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2024.035

2024.035 release information

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:
  • The
    Binders List
     column filter for Tags is now working.
  • Resolved the issue with the
    Map
    button on the
    Partnerships A&A mapping chart
    .
  • Resolved the issue where
    Data Hub
     imports done from inside the
    Binder Balances
     screen 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
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
Amounts flow from the Form 8865 Schedule K-2 Workpaper to the Organizer to the following screen.
Foreign Information
Foreign Partnership
{foreign entity}
Distributive Share Items Intl (K-2)
.
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.
We updated or addressed the following:
  • Enabled the
    Add Chart
     button 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 the
    Divide by Exchange Rate
     to 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.

This article applies to:

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