New (tax) year, new help!

Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

Question

How can I allocate the state and city tax accrual adjustment to non-page 1 activities?

Answer

The federal application combines the tax accrual adjustment for all states and cities into one adjustment amount and automatically adjusts Form 1120 or 1120-S, Page 1, Taxes and Licenses, by the tax accrual amount. UltraTax CS/1120 does not allocate the state and city tax accrual amount to rental, farm, and farm rental activities. Therefore, you must manually adjust the state and city tax deductions by the state and city tax accrual amount for these activities.

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