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Tax Year

Prepare a final short-year return

To prepare a final, short-year
2025
 return for a corporation using the
2024
 version of UltraTax CS, complete the following steps. The IRS accepts a final short-year return on
2024
 forms.
In general, the final tax return for a C Corporation is due on the 15th day of the 4th month after the end of its tax year or the date it was dissolved or liquidated. However, a C Corporation with a short tax year ending anytime in June will be treated as if the short year ended on June 30, and will need to be filed by the 15th day of the 3rd month.
  1. Open the client.
  2. Take 1 of the following actions:
    • If you get an access warning due to previously configuring Discourage Access, select
      Replicate client with cleared status events
      . Don't mark the
      Treat replicated client as temporary, delete it upon closing
       checkbox. Select
      Replicate Client
      .
    • If the client opens regularly, select
      File
      , then
      Save As
      .
  3. In the
    Save As
     window, you'll need to enter a new, unique ID for the copied client.
    1. Mark the
      Edit the client's Restrict Access properties
       checkbox if you want to modify password information or other information after you create a copy of the client.
  4. Select
    Save
     to create a copy. The new client will open.
  5. In the folders block, select the
    General
     tab, and open the
    1120
     screen.
  6. In the
    Year End Information
     section, enter the dates in the
    Tax year beginning
     and
    Tax year ending
     fields.
  7. In the
    Depreciation Information
     section, enter the prior year end date in the
    Most recent
     field to reflect the short period and calculate the correct prior-year and current-year depreciation expense for the assets entered in the asset module.
  8. Enter the client's tax information as needed.
UltraTax CS will let 2 1120 returns with the same EIN to be electronically filed in the same year if the returns have different tax year ends, ending in separate months. If filing 2 returns for the same client for the same tax year with year ends in the same month, the return will need to be paper filed.
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