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This topic provides general information about UltraTax/1120 procedures.
Setup procedures
- Allowing the Accumulated Adjustment Account on Form 1120S, Schedule M-2, to be reduced below zero
- Calculating Schedule L
- Calculating Schedules M-1 and M-2
- Calculating Schedule M-1 in lieu of Schedule M-3
- Converting an 1120S client to a 1065 client
- Entering a corporation as a Controlled Group
- Changing a return after data has been shared between members of a controlled group
- Sharing data between members of a controlled group
- Sending a shareholder K-1 package to a shareholder via email
- Printing Form 1120 or 1120-C, Page 5
- Printing Schedule K-1 instructions
- Setting options for all 1120 clients
- Setting options for new 1120 clients
- Setting other 1120 return options
Electronic filing procedures
- Submitting preliminary applications with the IRS for electronic returns
- Configuring UltraTax CS for electronic returns
- Entering data for electronic returns
- Signing the return electronically
- Creating the electronic file and correcting errors
- Transmitting electronic returns to the IRS
Extension and return procedures
- 1120 extension process overview
- Applying an overpayment portion to next year's estimated tax when there is no estimated tax due
- Entering prior year-ends, if different
- Including estimates with a balance due in the filing instructions
- Indicating estimates are paid in the filing instructions
- Preparing 1120 extensions
- Preparing Form 1139
- Preparing a Homeowner’s Association return using optimization
- Preparing a Homeowner’s Association return without optimization
- Preparing a short year return for a liquidated corporation
- Printing a copy of Form 7004 with extended returns
- Processing clients who require more state treatments than are available
- Entering assets when filing Form 1120-PC, Schedule B
- Reducing Form 982 tax attributes
Domestic production deduction procedures
- Requirements for Form 8903 reporting members
- Requirements for Form 8903 non-reporting members
- Entering required information for expanded affiliated groups
Schedules L, M-1, and M-2 procedures
- Reconciling Schedules L and M-2 Equity Accounts for S Corporations
- Reconciling Schedules L, M-1, and M-2 with Page 1 Income for C Corporations
- Setting the maximum amount for UltraTax CS to round Schedule L amounts when importing data from CS Professional Suite accounting applications
Shareholder procedures
- Entering change of ownership information for shareholders
- Entering information for Form 2553 for a C Corporation
- Entering information for Form 2553 for a new S Corporation
- Entering shareholder information
- Entering stock basis, loan basis, and suspended loss information for shareholders
- Entering California stock basis, loan basis, and suspended loss information for shareholders
- Entering Wisconsin stock basis, loan basis, and suspended loss information for shareholders
- Entering termination or qualifying disposition dates for the 1377(a)(2) or 1.1368-1(g)(2)(i) election
- Printing a shareholder information report
- Printing blank shareholder information windows
- Printing only the shareholder, partner, beneficiary, or participant package
- Viewing the weighted average calculations for shareholders
State apportionment procedures
- Attaching field notes to state apportionment factors
- Deleting information from the Apportionment spreadsheet
- Entering apportionment information for consolidated or combined states
- Entering apportionment data for city or other returns
- Entering apportionment data for S Corporation consolidated states
- Entering apportionment data for state returns
- Importing information into apportionment statement dialogs
- Overriding everywhere amounts for 1120 apportionment forms
- Apportionment Information window
- Using asset detail for apportionment
- Printing 1120 apportionment information reports
Consolidated / combined procedures
C Corporation
- Adding a new consolidated return
- Adding companies to an existing consolidated return
- Combining amounts for a consolidated return
- Preparing an 1120 consolidated income tax return
- Preparing members for a consolidated return
- Processing state consolidated / combined returns
- Removing companies from an existing consolidated return
S Corporation
- Adding a new S Corporation consolidated client
- Adding companies to an existing C or S Corporation consolidated return
- Combining amounts for a C or S Corporation consolidated return
- Preparing an S Corporation consolidated income tax return
- Preparing an existing S Corporation consolidated income tax return
- Preparing members for an S Corporation consolidated return
- Processing state consolidated return (S Corporation)
- Removing companies from an existing C or S Corporation consolidated return
At-risk activity procedures
Passive activity procedures
- Disposition of passive activities
- Former passive activities
- Other forms and schedules
- Other issues
- Passive activity carryovers
- Passive activity codes
- Passive credits
- Passive worksheets
- Publicly traded partnerships (PTPs)
- Supported forms and schedules
Excel Export / Import utility procedures
- Excel Export / Import utility guidelines for apportionment information
- Excel Export / Import utility guidelines for shareholder information
- Exporting apportionment information from UltraTax/1120 into Excel
- Exporting shareholder information from UltraTax/1120 into Excel
- Importing apportionment information from Excel into UltraTax CS
- Importing shareholder information from Excel into UltraTax CS
- Excel Export / Import utility for apportionment information overview
- Excel Export / Import utility for shareholder information overview
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