Preparing 1120 extensions

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IRS filing deadline update

The IRS MeF system is now processing returns, and the filing deadline has been extended to 11:59 PM on Wednesday, April 18, 2018. For the latest details, see UltraTax CS alerts and notices.

Use this procedure to print federal and state extension forms for one client or a batch of clients.

Notes

  • This procedure prints one copy of the extension following the government collation defined in the Return Collation dialog. If desired, you can modify this collation. For example, you can prevent the extension transmittal letter and extension filing instructions from printing with the extension by changing the print condition for the extension transmittal letter and extension filing instructions to Never in the Return Collation dialog in Setup > 1120 Corporation.
  • Form 7004 automatically shows that the tax due is being paid with the extension for any client's return for which UltraTax CS is calculating a tax due. If you do not want to include the tax due with the extension, access Screen PmtExt in the Payments folder, and enter 0 (zero) in the Balance due on extension (Force) field.
  1. Open the return in UltraTax CS for which you want to file an extension. If the client does not exist in the current-year application, proforma a prior-year client or add a new client.
  2. If applicable, retrieve general ledger balances from Creative Solutions Accounting or other third party application for each client for whom an extension should be filed.
  3. To specify an amount of estimated total tax liability instead of using the amount UltraTax CS calculates, enter an amount in the Estimate of total tax liability (Force) field in Screen PmtExt in the Payments folder.
  4. To specify an amount due instead of using the amount UltraTax CS calculates, enter an amount in the Balance due on extension (Force) field in Screen PmtExt in the Payments folder, and UltraTax CS does the following:
    • calculates the amount of total tax using the estimated payments and withholding you entered.
    • completes the Extended due date field.
    • enters this amount in the Paid with extension field in the Payments section in Screen PmtExt.
  5. Each client’s name, address, EIN, and fiscal year-end prints on Form 7004. To print an extended due date other than the default date, enter the date in the Extended due date field in Screen PmtExt.
  6. Choose File > Print Extensions.
  7. By default, UltraTax CS prints the extension for both the federal and state returns. To print only the federal extension, click the Options button, and verify that only the Federal checkbox is marked in the Selected Returns tab.

    Note: If your security configuration allows for user-defined print options, you can set various print options for all extensions printed from this workstation. To do so, choose Setup > Office Configuration, and click the Print Options tab.

  8. To print extensions for clients other than, or in addition to, the current client, click the Clients button in the Print Extensions dialog and select the clients for whom you want to print extensions.
  9. Click the Print button.

    Notes

    • UltraTax CS defaults to the previous extension print selection, so you may need to reset your extension print options. If you are prompted that "The selected clients will not be printed because their entity does not support the extension selected" when you print or create an electronic extension, choose File > Print Extensions, mark the Create electronic file checkbox, click the Options button, click the Extension Print Options tab, and confirm that First extension is selected in the Which group box.
    • You should reset your extension print options to First extension after you print or create a second extension.

Related topic: Extensions FAQs (1120)

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