Set options for new 1120 clients
Do the following to specify setup options for all 1120 clients subsequently added to UltraTax CS. UltraTax CS also applies options set in this window the 1st time you open a client whose data was converted from another tax program.
- SelectSetupthen1120 Corporation.noteDepending on your security configuration, you might be prompted to enter the master password and selectOKbefore you can continue.
- Select theFederaltab.
- SelectNew Client Optionsto open the New Client Options windownote
- Until you change them again, the options you choose in this window apply to all 1120 clients subsequently added to UltraTax CS. Clearing any option from the New Client Options window doesn't affect existing 1120 clients. You'll need to open each individual client and edit accordingly if you don't want a particular option to be used.
- UltraTax CS applies the settings in this window to all 1120 clients whose data was converted from another tax program. These settings are applied the 1st time you open the client.
- For a brief description of the options available in this window, press F1.
- In theReturn Presentationtab, specify the following:
- Whether to adjust purchases by the change in beginning and ending inventory.
- Whether to allow distributions to reduce AAA below zero.
- Options for mailing state tax form instructions.
- Options for method of accounting.
- Whether the taxing authority can discuss returns with the preparer.
- Options for rounding amounts on Schedules L, M-1, and M-3.
- In theEstimatestab, specify options for overpayment application, estimate declarations, and estimate rounding.
- In theOthertab, specify the following:
- Whether to data share beginning-of-year basis and prior-year suspended shareholder losses for all shareholders.
- Whether to file the return electronically.
- Whether to print the Tax Projection Worksheet.
- Option to suppress the basis paragraph on the shareholder transmittal letter.
- Option to suppress calculation of shareholder basis worksheet.
- Option to suppress data sharing the basis worksheet for all shareholders.
- Option to suppress header on the shareholder transmittal letter.
- Option to suppress state electronic file when filing the federal return electronically.
- Option for tax return delivery method.
- SelectOKto accept the settings and close the window, or selectCancelto close the window without saving your changes to the option settings.
