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Processing

Processing requests can be submitted from a register or from the account binder. Processing from a register allows you to select one, some or all of the accounts in the register to process.
During processing, ONESOURCE Trust Tax uses the data as it currently exists in your ONESOURCE Trust Tax database to calculate the data and display it on the requested tax document. For example, submitting a tax return processing request for a 1041 account calculates the data as it exists in your ONESOURCE Trust Tax database at the time of the request, and generates Form 1041 (as well as the corresponding government forms) for the account. After processing completes, the tax document (or print file) is available for review on the Documents page in the account binder.

Types of Processing Requests

The following sections describe the types of processing requests you can submit in ONESOURCE Trust Tax.
Tax Returns
A tax return processing request generates the federal and/or state tax return or information return. The tax return print file includes the corresponding government forms.
To submit a tax return processing request, select one of the following from the
Request
 drop-down list on the Process page or pop-up window:
  • Tax Return
  • Tax Return and Worksheet
Worksheets
A worksheet processing request generates a document that includes all of the account information, recipient information, cash transactions, capital sales, mutual fund and common trust fund information for an account. The worksheet document includes a Tax Summary page and lists any errors (such as a missing or incorrectly formatted SSN or EIN) that may prevent the information or details from being reported to the IRS. The Tax Summary page for a 1099 account lists each recipient and the recipient's 1099 data.
When submitting a worksheet processing request, 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 data range within the tax year.
Worksheets can be processed at any time during the year. To submit a worksheet processing request, select one of the following from the
Request
 drop-down list on the Process page or pop-up window:
  • Worksheet
  • Tax Return and Worksheet
  • Tax Return Projection and Worksheet
Projections
A projection processing request generates a document that contains a calculated approximation of the account's tax data before the end of the tax year. For irrevocable accounts, a projection processing request generates 65 Day Election Letters.
Projections show the account's calculated tax data on the IRS form for the prior year. The calculated data from a projection is not included in any data that is filed with a taxing authority.
Projections can be processed at any time during the year. To submit a projection processing request, select one of the following from the
Request
 drop-down list on the Process page or pop-up window:
  • Tax Return Projection
  • Tax Return Projection and Worksheet
When submitting a projection processing request, you can indicate whether you want to include the 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.
Extensions
A tax return extension processing request generates one of the following:
  • Form 7004 for accounts filing federal Form 1041
  • Form 8868 for accounts filing federal Forms 990, 990-EZ, 990-PF, 990-T and 4720
  • The state extension form for accounts filing situs and/or non-situs state fiduciary returns for Arkansas, Arizona, Connecticut, Delaware, District of Columbia, Kentucky, Louisiana, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, Utah and Vermont.
To submit an extension processing request, select
Tax Return Extension
 from the
Request
 drop-down list on the Process page or pop-up window.
Quarterly Estimates
There are two types processing requests that can be submitted for quarterly estimates:
  • An electronic estimate summary processing request calculates quarterly estimates for irrevocable accounts and 990-PF accounts. Unless the annualized alternative method is suppressed, estimates are calculated based on both the prior year alternative and annualized alternative methods. After processing completes, you can review the calculated results from the account binder's Electronic Estimates page. For 990-PF estimates, the calculated results are also included on the Estimate Computation Worksheet in the Miscellaneous section of the Electronic Estimate Summary document.
  • To submit an electronic estimate processing request, select
    Electronic Estimate Summary
     from the
    Request
     drop-down list on the Process page or pop-up window.
  • A tax return estimate summary processing request is submitted when the annualized alternative method is not calculated for 1041 quarterly estimates. This processing request generates the data needed to calculate the federal Form 2210 annualized income installment method on the tax return. After processing completes, you can review the calculated results for this type of processing request from the account binder's Underpayment Penalty page.
  • To submit a tax return estimate summary processing request, select
    Tax Return Estimate Summary
     from the
    Request
     drop-down list.

