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Release notes 25.04

Release notes for ONESOURCE Trust Tax version 25.04, including new features, fixes, and known issues.

Release Highlights

ONESOURCE Trust Tax version 25.04 includes bug fixes and introduces the following features:
  • Tax year 2020 archive files are available for download or delivery to a sftp site.
  • Register results now default to 500 rows displayed.
  • Form 3468 is available for processing.

New Features

The following topics describe features added with this release.
Annual Archival Process for Tax Year 2020
Archive data for tax year 2020 is available to download. The files are available to download until June 30, 2026. See the Archive Data guide, which is available in the PDF Library of OTT Help for details on downloading Archive data files.
Tax year 2020 source data will be deleted by September 30, 2025.
We removed 2020 as a selection from the
Tax Year
 dropdown on the Login page and in the main navigation area.
Processing Returns is Restricted while IRIS Test File Requests are in Process
Beginning with this release, you're restricted from processing 1099/1098/5498 returns while any IRIS Prepare job is in progress. This restriction, previously applicable only to Non-Test files, will now apply to both Test and Non-Test files across all form types. The following image illustrates how a test file is created.
The following error appears on the Event History page for a 1099/1098/5498 forms processing request while the 1099 prepare job is in progress.
Filing in progress for 1099/1098/5498
Register results
Beginning with this release, the default rows per page for register results has been updated from 50 to 500 rows. Selections of 50 and 100 rows remain available in the
Rows per Page
 dropdown.
Form 926 for 990 Returns
As announced in the release notes for version 25.03, the
Form 926 – Property Transfer to Foreign Corporation
 subtopic was added to the
Additional Information and Tax Form
 topic for all 990 return types. With this release and beginning with tax year 2024, Form 926 is now functional for 990 return types.
Form 8886
Beginning in tax year 2024, the selections in the
Published guidance number for listed transaction
 dropdown listing were updated as follows:
  • Notice 2015-73 was added
  • Notice 2017-10 was added
  • Revenue Ruling 2003-6 was removed
  • Notice 2003-81 was removed
  • Notice 2016-66 was removed
You can find this field in the detail page of the transaction grid on the
Form 8886 – Reportable Transaction
 subtopic of the
Additional Information and Tax Forms
 topic of an Account Binder.
Form 3468
Beginning in tax year 2024, we made the following changes for all activity types (Partnership, S-Corp, and Trust/Estate) under
Tax Review-Income > Other Schedule E:
  • Partnership
    • The credits link description was changed to Credits (other than investment credit facility information).
    • The investment credit (Form 3468) facility-specific information link was added as a 2nd Line 15 row.
  • S Corporation
    • The Credits link description was changed to Credits (other than investment credit facility information)
    • The Investment credit (Form 3468) facility-specific information link was added as a 2nd Line 13 row.
  • Estate/Trust
    • The
      Credits and credit recapture
       link description was changed to
      Credits and credit recapture (other than investment credit facility information)
      .
    • The
      Investment credit (Form 3468) facility specific information
       link was added as a 2nd Line 13 row.
Selecting the
Investment credit (Form 3468) facility specific information
 link displays a grid used to create Form 3468 activities.
Once created, select
Detail
 to access the collapsible sections to complete the necessary information for each facility. The collapsible sections within the detail are common for all Other Schedule E activity types (Partnership, S-Corp, and Trust/Estate).
The following list briefly describes the collapsible sections found within the
Detail
 link of each facility:
  • Facility Information (Part I) – General
     – fields related to facility details, address, ownership, registration/control numbers, and emissions value
  • Facility Information (Part I) – Questions
     – project-specific questions such as expansion status, output, prevailing wage, and bonus credit qualifications
  • Facility Information (Part I) - Nameplate capacity or storage capacity for property, facility or project
     – technical specifications such as nameplate capacity for solar, wind, other energy types, and storage capacity details
  • Facility Information (Part I) – Lessee
    – details about the lessor
  • Qualifying Advanced Coal Project Credit and Qualifying Gasification Project Credit (Part II)
     – qualified investment amounts for advanced coal and gasification projects and related credit details
  • Qualifying Advanced Coal Project Credit and Qualifying Gasification Project Credit (Part II)
     – qualified investment amounts for advanced energy projects and related allocation and credit details.
  • Advanced Manufacturing Investment Credit Under Section 48D (Part IV)
     – qualified investment amounts for advanced manufacturing facilities, including semiconductor manufacturing
  • Clean Electricity Investment Credit Under Section 48E (Part V)
     – investment credit amounts for clean electricity facilities and energy storage technology, as well as related financing and allocation details
  • Energy Credit Under Section 48 (Part VI)
     – investment credit amounts for various energy property types such as solar, wind, geothermal, fuel cell, microturbine, CHP, biogas, storage, and related items
  • Rehabilitation Credit Under Section 47 (Part VII)
     – Not Currently Supported
  • Form 3800 Transfer Credit and EPE Election Information
     – a consolidated grid with a row for each Form 3468 part (Part II to Part VI). Use to enter transfer credit and elective payment information specific to each part. The grid contains the following columns:
    • Description
    • Transfer Registration Number
    • Transfer Credit Entity EIN
    • Elective Payment Registration Number
    • Credit Transfer Election Amount (enter amounts transferred as negative amount)
    • Gross Elective Payment Election (EPE) Amount
    • Amount of Elective Payment Election (EPE) Applied Against Tax in Form 3800, Part II
Form 6765
Beginning with tax year 2024, existing line items on the
Form 6765 – Credit for Increasing Research Activities
 subtopic in the
Tax Review-Tax and Credits
 topic were categorized into sections A, B, C, E, and F to better align to the IRS form.
The following fields were added:
  • Member of a controlled group or business under common control
  • Acquired or disposed of any major portion of a trade or business in the tax year to the Section E group field.
  • Included any new categories of expenses as current year qualified research expenses to the Section E group field.
  • Determined that any of the qualified research expenses reported on Form 6765 follow the ASC 730 Directive to the Section E group field.
  • Number of business components generating the qualified research expense to the Section E group field.
  • Amount of officer wages included in Section F to Section E.
  • Amount from Appendix C, line 19 to Section E.
  • Applicable amount of basic research payments to Section F.
We removed
Total Allowed Research Credit (Override)
.
Arkansas
Beginning with tax year 2022, the
Penalty and Interest
collapsible section
was added containing the following fields:
  • Computation of penalty and interest
  • Date return is to be received (required for computation)

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 25.04 Release Notes

For documentation and other production information, access Trust Tax Help and Support.
Release Highlights
ONESOURCE Trust Tax Insight version 25.04 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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