Tax & Accounting Blog

Preparers Can Now Send Schedule K-1 Packages via Email

CS Professional Suite Document Management Solutions, CS Tax & Asset Management Solutions January 13, 2015


New FileCabinet CS Integration Option 

The 2014 version of UltraTax CS includes the ability to create a separate FileCabinet CS folder for each K-1 package (if licensed). 

Enable this option by choosing Setup > Office Configuration > FileCabinet CS and marking the Print K-1 packages to separate folder in FileCabinet CS checkbox.

When the K-1 package is sent to FileCabinet CS, the application creates a separate folder for each shareholder, partner, or beneficiary package if the Print K-1 packages to separate folder in FileCabinet CS checkbox is marked. In addition, the contents of the K-1 package reflect the items selected in the Preparer collation.

Note: If you’re not licensed for FileCabinet CS, the option to print separate packages is available with the File Drawer feature, which is included in UltraTax CS. 

Email K-1 Packages from 2014 UltraTax CS

Along with storing separate K-1 packages in FileCabinet CS, preparers can now email the K-1 packages directly to the shareholders, partners, and beneficiaries from UltraTax CS. 

To do so, complete the following steps. 

  1. Mark the Print K-1 packages to separate folder in FileCabinet CS checkbox on the Setup > Office Configuration > FileCabinet CS tab.
  2. Print the K-1 packages to FileCabinet CS or File Drawer. 

After printing the separate K-1 packages to FileCabinet CS or File Drawer, you can email the K-1 packages to the shareholders, partners, or beneficiaries by choosing File > Email Schedule K-1 Packages

You can email K-1 packages for the open client only, not for multiple clients at the same time. 

UltraTax CS includes two default greetings: one addressed to the designated Tax Matters Person (to whom you can send all of the K-1 packages so that individual can distribute them to the appropriate recipients), and one addressed to each shareholder, partner, or beneficiary who receives their respective package. You can specify whether the Tax Matters Person receives the packages from within the Email K-1 Packages dialog. 

You can edit the K-1 packages email greeting by choosing Setup > [Entity] > Federal tab, clicking the Letters & Emails button, and clicking the Email tab. 

Note: If necessary,you can enter the shareholder, partner, or beneficiary email addresses in the Email K-1 Packages dialog if you haven’t already entered them in the Shareholder Information, Partner Information, or Beneficiary Information windows. 

More Information

For a comprehensive walkthrough of this process, refer to the following articles in our Help & How-To Center: