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UltraTax CSI to Lacerte Converted Items

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UltraTax CSI to Lacerte Converted Items

Items to Note:

The 2017 converted client file is not intended to duplicate or reproduce your 2017 return. The information converted is captured in a way that converts to 2018 correctly once the file has been Proforma’d.This list provides details about how Lacerte converts the following 1040 amounts and any steps that you may need to take.

  • Preparer Number (Screen 1) - Enter the Preparer Number on Screen 1, Client Information.
  • Adjustments to Income (Screen 24) - The Lacerte conversion program converts every "force percentage" entered in UltraTax. Therefore, if more than one percentage is entered for any Keogh/SEP/SIMPLE percentage, Lacerte's "Keogh, SEP: Contribution Rate [O]" input fields (Screen 24, codes 501 and 551) use the total of all percentages. You must manually adjust the corresponding amounts.
  • Earned Income Adjustments (Screen 24) - Every adjustment to earned income entered in UltraTax will be converted. Therefore, if more than one adjustment is entered for a specific Keogh/SEP/SIMPLE activity, Lacerte's "Keogh, SEP: Net Earnings [A]" input fields (Screen 24, codes 15 and 65) use the total of all adjustments. You may need to manually adjust the corresponding amounts.
  • Itemized Deductions (Screen 25) - Points not reported on Form 1098 is handled differently in UltraTax and Lacerte.  The Total Points amount will be converted to be itemized.  If you need to amoratize the Points over the life of the loan, please input Points in the Depreciation Screen 22.
  • Interest Income:  We do not convert interest items that are an adjustment to an interest item such as nominee or accrued interest.  You will need to manually enter these items.
  • Installment Sales - Prior year installment sales will not get converted.  Please enter these transactions into the Dispositions screen within Lacerte.
  • Depreciation - Lacerte does not convert the following:
    • Other column for depreciation
    • Depreciation method for assets using “sum of the years digits” or memo.
    • Units of production (total units or current year units)

The following items are not obtained during conversion:

  • State amounts - Only Federal information is converted.
  • Calculated carryovers - such as NOLs and Capital Loss Carryovers were not obtained during the conversion and will need to be entered into the 2018 client file.
  • Estimates and overpayments applied to future year. 
  • Information relating to prior year for the Form 2210 underpayment penalty calculation.
  • Oil & Gas properties
  • Prior year summary information is not converted

Client Information

Filing StatusMFS and Lived with SpouseTaxpayer InformationDependency StatusTaxpayer & Spouse Blind designationSpouse InformationIn Care OfAddressHome, Work, Mobile phones – Taxpayer & SpousePager and Fax numbers – Taxpayer & SpouseE-Mail address – Taxpayer & SpouseDriver’s License Information – Taxpayer & Spouse

Dependent Information

Dependent InformationRelationshipMonths lived at homeStudent / DisabledType of dependentEarned Income CreditChild Tax Credit

Miscellaneous Information

Presidential Election CampaignAllow DiscussionDesignee’s PIN, Name & Phone NumberDirect Deposit of Federal RefundElectronic Payment of Balance Due & Estimated TaxFinancial Institutions for Direct Deposit (up to 3):

Income Allocation for Community Property States

Other Items

Refund Advantage Information

Disbursement MethodTax Preparation FeePhysical Address if differentTaxpayer & Spouse Identity Verification

Wages, Salaries, Tips

SpouseWages, Salaries, Tips and Other CompensationFederal Income Tax WithheldSocial Security & Medicare Tax WithheldBox 12 CodesStatutory EmployeeRetirement PlanState & Local Income Tax withheldControl NumberEmployer – Name, ID, and AddressEmployee – Name, ID and Address (if different)Primary State Name, ID and Locality Name

Interest Income

Name of PayerSeller Financed Mortgage – SSN, Address, & AmountInterest income – Banks, Savings & Loans, etc.Interest income – Seller Financed Mortgage

