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Multi-Entity

Tax Year End window for 52/53 year-end client

When you try to change the
Tax year ending
 date on a 52/53 year-end client, a window opens with the following message:
The Tax year ending field should not be edited unless the client's tax year end indeed changed or it is a newly created client with a year end other that 12/31. If a data sharing relationship exists between the client's partners and another UltraTax CS client, changing the tax year end will cause data to be shared to new K1 units in the destination client, instead of existing K1 units. Changing the tax year end for analytical purposes should be performed on a copy of the client created through File > Save As.
You can select from 3 checkboxes in this window:
  • The tax year is not changing; revert to the previous date.
  • The client is changing their fiscal year end (a new K-1 unit will be created via data sharing in the destination client).
  • The client is terminating (the existing K-1 unit will be populated via data sharing in the destination client).
The checkbox you select determines how the K-1 information will datashare with the 1040 returns. If the 1120S/1065 return datashares the K-1s into a 1040 return, then you'll need to decide if you want to datashare the K-1 information to a new K1 unit in the 1040 (2nd checkbox), or if you want to datashare the K-1 information to the existing K1 unit in the 1040 (3rd checkbox). If the client doesn't datashare into a 1040 return, then it doesn't matter which of the last 2 checkboxes you select.

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