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  • Product: ONESOURCE Trust Tax

Release notes 25.03

Release notes for ONESOURCE Trust Tax version 25.03, including new features, fixes, and known issues.

Release Highlights

ONESOURCE Trust Tax version 25.03 includes bug fixes and introduces the following features:
  • Delivery of Archive Data to an SFTP site
  • 5227 & 990/990-PF Balance Sheet and FMV details will automatically include amounts in sub accounts when the tax return is processed

New Features

The topics below describe features added with this release.
Delivery of Archive Data to an SFTP Site
Beginning with this release, a feature can be licensed to allow Archive Data to be sent to an SFTP location in your environment.
note
Contact your Customer Success Manager for licensing details.
If licensed, the
Download Archive Data
 page in OTT will include an option to send archive data to a specified SFTP location. It is your choice as to whether the ability to download archive data remains an option. There is no change to the
Download Archive Data
 page and process for users not licensing this new feature.
Download Archive Data
For users that license the SFTP delivery feature, the
Download Archive Data
 page will either display both
Download
 and
Send to SFTP
 options or just
Send to SFTP
. You will decide when you license the feature. The following graphic shows the page that is set up with both options.
The following changes were made to the grid on the
Download Archive Data
 page:
  • The
    Archive File Name
     was added. This is the file name that was either downloaded or sent to SFTP. The file name will always display regardless of the delivery option.
  • The
    Who
     column was renamed
    Who Downloaded
  • The
    Last Sent to SFTP
     and
    Who Sent to SFTP
     columns were added
The
Last Downloaded
 and
Who Downloaded
 columns will be populated only when an archive file is downloaded.
The
Last Sent to SFTP
 and
Who Sent to SFTP
 columns will be populated only when an archive file is sent to the SFTP site that is set up at the time of licensing.
If an archive file is delivered using both methods, all four columns will be populated.
The
# archive file(s) to be downloaded
 notification message that displays once files have been selected was revised to
# archive file(s) selected
 for clarity.
The following popup will appear after clicking
Send To SFTP
 button. Click
OK
 to initiate the transmission of the file(s) to the SFTP site. Track the status of the transmission on the
Request Status and History
 page.
Request Status and History
The
Archive to SFTP
dropdown selection was added as a
Request Type
 in the grids within the
Request Status and History
 subtopic in the
Admin
 topic to distinguish archive files sent to SFTP from those downloaded.
5227 & 990/990-PF Balance Sheet and FMV Details from Sub Accounts Automatically Included in Main Account
Beginning with this release, for all tax years, 5227 and 990/990-PF balance sheet and fair market value information from sub accounts will be included with the main account when the tax return/tax return projection is processed. The balance sheet and fair market value amounts shown in the main account within the user interface will not reflect the combined amounts (main account amounts will not include sub account amounts). The combined amounts will be reflected only in the tax returns and projections.
5227 Returns
Fields included in the sub account roll-up are the
FMV of assets at end of tax year
 and the grid information in the
Balance Sheet
 or
Expanded Balance Sheet
 collapsible sections.
990-PF
Fields included in the sub account roll-up are the grid information in the
Balance Sheet
 and the Fair Market Value fields under the
Minimum Investment Return
 group box in the
Part IX, X, XI, XII, XIII Distribution Information
 collapsible section.
Important Information
When the return is processed, the ending book values are rolled to the subsequent tax year as beginning book values only for main accounts. The rolled values will be the amounts from the main account only (the values in the database fields not the main/sub combined values on the tax return). Sub accounts ending book values will NOT roll to the subsequent tax year since sub accounts technically are not processed. This behavior is consistent with other areas of the application with respect to main/sub relationships.
If balance sheet and FMV information is bridged to OTT from your trust accounting system, the beginning book values for the sub accounts will be loaded from data files each year. Since an existing main account will already have beginning book values (from the prior year return), the values will not be updated from data files. This functionality was not changed as part of this new feature.
If balance sheet information is not bridged from your trust system, and you want to use the new roll up feature you will need to enter both beginning and ending book values for the sub accounts each year. Since the beginning book values for main accounts rolled from the prior year, you only need to enter ending book values for them.
caution
For the first year of processing after this release
: If the beginning book values in the main account already include amounts from sub accounts, you must manually update that value to represent only the main account beginning book value if the sub accounts also have beginning book value amounts. Otherwise the sub account amounts will be duplicated when the return is processed.
Form 4720
Beginning with tax year 2023, the
Part Number
 column was added to the
Amended Return
 collapsible section of the
Form 4720
 subtopic under the
Tax Review-990 topic
. The field accepts alphanumeric input and has a maximum length of 5 characters.
Form 3800
Beginning with tax year 2024, the following modifications were made to the
Form 3800 – General Business Credit Carryovers
 collapsible section under
Form 3800 - General Business Credit
 subtopic in the
Tax Review-Tax and Credits
 topic.
  • Form 3800 - General Business Credit Carryovers (2024 Display Only)
     was changed to
    Form 3800 - General Business Credit Carryovers (2024/2025 Display Only)
  • The
    Business credit carryover information below was computed from the 2023 tax compute .....
     statement that precedes the grid was updated to
    Business credit carryover information below was computed from the prior year tax compute.....
State Tax Overpayment Recovery
Beginning with this release, the following changes were made for all tax years to the Other Income subtopic in the
Tax Review Income
 topic:
  • The
    State Refund Recovery
     collapsible section was changed to
    State Overpayment Recovery
  • The statement "
    The following fields are used in computing the recapture of tax benefits gained from the refund of state taxes paid in prior years and deducted on the federal return
    " displayed at the top of the group box was changed to "
    The following fields are used in computing the recapture of tax benefits gained from the overpayment of state taxes paid in prior years and deducted on the federal return
    "
  • The "
    Portion of state refund to include in other income (Override)
    " field was changed to "
    Portion of state overpayment to include in other income (Override)
    "
Form 926 for 990 Returns
Beginning with this release, the
Form 926 - Property Transfer to Foreign Corporation
 subtopic in the
Additional Information and Tax Forms
 topic is visible for all 990 return types however it is not yet functional. Do not enter data in the subtopic until announced in a later release.

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.

ONESOURCE Trust Tax Insight 25.03 Release Notes

For documentation and other production information, access Trust Tax Help and Support.
Release Highlights
ONESOURCE Trust Tax Insight version 25.03 only includes an update to the version number.
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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