Preparing a final short-year return (1120)

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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.

To prepare a final, short-year 2018 return for a corporation using the 2017 version of UltraTax CS, complete the following steps. The IRS accepts such returns on 2017 forms.

In general, the final tax return is due on the 15th day of the 4th month after the end of its tax year or the date it was dissolved or liquidated. However, a corporation with a short tax year ending anytime in June will be treated as if the short year ended on June 30, and must be filed by the 15th day of the 3rd month.

  1. Open the client.

    Opening a client introduces the possibility of the return recalculating. If you would like to prevent the original client from recalculating, enable the Discourage Access feature before opening the client and following the steps below.

  2. Take one of the following actions.
    • If you receive an access warning due to previously configuring Discourage Access, select the Replicate client with cleared status events option. Do not mark the Treat replicated client as temporary, delete it upon closing checkbox. Click Replicate Client.
    • If the client opens regularly, choose File > Save As.
  3. In the Save As dialog, you must enter a new, unique ID for the copied client.
    • Mark the Edit the client's Restrict Access properties checkbox if you want to modify password information or other information after you create a copy of the client.
  4. Click Save to create copy. The new client will open.
  5. In the folders block, click the General tab, and open Screen 1120.
  6. In the Year End Information section, enter the applicable dates in the Tax year beginning and Tax year ending fields.
  7. In the Depreciation Information section, enter the prior-year end date in the Most recent field to reflect the short period and calculate the correct prior- and current-year depreciation expense for the assets entered in the asset module.

    Note: After you change the information in these fields, you need to recalculate depreciation by going to the Asset tab and choosing Tasks > Calculate All Assets.

  8. Enter the client's tax information as needed.

    Note: You need to manually advance the balance sheet accounts and other year-end balances.

UltraTax CS will allow two 1120 returns with the same EIN to be electronically filed in the same year if the returns have different tax year ends, ending in separate months. If filing two returns for the same client for the same tax year with year-ends in the same month, the return must be paper filed.

Related topic: 1065 / 1120-US ELF: E-filing clients with same EIN

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