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Form 990

Processing 990 Accounts

For 990 accounts, you can process tax returns, worksheets, extensions and projections from a register or the account binder. Processing from a register allows you to select one, some or all of the accounts in the register to process. Processing from the account binder allows you to process the account.
The following table describes the types of processing requests you can submit from the Process page or pop-up window for 990 accounts:
Document Type
Description
Tax Returns
Submitting a
Tax Return
 or
Tax Return and Worksheet
 processing request generates the 990 return type(s) identified on the Account Information page. ONESOURCE Trust Tax reports the data on the applicable 990 return using the tax data as it exists in your ONESOURCE Trust Tax database at the time of the processing request.
For 990 accounts based on a fiscal year, ONESOURCE Trust Tax generates the applicable 990 forms and instructions based on the calendar year the fiscal year begins in. For example, the tax year 2020 Form 990 is generated if the organization has a fiscal year that begins in 2020 and ends in 2021.
Worksheets
Submitting a
Worksheet
 or
Tax Return and Worksheet
 processing request generates a document that includes all of the account and recipient information, including sales and transaction detail and tax code summaries for each 990 account included in the processing request. The worksheet also lists errors that may prevent the tax data from being reported to the IRS.
Worksheets can be processed at any time during the year. When requesting a worksheet, you can indicate whether you want to include tax data from the beginning of the year to the date of your request (referred to as a year-to-date request), or for a specific date range within the tax year. After processing completes:
  • A worksheet print file for each account included in the processing request is created and stored on the account binder's Documents page. To access the worksheet print file, open the tax year category then open the
    Document: Worksheet
     category.
  • The tax due and undistributed income amounts for each 990 account included in the processing request are updated in the
    990 Computation Summary
     register.
Extensions
Submitting a
Tax Return Extension
 processing request generates Form 8868 for Forms 990, 990-EZ, 990-PF, 990-T and 4720. The IRS allows up to two extensions for filing Forms 990, 990-EZ and 990-PF, but does not allow extensions for Form 990-N e-postcard.
note
  • For an extension for Form 4720 to process and print, the
    Print 4720
     check box must be selected prior to processing. You can find the check box in the
    General Information / Schedule B Overrides
     collapsible section on the Form 4720 page.
  • See E-Filing Federal and State Returns and Remitting Balance Due Payments for details on processing Form 8868, e-filing Form 8868 and electronically remitting any federal tax due.
Projections
Submitting a
Tax Return Projection
 processing request generates a document where an approximation of the account's tax data is calculated before the end of the tax year. When a projection is processed, the calculated tax data is included on the IRS form from the prior year. The calculated data from a projection is not included in any 990 data that is e-filed with the IRS.
Projections can be processed at any time during the year. When requesting a projection, you can indicate whether you want to include tax data from the beginning of the year to the date of your request (referred to as a year-to-date request), or for a specific date range within the tax year.
After processing completes, a tax return projection print file for each account included in the processing request is created and stored on the account binder's Documents page. To access a tax return projection print file, open the tax year category then open the
Document: Tax Return Projection
 category.
California Form 199 payments can be made with the e-filed return or can be submitted with a payment voucher, which is available as part of the California Form 199 return. Beginning in tax year 2021, California Form 199 payment vouchers can be printed from a register. ONESOURCE Trust Tax does not have a EFTPS (bulk) payment method for remitting tax due for California Form 199.

About Processing Accounts Requiring Dual Return Processing

Beginning with tax year 2021, accounts that require dual return processing (Section 4947(a)(1) trusts that require both 1041 and 990 return reporting) can be processed, tracked and e-filed separately. For these accounts, the dual return processing flag must be set before processing. See Setting the Dual Processing Flag for Accounts Requiring 990 and 1041 Return Reporting if you need to set the dual return processing flag.
When processing accounts that require dual return processing, you will need to submit two separate processing requests: one to process the Form 1041 return and one to process the 990 return type. For these accounts, if you submit your processing request from the account binder, you can select
Switch to 1041
 or
Switch to 990
 from the
Account Action
 drop-down list to switch between the return types and process each return accordingly.
If the account generates Form 990-PF, processing the 1041 return first ensures that any tax liability calculated on the 1041 return automatically carries to the
Tax under Subtitle A
 field under the
Part V & VI Tax on Investment Income
 collapsible section on the account binder's Form 990-PF page.

