Calculating Schedule L (1120)

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MFA required for electronic filing

Effective May 3rd, the 2017 version of UltraTax CS requires multi-factor authentication (MFA) to access the electronic filing transmission feature in CS Connect.

Thomson Reuters is committed to proactively evolving our security features to help you protect your firm and your clients' data. For more information about multi-factor authentication, see Multi-factor authentication overview.

To calculate Schedule L if total receipts for the year and year-end assets are less than $250,000, follow this procedure. If you do not follow the procedure, UltraTax CS does not calculate Schedule L if total receipts for the tax year and total assets at the end of the tax year are less than $250,000.

  1. Choose Setup > 1120 Corporation.
  2. In the Federal tab, click the Other Return Options button.
  3. In the Return Presentation tab, mark the Complete Schedule L when receipts and assets are less than $250,000 checkbox.

Notes

  • To set this option on a client-by-client basis, mark the Complete Schedule L when not required field in Screen L in the Balance Sheet folder. The field in Screen L is not available to mark if the respective checkbox in the Setup > 1120 Corporation > Federal tab > Other Return Options > Return Presentation tab is marked.
  • Schedule L is always completed for 1120-F, 1120-IC-DISC, 1120-PC, 1120-REIT, and 1120-SF filers.

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