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2023.075

2023.075 release information

tip

Pending releases

Release date: 7/26/2024
You can now
import Trial Balance data from Data Hub into an Income Tax
 binder either for a single binder or in a batch. Read more...
We updated the line descriptions and added the
2023 State TI Mapping Charts
 to the 2023 State Tax Forms:
  • Connecticut
  • Colorado
  • Florida
  • Kentucky
  • North Carolina
  • South Carolina
  • Tennessee
  • Utah
  • Wisconsin

1065 Partnership

Form 7205
, Energy-Efficient Commercial Buildings Deduction is pending the release of the e-file part.
We released an excel template for
Form 1042
 and
1042-S
.  The excel template uses the Tax Return Import method and an API call to complete the import.
Nebraska
 Form 1065XN and schedules are pending development.
Oregon
 Form OR-QUP-CAT is pending for future release.
We released an Excel template for
Form 1042 import and API
. The templates will be available for download from Help and Support.
Restored TAS flow from the Organizer to
Form 1065
 Page 1, line 20.
Updated computation for
Schedule P
Total
 category.

State

Iowa
 We added an override option for noncash amounts on Form IA 1065, Page 8, Schedule K, line 15.
Ohio
 We updated the name print on Columbus BR-25 to include 45 characters.
Ohio
 We modified the print for Cincinnati Business Return, Page 1, line 4a.
Wisconsin
 We updated Form 3, Page 2 & Schedule 3K-1, Page 2 to capture other deduction and other income amounts from Federal Schedules K and K-1.
Florida
 We updated the aggregation attachment functions.
Georgia
 We corrected the statement print issues related to incorrect page hasp numbers.
Illinois
 We added Schedule K-1-P(4) form.
Nebraska
 We corrected calculations for Schedule K-1N, lines 11 and 14 to prevent double apportionment for resident partners.
New Jersey
 We restored print for the federal copy of Form 1065, Page 4.
New Mexico
 We modified the flow of data for from the Organizer to
Form PTE, Page 1, line 14
.

1120 Corporate

Federal

We updated e-file for
Form 1120S
 to include IRS Election 1.163(j)-9.
We updated the computation for
Form 1120-REIT
, Page 1, line 22b.
We corrected the foreign address print for
Form 972
.
We ensured
Form 4626
 Part I is blank when the client selects to skip it in the Organizer.
We corrected the print for the Yes and No options for
1120-C, line 18
.
We corrected the functionality of the
1042S
 and
1042Q
 print suppression checkboxes.
We corrected the
Form 3800, Part IV, columns (f) and (g)
 carryforward amounts so that they transfer correctly for Part VI print.
We updated the print for the
AMT Amortization Schedule
 so that AMT life for section 174 assets prints instead of regular tax life.

State

We updated the computation for Schedule BC, Page 6, Total Current Credits amount to include Innovate
Alabama
 Tax Credit amount.
Indiana
 We corrected the print alignment for the paid preparer's signature on FIT-20, page 2.
Maryland
 We updated the:
  • efile XML to include the Form 500D, Voucher 2, First Time Filer checkbox.
  • computation for Form 510-PTE, Page 1, line 3b.
  • print for Form 511, Page 3, line 5.
  • added two checkboxes for Form 511 – PTE Return, lines 5a and 5b to indicate 100% total percentage of ownership
Massachusetts
 We added the signature name and title to Form 63D-ELT.
Michigan
 We updated e-file diagnostic F4891-003 to test line 34 instead of line 35.
Missouri
 We updated the:
  • computation for Form MO-1120, Page 3, line 13.
  • computation for Form MO-1120, Page 3, Part 2, line 1b so no amount is computed when this field does not apply.
  • print detail for Form MO-851 so that it now prints on a detail statement rather than the form
Montana
 We corrected the print for PTE Apportionable Income Worksheet, column D on Page 1, line 16.
We updated
Nebraska
 Form 1120SN, Page 1, line 27 so that it computes applied overpayment.
New Jersey
 We corrected the tax forms view for CBT-100U, Page 2, part II, Nexus with New Jersey, and updated the computation for CPT-100, Page 1, line 7.
New Jersey
 We updated credits print at the topcon level.
Ohio Cities - Cincinnati
 We ensured Cincinnati Business Return, Page 1, line 4a does not print.
Ohio Cities - CCA
We updated 120-17BR, Page 2, Part B print so that the
Union
 amount prints on the correct line.
Pennsylvania
 We updated  Form RCT-101I, Page 3, phone number so that it populates.
Rhode Island
 We corrected e-file for  Schedule K-1, Part IV and Part VI.
Texas
 We updated the  e-file so that a No Tax Due scenario excludes Form 05-166 Texas Franchise Tax Affiliate Schedule.
Vermont
 We updated the combined detail print for CO-411, Page 1, line 1 to include lines 1a–1g.
Virginia
 We updated  Form VA 8453-C print for the beginning fiscal year date.
West Virginia
 We updated the  computation for Schedule K-1, Page 1, Withholding line 2.
Wisconsin
 We updated the Schedule 5K-1, Page 2, line 10, column D so that it displays
Inclusion of Subpart F income
.

