Our partnership product is more robust than ever before, offering you more flexibility in data entry. Make sure you take advantage of the following new enhancements.
Cost of Goods Sold Inventory Adjustment
On Screen A, under the Income & Deductions folder, you can choose to adjust the purchases account by the difference between beginning and ending inventory, as seen below.
UltraTax CS 2013 includes a new worksheet of Schedule K-1 partner percentages. This worksheet displays the beginning and ending partner percentages for profit, loss, and capital as displayed on Schedule K-1. Within the Forms View mode, the worksheet can be found in the K1 Pcts folder.
Changes of Ownership
New for 2013, we’ve added capabilities when entering changes of ownership. In prior years, UltraTax CS supported a $0 Schedule K-1, or no proration/annualization of the K-1 amounts, only by entering a change of ownership on the first day of the tax year. New this year (2013), when entering changes of ownership, you can also enter end-of-year percentages to produce a $0 Schedule K-1 or have no proration/annualization of the K-1 amounts.
The option to enter end-of-year percentages will assume the change of ownership occurred at the end of the day on the last day of the client’s tax year. By using this data entry, UltraTax CS will report a $0 Schedule K-1 or list the change of ownership on the Schedule K-1, but the program will not actually calculate a prorated percent for the year when the changes occur at the end of the tax year. If you do not wish to produce a Schedule K-1 for a new partner, you should wait until the next year to enter the partner.
- This new option is solely to produce a $0 Schedule K-1 or to produce no proration/annualization. The data in the end of year column will proforma to the next year’s beginning of year column.
- New dates entered assume the ownership changed at the end of the previous day, and that the date entered is the first day of the new ownership period.
For more info on these 1065 product enhancements, access User Bulletin 1065US-13.2.0: Initial Release, dated December 19, 2013, from within UltraTax CS by selecting Bulletins from the Help menu.