Rollover international enterprise
If you use international charts to prepare returns then the first requirement is to
rollover international enterprise
. If the ONESOURCE Income Tax international tax accounting system is not used to prepare Form 1118 then you can skip this step.note
Rollover the international enterprise before international sourcing charts and binders with an international filing type of foreign entity or foreign tax credit. You must complete the International Enterprise Rollover even if there are no source codes listed on the screen.
You need administrator rights to perform these steps.
- SelectBatch, and thenRollover International Enterprise.
- Select theSource Year, which is the tax year that just ended.
- If the source year hasn't been updated to the year you're rolling to:
- Select any source code not to rollover.
- SelectRemove.
- Repeat these steps for all source codes that shouldn't be rolled over.
- In theSource Codes NOT Selected for Rollover, selectSource Codesyou want to rollover.
- SelectAdd.
- Repeat these steps for all source codes you want to rollover.
noteEnterprise rollover for a given year can only be done once. If a source code has been used in the tax year just ended, it can't be omitted and will be rolled over to the new year. - SelectRollover.