Dividend Income

Name of PayerOrdinary & Qualified DividendsTotal Capital Gain Distributions

Pensions, IRA Distributions

Payer Information – Name, Address & Federal IDGross Distribution(2a) Taxable AmountTaxable amount not determinedTotal Distributions(4) Federal Income Tax withheld(5) Employee contributions / Designated Roth Contributions or Insurance premiums(6) Net Unrealized Appreciation in Securities(7) Distribution Code #1IRA / SEP / SIMPLE(8) Other Distributions & Other Distribution Percentage(9a) Total Employee Contributions & Total Distribution Percentage(10) Amount allocable to IRR within 5 years(11) First year of designated Roth contributionsState Tax withheldState Name and ID numberName of LocalityIndirect Rollovers – To other than a Roth IRADistribution not from IRA or Elective Deferral PlanGeneral Rule & Simplified method informationRecipient InformationIRA’s – Repayments

Gambling Winnings W-2G

Payer InformationPayee Information(1) Gross Winnings(13) State NamePayer State ID numberState Lottery Winnings

Miscellaneous Income

Social Security Benefits (SSA-1099 box 5)Medicare Premiums Paid (SSA-1099 Itemized Deduction)Treat Medicare Premiums paid as SE Health InsuranceTier 1 Railroad Retirement Benefits (RRB-1099 box 5)Alimony ReceivedTaxable Scholarships and FellowshipsJury Duty PayHousehold Employee Income not on W-2Income Subject to SE TaxState and Local Income Tax refundItemized in prior yearAdjusted Gross IncomeState and Local Income Taxes paidAllowed or allowable General Sales Tax deductionAllowable Total Standard DeductionItemized deductions from Schedule A Line 29Taxable income before NOL deductionOther Income

1099-MISC

Payer InformationRecipient informationAccount Number

Unemployment Compensation

Total ReceivedCurrent Year Overpayment repaid

Education Distributions

Name of PayerTaxpayer or Spouse(1) Gross Distributions(2) Earnings(3) Basis(5) Private 529 program, State 529 program or Coverdell ESACurrent Year Contributions to this ESAValue of this account at Current Year EndAdministering State (QTPs only)

Business Income (Schedule C)

Principal Business or ProfessionPrincipal Business CodeBusiness Name and Address (if different)Employer ID NumberAccounting MethodInventory MethodTaxpayer, Spouse or JointNot subject to SE TaxDid not “Materially Participate”Gross Receipts or SalesReturns and AllowancesOther IncomeInventory at Beginning of YearPurchasesCost of LaborMaterials and SuppliesOther CostsInventory at End of YearExpensesOther Expenses

Rental & Royalty Income (Schedule E)

Kind, Type and Location of PropertyFair Rental DaysQualified Joint VenturePercentage of OwnershipPercentage of Tenant OccupancyDisposition of ActivityNonPassive Activity or Passive RoyaltyReal Estate ProfessionalRental Other than Real EstateRents or Royalties receivedExpensesOther ExpensesNumber of Days Rented, Personal Use and Owned

Farm Income (Schedule F / Form 4835)

Principal ProductEmployer ID NumberAgricultural Activity CodeAccounting methodFarm Rental (4835)Did not “Materially Participate” (Sch F only)Did not “Actively Participate” (4835 only)Non-Community Property (MFS vs. MFJ)Cost or Basis of Livestock and other Resale itemsBeginning Inventory of Livestock, etc.Cost of Livestock, etc. purchasedEnding Inventory of Livestock, etc.Total Conservation Reserve Program paymentsIncome from ProductionTotal & Taxable Cooperative distributionsTotal & Taxable Agricultural Program paymentsCommodity Credit Loans reported under electionTotal & Taxable Commodity Credit Loans forfeited or repaidTotal & Taxable Crop Insurance ProceedsTaxable Crop Insurance Proceeds deferredOther IncomeExpensesOther Expenses

Partnership Information

Name of PartnershipEmployer ID numberPublicly Traded PartnershipForeign PartnershipFarm Activity or Fishing ActivityNot a Passive ActivityActively Participated in Real EstateReal Estate Professional

S Corporation Information

Name of S CorporationEmployer IdentificationFarm Activity or Fishing ActivityNot a Passive ActivityActively Participated in Real EstateReal Estate Professional

Estate and Trust Information

Name of Estate or TrustEmployer Identification numberNot a Passive ActivityActively Participated in Real EstateReal Estate Professional

Depreciation (4562)

