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.

Question

Why isn't UltraTax CS automatically calculating Schedule L for S and C Corporations?

Answer

UltraTax CS does not calculate Schedule L if the total receipts for the tax year and the year-end total assets are less than $250,000. If you want Schedule L to calculate when assets are less than $250,000, mark the Complete Schedule L when receipts and assets are less than $250,000 field in the Setup > 1120 Corporation > Federal tab > Other Return Options > Return Presentation tab. Note that this option applies to only 1120, 1120-C, and 1120S clients. Schedule L is always completed for 1120-F, 1120-IC-DISC, 1120-PC, 1120-REIT, and 1120-SF filers.

UltraTax CS does not calculate Schedule L if the total receipts for the tax year and the year-end total assets are less than $250,000. If you want Schedule L to calculate when assets are less than $250,000, mark the Complete Schedule L when not required field in Screen L.

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