Setting options for new 1120 clients

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MFA required for electronic filing

Effective May 3rd, the 2017 version of UltraTax CS requires multi-factor authentication (MFA) to transmit e-files from CS Connect. Find out more.

Use this procedure to specify setup options for all 1120 clients subsequently added to UltraTax CS. UltraTax CS also applies options set in this dialog the first time you open a client whose data was converted from another tax program.

  1. Choose Setup > 1120 Corporation.

    Note: Depending on your security configuration, you might be prompted to enter the master password and click OK before you can continue.

  2. Click the Federal tab.
  3. Click the New Client Options button to open the New Client Options dialog.

    Notes

    • Until you change them again, the options you choose in this dialog apply to all 1120 clients subsequently added to UltraTax CS. Clearing any option from the New Client Options dialog does not affect existing 1120 clients. You must open each individual client and edit accordingly if you do not want a particular option to be used.
    • UltraTax CS applies the settings in this dialog to all 1120 clients whose data was converted from another tax program. These settings are applied the first time you open the client.
    • For a brief description of the options available in this dialog, press F1.
  4. In the Return Presentation tab, specify the following:
    • whether to adjust purchases by the change in beginning and ending inventory
    • whether to allow distributions to reduce AAA below zero
    • options for mailing state tax form instructions
    • options for method of accounting
    • whether the taxing authority can discuss returns with the preparer
    • options for rounding amounts on Schedules L, M-1, and M-3
  5. In the Estimates tab, specify options for overpayment application, estimate declarations, and estimate rounding.
  6. In the Other tab, specify the following:
    • whether to data share beginning-of-year basis and prior-year suspended shareholder losses for all shareholders
    • whether to file the return electronically
    • whether to print the Tax Projection Worksheet
    • option to suppress the basis paragraph on the shareholder transmittal letter
    • option to suppress calculation of shareholder basis worksheet
    • option to suppress data sharing the basis worksheet for all shareholders
    • option to suppress header on the shareholder transmittal letter
    • option to suppress state electronic file when filing the federal return electronically
    • option for tax return delivery method
  7. Click OK to accept the settings and close the dialog, or click the Cancel button to close the dialog without saving your changes to the option settings.

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