Description of PropertyFormDate Placed in ServiceCost or BasisCurrent Section 179 Expense - Current YearMethodLife or Class LifeAmortization code sectionCurrent Depreciation / Amortization (-1 if None)Prior Depreciation / AmortizationPrior Section 179 ExpenseSalvage ValueBasis Reduction (ITC, Etc.)AMT Depreciation - BasisAMT Depreciation - Class Life (Post-1986)AMT Depreciation - Current Depreciation (-1 if None)AMT Depreciation - Prior Depreciation (MACRS Only)Book Depreciation - Cost or BasisBook Depreciation - MethodBook Depreciation - Life or Class LifeBook Depreciation - Current Depreciation (-1 if None)Book Depreciation - Prior DepreciationBook Depreciation - Salvage ValueState Depreciation - Cost or BasisState Depreciation – Current Section 179 ExpenseState Depreciation - MethodState Depreciation - Life or Class LifeState Depreciation - Current Depreciation / Amortization (-1 if None)State Depreciation - Prior Depreciation / AmortizationState Depreciation - Prior Section 179 ExpenseState Depreciation - Salvage ValueAlternative Depreciation System (ADS)150% DB Instead of 200% DB (MACRS Only)Qualified Indian Reservation PropertyListed PropertyDate Sold or Disposed

Adjustments to Income

IRA ContributionsOther Earned IncomeCovered or not covered by Employer PlanRoth IRA ContributionsProfit-Sharing (25%/1.25)Money Purchase (25%/1.25)Defined Benefit (no limitations)Self-Employed SEP (25%/1.25)Self-Employed SIMPLESelf-Employed Health Insurance PremiumsSelf-Employed Long-Term Care PremiumsTotal Qualified Student Loan interestEducator ExpensesAlimony – Recipient’s Info & Amount PaidJury Duty pay given to EmployerExpense from Rental of Personal PropertyOther Adjustments

Itemized Deductions

Prescription Medicines and DrugsDoctors, Dentists and NursesInsurance Premiums not entered elsewhere (excluding Long-Term Care)Long-Term Care Premiums not entered elsewhereMedical Miles drivenTaxes on Principal ResidencePersonal Property Taxes (including value based Auto Fees)Other TaxesHome Mortgage Interest and Point on 1098Home Mortgage Interest not on 1098 – Payee information & Amount PaidPoints not on 1098Investment InterestCash Contributions (50% and 30%)Noncash Contributions (50% & 30% and 30% & 20% Capital Gain Property)Union and Professional duesUnreimbursed Employee ExpensesInvestment ExpenseTax Preparation Fees – Amount PaidSafe Deposit Box rentalOther Miscellaneous Deductions (2%)Gambling Losses to Extent of WinningsOther Miscellaneous DeductionsExcess Mortgage Interest – Home Acquisition Debt Beginning of yearExcess Mortgage Interest – Home Equity Debt Beginning of yearExcess Mortgage Interest – Grandfather Debt Beginning of year

Noncash Contributions (8283)

Donee Information – Name & AddressDescription of Property (other than vehicle)Vehicle Identification Number (VIN)Date of ContributionDate Acquired & How AcquiredDonor Cost or BasisFair Market Value & Method used to Determine FMV

Vehicle / Employee Business Expense (2106)

Occupation, if DifferentSpouse (Form 2106)Performing Artist, Handicapped or Fee-Based Government OfficialMinisters ExpenseMeal and Entertainment Expenses in FullReimbursements not included on W-2 Box 1 (meals & entertainment)Department of Transportation (80% meal allowance)Local TransportationTravel Expenses while away from home OvernightReimbursements not included on W-2 Box 1 (not meals & entertainment)Other Business Expenses

Foreign Income Exclusion (2555)

