Tax & Accounting Blog

ONESOURCE Income Tax – State Tax Tip #5

US Income Tax Compliance September 22, 2011

Workpaper of the Week: State NOL Review 

This workpaper allows you to quickly review detailed NOL information across jurisdictions, and easily access NOL data for provision and planning purposes.

  • All states are now available! Consistent data input for all states!
  • Added new fields to allow input for prior year amounts and prior year utilization
  • We can then keep the NOL carryforward current and up-to-date each year

–      States with state-specific NOL forms continue to have the same input they have always had

  • We also added a new State Review Workpaper for NOLs in TAS (Tax Accounting System)

–      Quickly review NOL information

–      NOL information now readily available for uses other than compliance including:

  • Provision calculation
  • Planning scenarios