Tax & Accounting Blog

UltraTax/1120 – Now Track Basis from a 1065 Schedule K-1 Pass-Through Entity

UltraTax/1120 – Now Track Basis from a 1065 Schedule K-1 Pass-Through Entity

With 2016 UltraTax/1120, you can track a corporation’s basis in a partnership interest. Losses reported on a pass-through 1065 Schedule K-1 are limited by the amount of the corporation’s basis in the pass-through entity. UltraTax/1120 includes partner’s basis worksheets for regular tax and AMT that report these calculations. In addition, K-1 reconciliation worksheets were added … Read More

State Driver’s License Requirements

State Driver’s License Requirements

On June 11, 2015, the IRS issued an announcement regarding the collaborative effort to combat identity theft and tax refund fraud. Thomson Reuters supports and is participating in this initiative. In an effort to reduce identity theft and fraudulent return filing, complete the Form of identification field on federal Screen IDAuth for state electronic filing … Read More

EU and the Possible Application of a Generalised Reverse Charge Mechanism

EU and the Possible Application of a Generalised Reverse Charge Mechanism

The European Commission has recently adopted a proposal for a Council Directive which aims to amend the VAT Directive, introducing on temporary basis a generalised reverse charge mechanism (GRCM) for the supply of goods and services above a certain threshold. The adoption of this measure is important for the Commission, as large amounts of … Read More