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This year's UltraTax CS Year End class focuses on the "What's New" for UltraTax CS 2009. Instructors will introduce and demonstrate the new features and the new data entry areas development has designed into the 2009 program. Also the instructors will show what enhancements have been made to an existing feature or data entry area within the UltraTax CS program. Those attending need to have a basic understanding of UltraTax CS. No advanced preparation is required for this course. The Virtual Classroom requires a high-speed Internet connection.
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UltraTax CS Platform and Setup
o Discovering the 2009 Home Page
§ Staying aware of program updates
§ Adding custom links to the Home Page
§ Accessing product information
§ Viewing important client information
· Contact Information
· Return Information
· Client Status History
o Analyzing your firm
§ Working Now
§ Summary
§ Preparer/Staff
§ Hardware
o Setting options for your firm
§ Restricting access and information
§ Declaring self-employment
§ Downloading and applying UltraTax CS updates
§ Setting default preferences for new users
o Setting individual options
§ Viewing product setup features
§ Choosing a client email address
Entering and Transferring Client Data
o Entering client information in W2, Box 14
o Accepting shared data into UltraTax CS
o Sharing fiscal year-end information with calendar year-end clients
o Transferring separately stated Section 179 information to 1040 clients
UltraTax CS Data Entry and Product Enhancements
o Exploring 2009 data entry enhancements in 2009 UltraTax CS
§ Accessing related input screens and dialogs
§ Re-visiting the five most recently visited input screens
§ Adding tickmarks to verified information in statement dialogs
§ Reversing changes on input screens
§ Identifying folders with multi-unit activities
§ Adding details for capital gains and losses
o Working with enhancements in UltraTax/1120 and UltraTax/1065
§ Calculating bad debt
§ Qualifying disposition of stock election under Regulation 1.1368-(g)
§ Setting default options for added partners
§ Selecting S Corporation as an entity for partners
§ Preparing Puerto Rico Municipality Returns
o Previewing UltraTax/1040 enhancements
§ Including rental income for Section 179 limitations
§ Transferring asset information between activities
§ Providing an audit trail with the 6251 Limitation Worksheet
§ Utilizing the Tax Projection Worksheet
· Calculating estimated tax payments
· Comparing projected amounts to actual amounts
o Linking Medicare wages on W-2 to Screen K1 for S-Corporations
o Viewing calculations for Schedules L and M
o Obtaining consent to disclose tax information
o Populating the Foreclosures and Repossessions Worksheet
UltraTax CS Review Tools
o Producing reports on user activity
o Delivering 1040 returns via Net Client
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