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.
This topic provides general information about the 1041 federal application and processing guidelines.
Multiple-unit input screens available
UltraTax CS allows you to create multiple copies of the same input screen. When more than one input screen is used, each copy is referred to as a "unit." Screen Sale, for example, is a multiple-unit input screen that enables the use of a separate input screen for reporting each sale. The following table lists the UltraTax/1041 multiple-unit input screens and the maximum number of units available for each screen. These maximums are the number of units possible up to the per-return limit of 32,767 input screens.
| Multiple-unit input screen | Number of units possible |
|---|---|
| Screen 56, Fiduciary Relationship | No practical limit |
| Screen 114-2, Report of Foreign Bank Accounts, Page 2 | No practical limit |
| Screen 1099M, Miscellaneous Income | No practical limit |
| Screen 1099R, Retirement Distributions | No practical limit |
| Screen 1116, Foreign Tax Credit | No practical limit |
| Screen 2439, Shareholder Undistributed Long-term Capital Gains | No practical limit |
| Screen 3115, Change in accounting Method | No practical limit |
| Screen 3520, Transactions with Foreign Trusts, Receipt of Foreign Gifts | No practical limit |
| Screen 4562, Depreciation & Amortization | 5,000 |
| Screen 4684B, Business Casualty and Theft Loss | No practical limit |
| Screen 4684PY, Prior Year Business Casualty and Theft Loss | No practical limit |
| Screen 5471, Foreign Corporation | No practical limit |
| Screen 8275, Disclosure Statements | No practical limit |
| Screen 8621, Passive Foreign Investment or Electing Fund | No practical limit |
| Screen 8824, Like-Kind Exchanges | No practical limit |
| Screen 8938-2, Statement of Specified Foreign Financial Assets, Page 2 | No practical limit |
| Screen C, Business Profit or Loss, Page 1 | 5,000 |
| Screen Cr, Business Credits | 5,000 |
| Screen F, Farm General and Income | 5,000 |
| Screen InstPY, Prior Year Installment Sale | 5,000 |
| Screen J, Accumulation Distributions | 5,000 |
| Screen K1, 1065 and 1120-S Pass-Through General and Income | No practical limit |
| Screen K1Sale, Section 179 Pass-Through Sale | No practical limit |
| Screen K1T, 1041 Pass-Through General, Income, Deductions, Final Year | No practical limit |
| Screen NOL-2, Net Operating Loss Carryovers | 2 |
| Screen OGCost, Oil and Gas Cost Centers | 5,000 |
| Screen OGWell, Oil and Gas Well Information | 5,000 |
| Screen Ponzi, Revenue Procedure 2009-20 (Ponzi) | No practical limit |
| Screen Rent, Rent and Royalty Property | 5,000 |
| Screen Sale, Sale of Business Property | 5,000 |
| Screen StPmt, State Payments | No practical limit |
| Screen W2, Wages | No practical limit |
| Screen W2G, Gambling Winnings | No practical limit |
For information about accessing multiple-unit input screens, see Multiple-unit input screens.
States and municipalities available
The following states and municipalities are available for UltraTax/1041.
| Alabama | Arizona | Arkansas |
| California | California PPT | Colorado |
| Connecticut | Delaware | District of Columbia |
| District of Columbia PPT | Florida PPT | Georgia |
| Georgia PPT | Hawaii | Idaho |
| Illinois | Indiana | Indiana PPT |
| Iowa | Kansas | Kentucky |
| Kentucky PPT | Louisiana | Maine |
| Maryland | Maryland PPT | Massachusetts |
| Michigan | Michigan MBT | Michigan PPT |
| Minnesota | Mississippi | Missouri |
| Montana | Nebraska | Nebraska PPT |
| New Hampshire | New Jersey | New Mexico |
| New York | North Carolina | North Dakota |
| Ohio | Oklahoma | Oregon |
| Pennsylvania | Rhode Island | South Carolina |
| South Carolina PPT | Tennessee | Texas |
| Texas PPT | Utah | Vermont |
| Virginia | Virginia PPT | West Virginia |
| Wisconsin | Wisconsin PPT |
The following tax assumptions are included in UltraTax/1041.
- Activity unit numbers: Activity unit numbers are generally used to tie several screens together. For instance, the information coded as 4562, Form F, Unit #1 is linked to Screen F, Unit #1.
- Oil / gas depletion: UltraTax CS assumes that all producers are small producers. Therefore, the disallowance of percentage depletion does not occur for larger producers.
The following list outlines the capacities of UltraTax/1041.
- Accommodates 1,000 installment sales and automatic depreciation recaptures for each client.
- Handles multiples of the following: Rent and royalty properties; oil / gas wells; Schedules C, F, and J; and Forms 1099-R, 56, 114 (Pages 2 and 3), 1116, 3520, 3800 (Page 3), 4562, 4684 (Pages 2 and 3), 4797 (Page 2), 5471, 6252, 8275, 8275-R, 8858, 8621, 8824, 8938 (Page 3), W2, and W2G.
- Transfers depreciation and amortization from Form 4562 to the relevant forms for all business activities.
- Accommodates up to 50 different tax preparers.
- Handles dollar amounts ranging from -$999,999,999 to $999,999,999.
- Allows up to 5,000 units of each multiple-unit input screen.
- Handles up to 32,000 assets per client in the integrated asset module.
- Dynamically allocates client data as needed to minimize disk space requirements.
- Accommodates 30,000 active clients at the same time.
- Allows up to 65,500 statements.
- Allows for 3,500 beneficiaries.
The following tips pertain to using UltraTax/1041.
UltraTax/1041 automatically completes the Beneficiary number fields on Schedule K-1 and the Grantor / Agency Report. This information can be suppressed by entering X in the Suppress: Printing beneficiary numbers checkbox on Screen Allocate in the Allocation folder. The beneficiary number is used in conjunction with the Beneficiary Summary Worksheets so the information on the worksheets can be related to the specific beneficiary.
Note: To select this option for all clients you subsequently add, choose Setup > 1041 Fiduciary > Federal tab, click the New Client Options button, and mark the Suppress printing beneficiary numbers checkbox.
In UltraTax CS, there are two methods to force a particular form to print.
- Forcing a form to print for the open client's return only.
- Forcing a form to print for all client returns of a given entity type by modifying the return collation.
General footnotes for Schedule K-1
To have general footnote information appear on all of the beneficiaries' Schedules K-1, enter the information in the Schedule K-1 / Grantor Report general footnote field on Screen 1041. This information also prints on the Grantor / Agency Report when the Type of entity is Grantor trust or Agency relationship. If general footnote information applies to a specific beneficiary, enter the information in the Additional information field in the View > Beneficiary Information > Beneficiary tab. The information from the applicable statement dialog appears on the bottom of the Grantor / Agency Report as applicable or in a statement that prints for each Schedule K-1 or Grantor / Agency Report.
Note: This information does not print on the Grantor / Agency Report when the type of entity is a qualified subchapter S trust or a partial grantor trust. Enter additional data in the Qualified subchapter S trust – Additional information field in the View > Beneficiary Information > Federal tab or in the Additional information field in the View > Beneficiary Information > Federal tab > Partial Grantor section to include that information on the Grantor / Agency Report for those types of returns.
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