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.

This topic provides general information about UltraTax/1120 procedures.

Setup procedures

• Allowing the Accumulated Adjustment Account on Form 1120S, Schedule M-2, to be reduced below zero
• Calculating Schedule L
• Calculating Schedules M-1 and M-2
• Calculating Schedule M-1 in lieu of Schedule M-3
• Converting an 1120S client to a 1065 client
• Entering a corporation as a Controlled Group
• Changing a return after data has been shared between members of a controlled group
• Sharing data between members of a controlled group
• Sending a shareholder K-1 package to a shareholder via email
• Printing Form 1120 or 1120-C, Page 5
• Printing Schedule K-1 instructions
• Setting options for all 1120 clients
• Setting options for new 1120 clients
• Setting other 1120 return options

Electronic filing procedures

• Submitting preliminary applications with the IRS for electronic returns
• Configuring UltraTax CS for electronic returns
• Entering data for electronic returns
• Signing the return electronically
• Creating the electronic file and correcting errors
• Transmitting electronic returns to the IRS

Extension and return procedures

• 1120 extension process overview
• Applying an overpayment portion to next year's estimated tax when there is no estimated tax due
• Entering prior year-ends, if different
• Including estimates with a balance due in the filing instructions
• Indicating estimates are paid in the filing instructions
• Preparing 1120 extensions
• Preparing Form 1139
• Preparing a Homeowner’s Association return using optimization
• Preparing a Homeowner’s Association return without optimization
• Preparing a short year return for a liquidated corporation
• Printing a copy of Form 7004 with extended returns
• Processing clients who require more state treatments than are available
• Entering assets when filing Form 1120-PC, Schedule B
• Reducing Form 982 tax attributes

Domestic production deduction procedures

• Requirements for Form 8903 reporting members
• Requirements for Form 8903 non-reporting members
• Entering required information for expanded affiliated groups

Schedules L, M-1, and M-2 procedures

• Reconciling Schedules L and M-2 Equity Accounts for S Corporations
• Reconciling Schedules L, M-1, and M-2 with Page 1 Income for C Corporations
• Setting the maximum amount for UltraTax CS to round Schedule L amounts when importing data from CS Professional Suite accounting applications

Shareholder procedures

• Entering change of ownership information for shareholders
• Entering information for Form 2553 for a C Corporation
• Entering information for Form 2553 for a new S Corporation
• Entering shareholder information
• Entering stock basis, loan basis, and suspended loss information for shareholders
• Entering California stock basis, loan basis, and suspended loss information for shareholders
• Entering Wisconsin stock basis, loan basis, and suspended loss information for shareholders
• Entering termination or qualifying disposition dates for the 1377(a)(2) or 1.1368-1(g)(2)(i) election
• Printing a shareholder information report
• Printing blank shareholder information windows
• Printing only the shareholder, partner, beneficiary, or participant package
• Viewing the weighted average calculations for shareholders

State apportionment procedures

• Attaching field notes to state apportionment factors
• Deleting information from the Apportionment spreadsheet
• Entering apportionment information for consolidated or combined states
• Entering apportionment data for city or other returns
• Entering apportionment data for S Corporation consolidated states
• Entering apportionment data for state returns
• Importing information into apportionment statement dialogs
• Overriding everywhere amounts for 1120 apportionment forms
• Apportionment Information window
• Using asset detail for apportionment
• Printing 1120 apportionment information reports

Consolidated / combined procedures

C Corporation

• Adding a new consolidated return
• Adding companies to an existing consolidated return
• Combining amounts for a consolidated return
• Preparing an 1120 consolidated income tax return
• Preparing members for a consolidated return
• Processing state consolidated / combined returns
• Removing companies from an existing consolidated return

S Corporation

• Adding a new S Corporation consolidated client
• Adding companies to an existing C or S Corporation consolidated return
• Combining amounts for a C or S Corporation consolidated return
• Preparing an S Corporation consolidated income tax return
• Preparing an existing S Corporation consolidated income tax return
• Preparing members for an S Corporation consolidated return
• Processing state consolidated return (S Corporation)
• Removing companies from an existing C or S Corporation consolidated return

At-risk activity procedures

At-risk activities overview

Passive activity procedures

• Disposition of passive activities
• Former passive activities
• Other forms and schedules
• Other issues
• Passive activity carryovers
• Passive activity codes
• Passive credits
• Passive worksheets
• Publicly traded partnerships (PTPs)
• Supported forms and schedules

Excel Export / Import utility procedures

• Excel Export / Import utility guidelines for apportionment information
• Excel Export / Import utility guidelines for shareholder information
• Exporting apportionment information from UltraTax/1120 into Excel
• Exporting shareholder information from UltraTax/1120 into Excel
• Importing apportionment information from Excel into UltraTax CS
• Importing shareholder information from Excel into UltraTax CS
• Excel Export / Import utility for apportionment information overview
• Excel Export / Import utility for shareholder information overview

Was this article helpful?

Yes No

Submit