax Year 2025 Form 5471, 8858, 8865 for a Foreign Entity Appears in the Multiply by Convention: Starting with version 2024.035 (scheduled for release on 3/28), ONESOURCE International will send theDivide by Exchange Rateto the 2024 Organizer for use on the Foreign Entity forms 5471, 8858 and 8865. To prepare for this change, the tax application logic for the exchange rate was updated in the 3/7/25 release so that rates sent by ONESOURCE International are no longer inverted. This created a short-term issue where rates sent between 3/7/25 and the scheduled 2024.035 release on 3/28/25 will be the multiply by rates which are not converted to divide by rates in the Organizer. TAS computes run after the 2024.035 release will send the expected divide by rates to the Organizer. This issue only applies to binder year 2024.
