Entering prior year ends if different from current year end (990)

Alerts and notices
Leave feedback

Contact information (optional):

Leave this blank:

Please tell us how we can make this information more helpful.


Characters left:

Use this procedure only if UltraTax CS is calculating depreciation and the client has ever had a short tax year. UltraTax CS uses the Prior year-ends, if different fields on Screen 990 (for 990E clients) or Screen 990PF (for 990PF clients) to calculate the correct prior and current depreciation expense of assets entered in the asset module. If the client's assets are being entered in the Asset tab, and if the prior fiscal year end differs from the current fiscal year end, enter the different year ends in the appropriate fields on Screen 990 or 990PF.

Note: If this is the client's first year, and the year was shorter than 12 months, do not complete this procedure. Enter the ending date of the month preceding the month in which the short year began in the Most recent field. For example, if the client's year began on 5/15/16 and ended on 12/31/16, enter 4/30/16.

  1. Click the General folder in the folders block, and then click the 990 or 990PF tab.
  2. Scroll down to the Year End Information section. Starting with the most immediate prior year end, review the client's year ends until you find a fiscal year end that differs from that entered in the Tax year ending, if other than 12/31 field.
  3. Enter the different fiscal year end in the Most recent field.
  4. Continue to review the client's year ends. If you find another year end that differs from the year end entered in the Most recent field, enter this year end in the Interim field. Otherwise skip to step 6.
  5. Continue to review the client's year ends. If you find another year end that differs from the year end entered in the Interim field, enter this year end in the Oldest field. Otherwise skip to step 6.
  6. In the folders block, click a folder that contains the Asset tab, click the Asset tab, and then choose Tasks > Calculate All Assets.

    Note: UltraTax CS does not consider Screen 990 or 990PF complete until these dates have been entered correctly. You should verify the following:

    • Dates are entered in ascending order from the Oldest field to the Most recent field.
    • Only year ends that differ from the ones preceding and following it are entered.
    • Only year ends that precede the year end in the Tax year ending, if other than 12/31 field are entered.
    • The last day of the month is entered in MM/DD/YY format. (UltraTax CS calculates depreciation based only on whole months.)

Example

A client with a current fiscal year end of 6/30/17 has prior fiscal year ends of 6/30/16, 3/31/16, 3/31/15, 6/30/14, and 9/30/13. Enter the following information.

Most Recent Interim Oldest
3/31/16 6/30/14 9/30/13

Note: If you change information in these fields after depreciation has been calculated, you must recalculate depreciation by returning to the Asset tab and choosing Tasks > Calculate all assets.

Share This