Processing from a Register

note
The basic steps for submitting a processing request from a register are included below. See the specific ONESOURCE Trust Tax user guide for details on submitting a specific processing request and reviewing the processing results.
To submit a processing request from a register:
  1. From the Register Listing page, select Run for the register that includes the 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. The following graphic shows the first five accounts in the register are selected for processing:
  4. Select the
    Process
     subtopic. The Process page displays.
  5. Select your processing request from the
    Request
     drop-down list.
  6. Select the type of document you want to process from the
    Document Option
     drop-down list. The
    Document Option
     drop-down list does not apply to worksheet processing requests.
  7. The following graphic shows the options for a tax return processing request:
  8. If your processing request includes worksheets, select one of the following under the
    Worksheet Options
     collapsible section:
    • Full Worksheet (YTD)
      -Includes data from the beginning of the tax year to today's date.
    • Partial Worksheet
      -Includes data for the date range you enter in the
      beginning
       and
      ending
       fields.
    • The following graphic shows the options for a worksheet processing request:
  10. If your processing request includes projections, select one of the following under the
    Projection Options
     collapsible section:
    • Year to Date
      -Includes data from the beginning of the tax year to today's date.
    • Partial Year
      -Includes the data for the date range you enter in the
      beginning
       and
      ending
       fields.
    • The following graphic shows the options for a projection processing request:
  12. If your processing request includes extensions and you do not want to report computed amounts on the extension documents, select the
    Prepare alphabetic-only extension
     check box under the
    Extension Options
     collapsible section.
  13. The following graphic shows the options for an extension processing request:
  14. If your processing request includes 990-PF quarterly estimates, select the estimate quarter to calculate from the
    990PF Estimate Quarter
     drop-down list under the
    Estimate Options
     collapsible section.
  15. The following graphic shows the processing options for a 990-PF quarterly estimate processing request:
  16. Select
    Process
    .
  17. Select OK when a message asking if you are sure you want to submit the accounts for processing displays. The Process page is updated with the "Batch Submitted for Processing" message. The Process page closes automatically and you are returned to the register where you started the processing request.

Processing from the Account Binder

note
The basic steps for submitting a processing request from an account binder are included below. See the specific ONESOURCE Trust Tax user guide for details on submitting a specific processing request and reviewing the processing results.
To submit a processing request from the account binder:
  1. Open the account you want to process.
  2. Select
    Process
     from the
    Account Action
     drop-down list. The Process pop-up window displays.
  3. Select your processing request from the
    Request
     drop-down list.
  4. Select the type of document you want to process from the
    Document Option
     drop-down list. The
    Document Option
     drop-down list does not apply to worksheet processing requests.
  5. The following graphic shows the options for a tax return processing request:
  6. If you are processing a worksheet, select one of the following under the
    Worksheet Options
     collapsible section:
    • Full Worksheet (YTD)
      -Includes data from the beginning of the tax year to today's date.
    • Partial Worksheet
      -Includes data for the date range you enter in the
      beginning
       and
      ending
       fields.
  8. The following graphic shows the options for a worksheet processing request:
  9. If you are processing a projection, select one of the following under the
    Projection Options
     collapsible section:
    • Year to Date
      -Includes data from the beginning of the tax year to today's date.
    • Partial Year
      -Includes the data for the date range you enter in the
      beginning
       and
      ending
       fields.
  11. The following graphic shows the options for a projection processing request:
  12. If you are processing an extension and you do not want to report computed amounts on the extension document, select the
    Prepare alphabetic-only extension
     check box under the
    Extension Options
     collapsible section.
  13. The following graphic shows the options for an extension processing request:
  14. If you are processing 990-PF quarterly estimates for an account, select the estimate quarter to calculate from the
    990PF Estimate Quarter
     drop-down list under the
    Estimate Options
     collapsible section.
  15. The following graphic shows the processing options for a 990-PF quarterly estimate processing request:
  16. Select
    Process
    .
  17. Select OK when a message asking if you are sure you want to submit the account for processing displays. The Process pop-up window is updated with the "1 of 1 Requests Processed" message.
  18. Select
    Close
     to return to the account binder.

This article applies to:

  • PRODUCT: ONESOURCE Trust Tax