UltraTax CS now enables you to change a 1065 client’s tax return into an 1120S return, or an 1120S to a 1065. Doing this permanently converts the entity type of the open client, and UltraTax CS automatically carries over most of the data that was previously entered on the existing client’s return to help save you time and repetitive data entry. During this process, you can automatically back up the existing return to compare the returns after conversion or to maintain a copy for archival purposes.
To convert a client’s entity from a 1065 to an 1120S or vice versa, choose File >Convert Entity Type to 1065/1120S while the client is open. UltraTax CS opens one of two dialogs, depending on the entity type of the open client.
After you click the Convert button, UltraTax CS converts the client’s entity type.
- If you specified a new client ID, UltraTax CS renames the client’s data accordingly.
- If you marked the Save a backup copy… checkbox, UltraTax CS creates a backup copy of the original return with the specified client ID.
- UltraTax CS transfers the applicable asset data, partner/shareholder information, and federal input screen data.
- This feature does not convert state data. The state information will transfer from the federal input screens.
- The preparer must review the return for accuracy and enter any missing data needed to prepare the return.
Important! If you use UltraTax CS with other CS Professional Suite applications, such as Accounting CS, you must manually change the entity (and period endings, if necessary) in those applications.