Short-year data entry in UltraTax CS

Alerts and notices

You can use this information for the following entities: 1041, 1065, 1120, 5500, and 990.

Note: There is not short-year data entry for the 1040 application.

On the (entity type) input screen in the General folder, locate the Year End Information section and enter information in the following fields to complete the short year data entry.

Notes

  • Typically, the tax year beginning year and the application year should match. If your client's tax year beginning is 2018, you will use the 2018 version of the application to process the return. However, the IRS will accept prior-year forms in the event the current-year forms are not available yet. For example, a short-year return beginning 01/01/2019 and ending 06/30/2019 could be due on 09/15/2019 or 10/15/2019. This is well before the IRS releases the 2019 version of the forms. In that instance, you can use the 2018 forms and the 2018 version of the application to complete the short-year 2019 return. You can also electronically file the short-year 2019 return from the 2018 application.
  • Even if this is the client's initial year, a Most recent date must be entered to understand this is a short-year return. In the Most recent field, enter the ending date of the month preceding the month in which the short year began. For example, if the client's short tax year began on 05/15/2018 and ended on 12/31/2018, enter 04/30/2018 in the Most recent field. 

 

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