SpouseForeign Address of TaxpayerEmployer’s Name, Type, US Address or Foreign AddressEnter Last Year (after 1981) 2555 or 2555-EZ was FiledCountry of CitizenshipTax home(s) during tax year & Date EstablishedBona Fide Residence Test or Physical Presence TestTravel InformationBeginning & Ending Date for Bona Fide ResidentEnding Date for bona Fide ResidentLiving Quarters in Foreign CountryRelationship of Family Member(s) living Abroad with TaxpayerPeriod family lived abroadSub. Statement to County of bona Fide ResidentRequired to pay income tax to Country of ResidentType of Visa you entered Foreign Country underExplanation why Visa limited stay in CountryAddress of Home in US maintained while living abroadUS Home Rented, Name of Occupant & Relationship (if applicable)Physical Presence Test Beginning and Ending DatePrincipal Country of EmploymentOther Allocable deductionsWages, Tips, & Other Compensation –allocationFederal withholdingSocial Security & Medicare withholdingHome – allocationMeals – allocationCar – allocationOther Properties or Facilities – allocationCost of Living and Overseas Differential – allocationFamily – allocationEducation – allocationHome Leave – allocationQuarters – allocationOther Purposes – allocationExcludable Meals and Lodging under Sec.119 – allocationOther Foreign Earned Income – allocationEmployee AddressState and State withholdingEmployer’s State ID numberLocality Name

Child and Dependent Care Expenses (2441)

Persons and Expenses Qualifying for Dependent Care CreditPersons or Organizations Providing Dependent Care

Foreign Tax Credit (1116)

Resident of (Country name)Name of Foreign CountryCategory of IncomePassive Income Foreign Tax PaidSection 901(j) Income Foreign Tax PaidLump Sum Distribution Foreign Tax PaidGeneral Category Income Foreign Tax PaidIncome Re-sourced by Treaty Foreign Tax Paid

Qualified Adoption Expenses (8839)

Name, Identification Number, & Date of BirthBorn before 1995 and was DisabledSpecial Needs ChildAdoption was not Final in Current YearLimited Qualified Adoption expensesLimited Employer Provided benefitsTaxpayer, Spouse or Joint

Residential Energy, Other Credits

Mortgage Interest Credit (8396) – Address, Certificate Credit rateTaxable IncomeExclusion ItemsSch D Tax worksheetTax less Foreign Tax CreditAlternative Minimum TaxCredit claimed in prior years

Affordable Care Act Subsidy/Penalty

Marketplace IdentifierAccount NumberForm (Ctrl + T)Activity Number

Household Employment Taxes

Employer Identification numberPaid cash wagesWithheld Federal Income Tax for Household employeeTotal Cash Wages subject to Social Security taxesTotal Cash Wages subject to Medicare taxesFederal Income Tax withheldTaxes withheld from State Disability paymentsPaid Total Cash Wages of $1,000 or more in any Quarter of 2 preceding years

Tax for Children Under 18 (8615)

Tax for Children under 18 – Parent Name and SSNAll other Children under 18 – Child Name

Nonresident Alien (1040NR)

Filing StatusRefund AddressOther Percentage 1 and Other Percentage 2Country of Citizenship during Current yearCountry of Residence for Tax PurposesUS Citizen (present or past)Visa type or immigration status on last day of current yearDate entered US and Date departed USNumber of days in US – 2 preceding yearsSubject to tax on Income Entitled to Treaty BenefitsIncome Exempt from Tax – Country and Tax Treaty Article

Information Return of US Persons (5471)

