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Entity-specific options
Each entity has a Product Information area where you can set different options for each return type.
The
Setup
menu in UltraTax CS has each return type listed for you to set up the following things. The federal products release before states, so you'll need to set federal options before you proforma clients. Then, set individual state options as each state is released for the tax season.Interest rates
We provide current interest rates with each release of UltraTax CS. We'll update this information automatically with CS Connect updates. UltraTax CS uses these interest rates to calculate penalties for the underpayment of estimated taxes and late-filing interest. Even though it's not necessary, you can update interest rate information manually.
Client documents
You can print and send documents to clients from UltraTax CS. There are pre-written documents, but can customize them to better meet the needs of your firm. You can use the built-in word processor to edit or create various documents, such as transmittal letters, filing instructions, emails, tax elections, and custom paragraphs.
Invoices
Before you set up invoices, you'll need to decide if you want to charge a flat rate or charge on a per-form basis. If you're charging per form, enter amounts here. If you're charging a flat rate for each client, open the client's return and go to the Letter screen to enter the amount. You can override system defaults, such as listing the forms prepared for the client on the invoice.
Input screen collation
You can print a client's input screens with or without data. By default, each input screen prints only if it contains data. However, you can choose to either always or never print input screens. Select
Setup
, [Entity]
(such as 1040 Individual), Input Screens
, then Input Screen Printing
to view and update these settings.Tax return collation
UltraTax CS has a default tax return collation. However, you can customize the order in which forms print, force certain forms and schedules to print, or exclude forms and schedules from printing for the government, client, and preparer collations of the return.
Data entry display
While all input screens and folders are visible in UltraTax CS by default, you can decide which input screens and folders display. You can choose to show or hide input screens and folders, or change the order in which they're displayed in data entry.
Client complexity
The client complexity factor is a numeric value that represents the approximate time and effort involved in preparing a client's tax return. UltraTax CS will calculate and assign a value to each client based on the complexity of the federal forms and schedules in that return. The complexity value also includes other details such as the number of assets, number of partners or shareholders, rent and royalty properties, and more. There are default values, but you can assign your own values in place of the defaults.
You can return the client complexity values to the defaults. You can also print a report detailing the complexity values set for federal and state tax returns, federal input screens, and other items such as assets, shareholders, and partners.
Extensions
You can customize how you prepare and/or print each type of extension. You can set options on a per-entity basis.
Watch fields
You can add watch fields to monitor important values in a client's tax forms. There will be a "Watch" section added to the Diagnostics, and each watched field and its data will be in there. To open the Diagnostics, press CTRL+D or select
Diagnostics
on the toolbar.This article applies to:
- Product: UltraTax CS
- Return type: 1040 Individual,1120 Corporation,1065 Partnership,1041 Fiduciary,990 Exempt Organization,5500 Beneficiary Plan,706 Estate Tax,709 Gift Tax,2290 Heavy Vehicle Use Tax