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Accrue federal and state income tax
To prepare financial statements, Corporations normally record Federal and State income tax on their books throughout the year. The amount of Federal and/or State income tax recorded can only be an estimate, because the actual tax liability isn't known until the tax return is prepared after the close of the year. This discrepancy between the amount of tax recorded on the books and the actual tax liability requires that an accrual adjustment be made to accurately prepare the tax return and adjust the books. The final step to completing this return is to calculate the Federal and State tax accrual adjustment.
Do the following to accrue income tax.
- Go to theTaxAc1screen, located in theTaxAccfolder, and complete the fields.note
- If Federal income tax was adjusted on the books, enter that amount in theFederal income tax per booksfield.
- Don't mark theAccrue state taxcheckbox if you're completing theHscreen for a Homeowners' Association.
- To enter State expense per books and to select the option for the selected state, use theTaxAc1,TaxAc2,TaxAc3, andTaxAc4screens.
- SelectFilethenPreview.UltraTax CS calculates the state tax accrual adjustment only when you preview the tax return or close data entry. Therefore, if you change any amounts before or after you calculate the state tax accrual, you'll need to preview the return or close data entry in order to get the new results.
note
- Federal, state, and city tax accrual options aren't available for consolidated clients.
- It may take several minutes for UltraTax CS to calculate the state tax accrual. Therefore, don't mark to accrue the state tax until you've entered all other information in the return.
This article applies to:
- PRODUCT: UltraTax CS
- Return type: 1120 Corporation