International

Form 5471, 8858 and 8865 Organizer Options to Turn Off Transfers from International Computes
important
After rolling your foreign entity binders to the new tax year and before running the transfer to the forms, determine if you plan to file Form 5471 Schedules I & P by Shareholder or Summary. Use Enterprise Control Panel > Organizer INTL Transfer Options to block the transfer to the alternate approach. For example, if you are filing Schedule I by Shareholder, check the Yes/On box for the Schedule I by Shareholder option and No/Off for Schedule I by Summary.
The International Compute > Transfer to US5471, US8865, and US8858 transfers information directly to the “face” of Form 5471, 8865, and 8858 Organizer pages (rather than hidden screens as is the case for the Income Statement and Balance Sheet) for the following schedules. Unless otherwise stated, the transfer checkboxes below default to unchecked, permitting transfer:
  • Form 5471 Schedule E
  • Form 5471 Schedule E-1
  • Form 5471 Schedule G
  • Form 5471 Schedule H
  • Form 5471 Schedule I (defaults to checked, no transfer)
  • Form 5471 Schedule I by Shareholder
  • Form 5471 Schedule I-1
  • Form 5471 Schedule J
  • Form 5471 Schedule M
  • Form 5471 Schedule P (defaults to checked, no transfer)
  • Form 5471 Schedule P by Shareholder
  • Form 5471 Schedule Q
  • Form 5471 Schedule R
  • Form 5471/Form 8990 (defaults to checked for tax year 2022; defaults to unchecked for tax year 2023 and later)
  • Form 8858 Schedule H (959(b) Dividends and Return of Capital)
  • Form 8858 Schedule J
  • Form 8865 Schedule K-2, Part II, Sections 1 and 2
  • Form 8865 Schedule K-2, Part III, Section 1
  • Form 8865 Schedule K-2, Part III, Section 4, Line 1
  • Form 8865 Schedule K-2, Part V
Before transferring new results, the International Compute will delete all existing information in the schedules noted. If you enter manual overrides in Organizer, you must check the appropriate option(s) on the INTL Transfer Options pages within the Foreign Corporation (5471), Foreign Partnership (8865), and FDE and FB (8858) navigation tree to prevent additional transfers to the schedule from International Computes. Failure to check the individual boxes will result in the loss of any Organizer overrides (even if the Organizer field is locked) when you next run the International Compute, Transfer to US5471, US8865, US8858 for the binder.
New Workpaper Features for Tax Year 2023 Form 5471 Worksheet H-1
ONESOURCE Workpapers can now GET and SET information to
Organizer
Foreign Information
Foreign Corporation
{entity name}
Worksheet H-1
with the following features:
  • Foreign Info-FC-Worksheet H-1
  • Foreign Info-FC-Worksheet H-1-Other Adjustments
New ONESOURCE API Features for International Users
The 2023.075 release includes a new API to support copying Income Sourcing Workpaper apportionment base codes and directly allocated formulas between two binders for tax years 2018 and later.
note
Other Income Sourcing Workpaper features where released in 2023.065 (June).
Navigation:
Foreign Binder
Foreign Entity
Income Sourcing and FTC Binder
Foreign Tax Credit
Income Sourcing
 .
API: POST /v1/binders/{targetBinderId}/source-binder/{sourceBinderId}/income-sourcing-copies.

Open

When you run the Transfer to US5471, US8865, and US8858 (Organization Chart) with the Top Consolidation > FTC Defaults > Transfer to Form 8990 box checked, amounts are transferred to Form 8990. If Line 29 – Limitation on Business Interest Expense is less than or equal to zero,
Line 31 on the Organizer > Tax Forms tab may be incorrect
. 
To work around this issue, after the final transfer, enter the expected amount or NONE in the 31- Disallowed business interest expense (Override) field in Organizer and check the INTL Transfer Options > CFC’s 8990 box. We will resolve this issue in an upcoming release.

Closed

When you add an international member to the
International Member tab of a Top Consolidation’s Binder Properties
, the new member now appears on the
Consolidate
 screen in the Top Consolidation. Similarly, if you change the binder of an existing member in a Top Consolidation’s binder properties, the new selection now appears on the Consolidate screen instead of the original binder.
Form 5471 Schedule E, Part 1, Section 2 Print
When a foreign entity has multiple distributions from PTEP E&P to its owners (some with taxes and some without) and there are no more than four lines of dividends with taxes, the Tax Form Print of Schedule E, Part 1, Section 2 correctly displays the information.
When you enter (or import) an adjustment for only one basket in the
GILTI Workpaper > High Tax Exception Adjustments tab for Other Deductions Adjustment or Interest Expense Adjustment
, the amount now flows to the Tested Item Sourcing and Translation screen as expected.

This article applies to:

  • Product: ONESOURCE Income Tax

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