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Prepare an S Corporation consolidated income tax return
Follow these steps to prepare an S Corporation consolidated income tax return.
important
- You may need to adjust your member clients' data before preparing the S Corporation consolidated income tax return.
- When backing up or restoring a consolidated return, back up or restore all member clients as well.
note
The tax accrual options aren't available for a consolidated return.
- Proforma or add the consolidated return, and the parent client, subsidiary clients, and eliminations client from the consolidated group.noteIncluding an eliminations client as part of the consolidated group is optional.
- Retrieve general ledger balances from your CS Professional Suite accounting application that integrates with UltraTax CS for each member client.noteIf you use a CS Professional Suite accounting application to retrieve general ledger balances for a consolidated return in UltraTax/1120 Consolidated S, you need to set up individual clients in your accounting application for the parent company, the eliminations company, and each subsidiary company. A client that's departmentalized in the accounting application doesn't properly interface with the consolidated client in UltraTax/1120 Consolidated.
- Complete the remaining data entry for all member clients. Keep the level of detail consistent across all members of the consolidated group. Also, make sure each member client's return is complete and correct before proceeding to the next step.
- Follow the steps to add an S Corporation consolidated return if you're preparing a new S Corporation consolidated return.
- Review all consolidated input screens and complete any necessary remaining data entry. Enter the necessary data in the input screens for each category not marked inFile,Client Properties,Advanced Properties,Options.
- To change amounts entered in the parent, eliminations, or subsidiary clients, go back to the original source of data entry. For example, if you made a mistake in the asset data entry of the 1st subsidiary, close the consolidated client and reopen the 1st subsidiary. Go into asset data entry for that client and correct the data. Close the subsidiary client and reopen the consolidated group. The correct number should now be a part of the consolidated group return.
- Print and review the consolidated tax return.