2017 ULTRATAX CS- Alerts and notices
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MFA required for electronic filing
Effective May 3rd, the 2017 version of UltraTax CS requires multi-factor authentication (MFA) to access the electronic filing transmission feature in CS Connect.
Thomson Reuters is committed to proactively evolving our security features to help you protect your firm and your clients' data. For more information about multi-factor authentication, see Multi-factor authentication overview.
Question
Why is information appearing on Schedule D (Form 1120) instead of Schedule D (Form 1041)?
Answer
UltraTax CS defaults to calculating Form 990-T as a corporation if the type of organization entered on Screen 990 is C or O, except for a few section 501(c) type organizations that are considered trusts.
- If Form 990-T uses the corporate tax rates to calculate the unrelated business income tax, then the Schedule D (Form 1120) is used.
- If Form 990-T uses the trust tax rates, then the Schedule D (Form 1041) is used for sale of capital asset information.
Use the Organization type field on Screen 990T to identify the organization as a corporation (code 1) or trust (code 2, 3, or 4).
Related topic: 990-US: Sale information FAQs (990)