Tax & Accounting Blog

Speed-Up Tax Return Prep with the 1120 Product Enhancements in 2013 UltraTax CS

CS Tax & Asset Management Solutions January 6, 2014

To help ease your corporate tax preparation, we’ve enhanced our 1120-US product with additional calculations and functionality. 

New Calculating Forms and Worksheets

  • Carryover summary worksheets are available for your S Corporation clients, which can be used to report the remaining amount of C Corporation carryovers available to offset the S Corporation built-in gain tax and the amount of section 179 carryover available for the next year.
  • 1120 Settlement Fund return is available as an entity option within the 1120 product. After you select the 1120 Settlement Fund entity in the File > Client Properties dialog, the 1120SF folder will be available in the folders block within the Input View for the client.
  • A new Foreign Transaction worksheet is available to report the foreign transaction information on Schedules K and K-1 for S Corporations and their shareholders. 

New Location of Officer’s Compensation Data Entry

In 2013 UltraTax CS, a column was added in the S Corporation Officer’s compensation statement dialog in Screen Inc (within the Income and Deductions folder) to indicate the officer is a shareholder. UltraTax CS includes the wages of the designated shareholders in the section 179 business income calculation. The Shareholder wages field on the Other Info tab in the Shareholder Information window was removed from 2013 UltraTax CS. 

Additional 1120 Enhancements

  • You can import the 1120-IC-DISC and 1120-SF returns from Accounting CS into UltraTax CS.
  • The out-of-balance diagnostic messages for Schedules L, M-1, M-2 and M-3 were modified to include an out-of-balance amount to ease the review process of a return.
  • You can enter zero (0) in the Supplemental Information statement dialog on the Other Info tab in the Shareholder Information window.
  • The Loan repayment field was moved from the Other Info tab to the Shareholder Basis > Loan tab in the Shareholder Information window. 

More Info?

For more info on all of the 1120 product enhancements, access User Bulletin 1120US-13.2.0: Initial Release, dated December 19, 2013, in UltraTax CS by choosing Help > Bulletins.