Tax & Accounting Blog

Now Introducing Data Sharing of 1065 Schedule K-1s By Activity

Blog, CS Professional Suite, CS Tax & Asset Management Solutions January 11, 2017

Per-activity reporting was added to the 1065 program in the 2015 version of UltraTax CS®. New for 2016 is the ability to import each activity as a separate Schedule K-1 unit into the receiving client. To enable the option to import 1065 Schedule K-1 financial data by activity, follow these steps:

  1. Complete the partnership return and click the Print Preview button.
  2. When you open the partner’s return, you’ll get the Data Sharing – Pending Updates dialog.
  3. Close the Data Sharing – Pending Updates dialog.
  4. Go to File > Client Properties > Advanced Properties and mark the Elect to import the data share of 1065 K-1s by the per activity method, in lieu of the single K-1 method checkbox.
  5. Close the Advanced Properties and Client Properties dialogs.
  6. Choose Utilities > Data Sharing > Updates to see the pending updates for the number of activities present in the partnership client. Click the Review button, and then Accept the import for each activity.

Note: By default, the 2016 UltraTax CS program will continue to import the amounts from the 1065 Schedule K-1 to a single K1 activity.