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Set options for new 1120 clients

Do the following to specify setup options for all 1120 clients subsequently added to UltraTax CS. UltraTax CS also applies options set in this window the 1st time you open a client whose data was converted from another tax program.
  1. Select
    Setup
     then
    1120 Corporation
    .
    note
    Depending on your security configuration, you might be prompted to enter the master password and select
    OK
     before you can continue.
  2. Select the
    Federal
     tab.
  3. Select
    New Client Options
      to open the New Client Options window
    note
    • Until you change them again, the options you choose in this window apply to all 1120 clients subsequently added to UltraTax CS. Clearing any option from the New Client Options window doesn't affect existing 1120 clients. You'll need to open each individual client and edit accordingly if you don't want a particular option to be used.
    • UltraTax CS applies the settings in this window to all 1120 clients whose data was converted from another tax program. These settings are applied the 1st time you open the client.
    • For a brief description of the options available in this window, press F1.
  4. In the
    Return Presentation
     tab, specify the following:
    • Whether to adjust purchases by the change in beginning and ending inventory.
    • Whether to allow distributions to reduce AAA below zero.
    • Options for mailing state tax form instructions.
    • Options for method of accounting.
    • Whether the taxing authority can discuss returns with the preparer.
    • Options for rounding amounts on Schedules L, M-1, and M-3.
  5. In the
    Estimates
     tab, specify options for overpayment application, estimate declarations, and estimate rounding.
  6. In the
    Other
     tab, specify the following:
    • Whether to data share beginning-of-year basis and prior-year suspended shareholder losses for all shareholders.
    • Whether to file the return electronically.
    • Whether to print the Tax Projection Worksheet.
    • Option to suppress the basis paragraph on the shareholder transmittal letter.
    • Option to suppress calculation of shareholder basis worksheet.
    • Option to suppress data sharing the basis worksheet for all shareholders.
    • Option to suppress header on the shareholder transmittal letter.
    • Option to suppress state electronic file when filing the federal return electronically.
    • Option for tax return delivery method.
  7. Select
    OK
     to accept the settings and close the window, or select
    Cancel
     to close the window without saving your changes to the option settings.

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