LQCMpls
Level 3

Most of our clients with Foreign Tax payments and 1116 filing requirements are reporting information on a 1099DIV.   In past years we have used "Various" instead of a specific country. 

Now, for 2020, there is a mandate to include the date paid or accrued.  1099DIV statements often doesn't include some of this detail.  And if we do have the detail, the time it takes to make the necessary entries may eat away at the credit in tax-prep-fees.  Not entering the date information throws a critical diagnostic, barring e-filing.

Is this a new IRS mandate or a Lacerte programming change?  Is there a workaround?

(This is for clients that exceed the Foreign Tax paid threshold that would allow the election NOT to file a 1116.  OR for clients that file a 1116 because they have no tax to apply the credit against, and are carrying forward.)

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