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  • Product: ONESOURCE Trust Tax

Release notes 26.03

Release highlights

ONESOURCE Trust Tax version 26.03 includes bug fixes and introduces the following features:
  • Foundation Status of Recipient
     input field for 990-PF has been changed to a dropdown list.
  • New fields added to Hawaii.
  • New fields added to Rhode Island.

New features

Option and overrides
Beginning with this release, the changes below were made to Options and Overrides.
  • Option
    Treatment of Allocable expenses (Option not applicable beginning with 2022 tax year)
     was removed from the
    Compute States
    category.
  • The text
    Option applicable beginning with Tax year 2022
     was removed for the following 10 Options:
    • Print
       category: Suppress print of recipients who do not receive a distribution (990-PF only) (Option applicable beginning with tax year 2022)
    • Electronic Filing
       category:
      • Does the IRS have the most current Responsible Party information on file? (Option Applicable beginning with tax year 2022) Option applicable for 1041 Returns
      • Form 8822-B has been attached in PDF format (Option Applicable beginning with tax year 2022) Option applicable for 1041 Returns
      • Does the IRS have the most current Responsible Party information on file? (Option Applicable beginning with tax year 2022) Option applicable for 5227 Returns
      • Form 8822-B has been attached in PDF format (Option Applicable beginning with tax year 2022) Option applicable for 5227 Returns
      • Does the IRS have the most current Responsible Party information on file? (Option Applicable beginning with tax year 2022) Option applicable for 990 Returns
      • Form 8822-B has been attached in PDF format (Option Applicable beginning with tax year 2022) Option applicable for 990 Returns
    • Fiduciary Info
       category:
      • First name of officer signing the return (5227 Only) (Option Applicable beginning with 2022 tax year)
      • Last name of officer signing the return (5227 Only) (Option Applicable beginning with 2022 tax year)
      • SSN of officer signing the return (5227 Only) (Option Applicable beginning with 2022 tax year)
  • Beginning with this release, the
    Room or suite no.
    option (originally added as part of the 25.05 release) is available for
    990
     Entity Type accounts.
Form 990
Beginning with tax year 2025, the
Foundation Status of Recipient
 input field located in the
Grants, Allocations, and Contributions
 collapsible section in the
Recipient Summary
 detail page is now a dropdown list with the following selections:
  • Blank
  • PF
  • POF
  • PC
  • GOV
  • SO-DP
  • SO I
  • SO II
  • SO III FI
  • SO III NFI
  • TPS
  • NC
  • I
This same change was also made to the
Status
 column under the
Grants, Allocations and Contributions for Future Payment
 grid in the
Part XIV Supplementary Information
 collapsible section in the
Form 990-PF
 subtopic of the
Tax Review-990
 topic.
If any account has a value other than what is provided in the dropdown, it should be updated to one of the selections. If not updated, the account will not qualify for electronic filing.
Form 3800
Beginning with tax year 2024, the following changes were made to the
Form 3800 - General Business Credit
subtopicof the
Tax Review-Tax and Credits
topic.
  • The
    Form 3800 - General Business Credit Carryovers (2024/2025 Display Only)
    collapsible section was renamed
    Form 3800 - General Business Credit Carryovers
    .
  • The
    General Business Credits from a non-Passive Activity
    column was removed.
Hawaii
Beginning with tax year 2025, the changes below were made in the
Payments and Credits
 collapsible section:
  • The following fields were added to the
    Credits
     category:
    • Fuel credit for commercial fishers
    • Research activities credit
    • Earned income credit
    • Claim of right tax credit
    • Pro rata share of taxes withheld and paid on HI property
    • Total unused PTE credit carryover from prior year
  • The following items in the
    Credits
     category were renamed:
    • Hotel construction/remodeling
       was renamed
      Important agricultural land qualified agricultural cost credit
    • Ethanol investment
       was renamed
      Renewable fuels production credit after 12/31/2021
  • The following items were removed from the
    Credits
     category:
    • Business or incentives tax credits
    • Qualifying new employees credit
    • Energy conservation
    • Housing
    • Other refundable credits
    • Individual development account contribution
    • Technology renovation
    • Schedule repair and maintenance
    • Residential construction/remodeling
    • Nonrefundable renewable energy technology credit
    • Resort educational facilities tax credit
  • The
    Energy System
     group box was renamed
    Refundable Renewable Energy Credit
    .
  • The
    Nonrefundable Renewable Energy Credit
     group box was added containing the following checkboxes:
    • Solar Thermal
    • Wind Powered
  • A credit grid was added below these group boxes with the following fields:
    • C/O Energy Conservation
    • C/O High Technology Credit
    • C/O Cesspool Upgrade Credit
    • C/O Technology Infrastructure Renovation Credit
    • C/O Hotel Construction/Remodeling Credit
    • C/O Residential Construction/Remodeling Credit
    • C/O Renewable Energy Credit before 07/01/2009
    • C/O Organic Food Production Credit
    • C/O Renewable Fuel Production Credit before 01/01/2022
    • C/O Capital Infrastructure Credit
    • C/O Earned Income Credit
    • Low-Income Housing Credit
    • Employment of Vocational Rehab Credit
    • School Repair and Maintenance Credit
    • Nonrefundable Renewable Energy Credit after 07/01/2009
    • Healthcare Preceptor Income Credit
    • Historic Preservation Credit
    • Nonrefundable Renewable Fuel Production after 12/31/2021
Rhode Island
Beginning in tax year 2025, the following changes were made in the
Income and Deductions
 collapsible section:
  • Additions
     category:
    • The
      Recapture of historic & motion picture production tax credits
       field was removed.
  • Subtractions
     category:
    • Qualifying investment in certified venture capital partner
       was renamed
      179 depreciation taken on federal return not subtracted from Rhode Island
      .
    • The following fields were added:
      • Active duty military pay for nonresidents stationed in Rhode Island
      • Insurance benefits for dependents and domestic partners
      • Modification for taxable retirement income from certain pension plans
      • Modification for taxpayers licensed for the amount of any expenditure eligible but disallowed

Fixes

For a list of ONESOURCE Trust Tax fixes (closed) issues, search Alerts and Notices.

Known issues

For a list of ONESOURCE Trust Tax known (open) issues, search Alerts and Notices.

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