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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

How can I track all elections taken by clients in current and prior tax years?

Answer

The Election history statements in UltraTax/1120 can be used to record the details of the elections taken in the prior years. UltraTax CS proformas the information for the current-year elections in addition to the information entered in the Election history statements. Each statement contains the following fields.

• Description – Enter a description of the election taken.
• Tax Year – Enter the tax year the election was taken.
• Effective Period - Enter the election’s effective period. Some elections are made annually, while others are only made once.
• Comments – Enter any additional information about the election.

The Election history statements are in the following input screens.

* The Election history statement in Screen Elect is used to track non-activity based elections.

Enter X in the Print election report field in Screen Elect to print a report of the current-year elections and the information contained in all Election history statements.

Related topic: Tax elections FAQs

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