Processing Tax Returns, Worksheets or Projections from a Register

To submit a tax return, worksheet, or projection processing request from a register:
  1. From the Register Listing page, select Run for the register that includes the 990 accounts you want to process.
  2. Select the check box in the first column for each account you want to process. If you want to select all of the accounts in the register, do not select any check boxes.
  3. If you need to generate a group return on Form 990 for organizations that are exempt under a group exemption letter, be sure to select the parent account, not the child accounts.
  4. The following graphic shows four accounts are selected for processing:
  5. Select the
    Process
     subtopic.
  6. To process tax returns:
    1. Ensure that
      Tax Return
       is displayed in the
      Request
       drop-down list.
    2. Ensure that the
      Document Option
       drop-down list shows the type of return you want to process. For example,
      Federal and state
       indicates that you want to process federal and state returns while
      Federal Only
       or
      State Only
       indicates that you want to process only federal or only state returns.
    3. For accounts that require dual return processing, select
      Federal and state
      ,
      Federal Only
      , or
      State Only
       when processing the 1041 return. Select
      990
       when processing the 990 return type.
  8. To process worksheets:
    1. Select
      Worksheet
       from the
      Request
       drop-down list under the
      Process
       collapsible section.
    2. Under the
      Worksheet Options
       collapsible section, select
      Full Worksheet (YTD)
       to include data from the beginning of the tax year to today's date or select
      Partial Worksheet
       to include the data for the date range you enter in the in the beginning and ending fields.
  10. To process projections:
    1. Select
      Tax Return Projection
       from the
      Request
       drop-down list.
    2. Ensure that the
      Document Option
       drop-down list shows the type of projection you want to process. For example,
      Federal and state
       indicates that you want to process federal and state projections while
      Federal Only
       or
      State Only
       indicates that you want to process only federal or only state projections.
    3. Under the
      Projection Options
       collapsible section, select
      Year to Date
       to include data from the beginning of the tax year to today's date, or select
      Partial Year
       to include the data for the date range you enter in the beginning and ending fields.
  12. Select
    Process
    .

Processing a Tax Return, Worksheet or Projection from the Account Binder

To submit a tax return, worksheet or projection processing request from the account binder:
  1. Open the account you want to process. If you need to generate a group return on Form 990 for organizations that are exempt under a group exemption letter, be sure to open the parent account, not a child account.
  2. Select
    Process
     from the
    Account Action
     drop-down list to display the Process pop-up window.
  3. To process a tax return:
    1. Ensure that
      Tax Return
       is displayed in the
      Request
       drop-down list.
    2. Ensure that the
      Document Option
       drop-down list shows the type of return you want to process. For example,
      Federal and state
       indicates that you want to process the federal and state return while
      Federal Only
       or
      State Only
       indicates that you want to process only the federal or only the state return.
    3. For accounts that require dual return processing, select
      Federal and state
      ,
      Federal Only
      , or
      State Only
       when processing the 1041 return. Select
      990
       when processing the 990 return type.
  5. To process a worksheet:
    1. Select
      Worksheet
       from the
      Request
       drop-down list.
    2. Under the
      Worksheet Options
       collapsible section, select
      Full Worksheet (YTD)
       to include data from the beginning of the tax year to today's date or select
      Partial Worksheet
       to include the data for the date range you enter in the in the beginning and ending fields.
  7. To process a projection:
    1. Select
      Tax Return Projection
       from the
      Request
       drop-down list.
    2. Ensure that the
      Document Option
       drop-down list shows the type of projection you want to process. For example,
      Federal and state
       indicates that you want to process a federal and state projection while
      Federal Only
       or
      State Only
       indicates that you want to process only the federal or only the state projection.
    3. Under the
      Projection Options
       collapsible section, select
      Year to Date
       to include data from the beginning of the tax year to today's date, or select
      Partial Year
       to include the data for the date range you enter in the beginning and ending fields.
  9. Select
    Process
    .

Reviewing the Processing Status

After the batch is submitted, you can use the Request Status and History page to review the processing status. To access the Request Status and History page, you can:
  • Select
    Request Status and History
     from the
    Register Action
     or
    Account Action
     drop-down list.
  • Select
    HOME
     then
    Admin
    .
The batch is listed under
Current Requests
 collapsible section until the batch completes. After the batch completes, the
# Errors
 column in the
Request History
 collapsible section identifies the number of accounts that were not submitted for processing. If the number in the
# Errors
 column is not zero, the
Request Errors
 collapsible section will show the accounts that were not submitted for processing.
After the accounts are submitted for processing, review the processing status in the
Currently Processing
 register or the Event History page. The possible processing statues are:
  • Pending
    -Indicates that processing has not started.
  • Processing
    -Indicates that processing started.
  • Needs attention
    -Indicates that processing stopped because of an error.
note
To successfully process a 990 account with a
Needs attention
 status, correct the error then reprocess the account.

This article applies to:

  • PRODUCT: ONESOURCE Trust Tax
  • Return type: 990 Exempt Organization