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Other tab (1120)
Show all hidden content
Use this tab to set various options that will apply to all 1120 clients.
To view this tab, select
Setup
, 1120 Corporation
, the Federal
tab, Other Return Options
, then the Other
tab.note
- Depending on your security configuration, you may need to enter the master password before you can open any entity type's tab.
- The options set in this tab also apply to 1120 clients with data converted from another tax program.
Fields & buttons
Print Form 7004 with tax return
Mark this checkbox to have UltraTax CS print Form 7004 (previously filed with the IRS) with the extended tax return. Form 7004 prints immediately before the corporate return. To change the print order of the form, you can change the return collation for Form 7004 - Federal Copy. Select
Setup
, 01120 Corporation
, the Federal
tab, then Tax Return
.note
This checkbox applies to all 1120 clients.
Print Tax Return History charts presented as
Mark this checkbox to have UltraTax CS print the key figure charts on the Tax Return History Report.
note
- This option applies to all 1120 clients.
- Enter data in the History screen in the Review folder to print the Tax Return History Report. UltraTax CS proformas data to this screen.
Chart Options button
Select this button to open the
Tax Return History Chart Options
window and select options for the chart type and key figures to report in chart form.Print Bank Account Verification
Mark this checkbox to have UltraTax CS print a Bank Account Verification Report with the return. The client should use this report to verify the bank information entered in the Bank screen in the General folder.
Transfer gain (loss) on disposal of 179 assets to shareholder basis worksheet
The application calculates the S Corporation's gain or loss on the disposal of assets for which a section 179 expense deduction was previously passed through to the S Corporation shareholder. If you want to transfer the gain or loss on disposal of section 179 assets to the shareholder basis worksheet for all clients, enter
X
in the Transfer gain (loss) on disposal of 179 assets to shareholder basis worksheet
field.The application transfers a net gain on disposal of section 179 assets to the appropriate line on page 1 of the Shareholder's Basis Worksheet. A net loss on disposal transfers to the appropriate line on page 2 of the Shareholder's Basis Worksheet.
If you want to change the amount of net gain or loss on disposal of section 179 assets that's shown on the Shareholder's Basis Worksheet, enter an amount in the force fields on the .
Stock
tab in View
Shareholder Information
Other Info
Shareholder Basis
To change this option on a client-by-client basis, enter the code in the
Transfer gain (loss) on disposal of Section 179 assets…
field of the KSep screen.Depletion: Marginal oil production percentage depletion rate
Enter the depletion rate. If you don't enter a rate, UltraTax CS defaults to the current IRS value for the depletion rate for oil and gas properties.
Write-Up Retrieval: Maximum amount for Schedule L rounding
Enter a positive amount to indicate the maximum amount to round Schedule L balances imported from your general ledger program.
UltraTax CS assumes that the items that have tax codes for the Schedule L from the general ledger application balance properly. However, because some amounts from the general ledger application may include pennies, Schedule L may be out of balance due to rounding differences. UltraTax CS adjusts either the Accounts Payable account or the Cash account to balance Schedule L. The amount you enter in this field indicates the maximum amount you want UltraTax CS to allow for the adjustment. If the adjustment amount exceeds the amount you enter in this field, no adjustment will happen. If this field is blank, no adjustment will happen.
note
- This option applies to all 1120 clients.
- This option also applies if you are retrieving balances from another write-up application such as Accountant's Relief.
eSignature
Changes to the expiration or reminder frequency apply to eSignature packages sent in the future. In other words, eSignature packages are created with the expiration date and reminder frequency currently set up. You can't change them once you create an eSignature package.
Authorization forms (8453/8879/8878/114a) expiration # of days
Configure the # of days for an eSignature to be available before expiration when an authorization form is present. The default is 3 days.
Authorization forms (8453/8879/8878/114a) reminder frequency
Configure how often to send a reminder email while an eSignature is pending when an authorization form is present. The default is 18 hours.
Other (Consents, Engagement letter, etc.) reminder frequency
Configure how often to send a reminder email while an eSignature is pending when an authorization form (8453/8879/8878/114a) is not present. The default is 1 week.