Filer’s Information – Name, Address and IDCategory Filer 2, 3, 4, or 5Percentage of Foreign Corporation’s Voting StockPart D – Person(s) on whose Benefit this return filed – Name & AddressShareholder, Officer, DirectorForeign Corporation Information – Name and AddressEmployer ID number & Reference ID numberCountry under whose Laws IncorporatedDate of IncorporationPrincipal Place of Business & Principal Business ActivityFunctional CurrencyBranch Office or Agent in US – Name, Address & IDForeign Corporation’s Statutory or Resident Agent in Country of Incorporation – Name & AddressPerson(s) with Custody of the Books & Records – Name & AddressStock Information – Description, Beginning and Ending SharesSchedule C Income – other IncomeSchedule C Deductions – Other deductionsSchedule C Other Items – Extraordinary Items & Prior Period AdjustmentsSchedule C Other Items – Provision for Income War Profits & Excess Profits TaxSchedule E – Country or US PossessionAmount of Tax in Foreign CurrencyConversion RateAmount of Tax in US DollarsCash – EndingTrade Notes & A/R – EndingLess Allowance for Bad Debts – EndingInventories – EndingOther current Assets – Descriptions and EndingLoans to Shareholders and Other Related Persons – EndingInvestment in Subsidiaries – Descriptions and EndingOther Investments – Descriptions and EndingBuildings &Other Depreciable Assets – EndingLess Accumulated Depreciation – EndingDepletable Assets – EndingLess Accumulated Depletion – EndingLand – EndingIntangible Assets – Goodwill – EndingIntangible Assets – Organization Costs – EndingIntangible Assets – Patents, Trademarks and Other – EndingLess Accumulated Amortization – EndingOther Assets – Description and EndingAccounts Payable – EndingOther Current Liabilities – Description and EndingLoans from Shareholders and Other Related persons – EndingOther Liabilities – Description and EndingPreferred Stock – EndingCommon Stock – EndingPaid-in or Capital Surplus – Description and EndingRetained Earnings – EndingLess Cost of Treasury Stock – EndingSchedule G Other Information – Name, EIN, Forms filedSchedule G Other Information – Name of Tax Matters PartnerSchedule G Other Information – Foreign partnership tax year Beginning & Ending dateOwns Interest in Any TrustForeign Corporation owned any foreign entities disregarded as entities from their ownersStatement in Lieu of 8858 – Name, Country and EINParticipant in Cost Sharing arrangementBecame Participant in Cost Sharing arrangement during tax yearParticipated in any Section 1.6011-4 reportable transactionsPaid or accrued foreign tax that was disqualified for credit under Section 901(m)Paid or accrued foreign tax to which Section 909 applies, or treated previously suspended foreign taxes as no longer suspended under Section 909

Tax Shelter Statement / Form 8886

Reportable Transaction Disclosure StatementName of Reportable TransactionTax Shelter Registration numberInitial Year participated in TransactionType of Tax BenefitFacts of the TransactionListed TransactionConfidential TransactionTransaction with Contractual ProtectionLoss TransactionTransaction of InterestIf Transaction is the same or substantially similar to a “listed transaction”, identify the listed transactionInvested through Other Entity – Name, Type and EINEntities Involved in TransactionForm 8886 numberType of Entity, Name, ID & Address

Statement of Foreign Assets (8938)

Type of account – 1=Deposit 2=CustodialAccount NumberAccount Jointly owned with SpouseNo tax item in Part III with respect to this assetUsed foreign currency exchange rate to convert value to US dollarsForeign currency in which account is maintainedSource of exchange rateFinancial Institution in which Account Maintained – Name & AddressIdentifying number of other designationForeign Entity Information (complete if stock or interest) – Name, Type & AddressForeign Entity Information (complete if stock or interest) – Entity is a PFICIssuer or counterparty – Name, Type & AddressIssuer or counterparty – 1=Issuer 2=CounterpartyIssuer or counterparty – 1= US person 2=Foreign personNumber of forms filed for: 3520, 3520-A, 5471, 8621, 8865, 8891Part III Summary of Tax Items - The following 4 bold fields convert for each bullet point below:Form & Line – Foreign Deposit and Custodial AccountsForm & Line – Other Foreign AssetsSchedule & Line – Foreign Deposit and Custodial AccountsSchedule & line – Other Foreign Assets

  • Interest
  • Dividends
  • Royalties
  • Other Income
  • Gains (losses)
  • Deductions
  • Credits

Items to Note

State amounts are not converted to Lacerte, only the federal amounts and descriptions will be converted to Lacerte.This list provides details about how Lacerte converts the following 1120 items.

  • Preparer Number - Enter the Preparer Number on Screen 1, Client Information.
  • Installment Sales - Principal payments (current and prior) are included in "Prior Years' Payments," (Screen 15, page 2, code 37) for all installment sales.Note: The installment sale section has a category for State Prior Year Installment Sales - Gross Profit Ratio and Ordinary Income. Enter state amounts only if the state amounts are different from federal.
  • Rent and Royalty Properties - Lacerte does not convert properties designated as royalty activities.
  • Depreciation - Lacerte does not convert the following:
    • Other column for depreciation.
    • Basis reductions for other credits.
    • Depreciation method for assets using “sum of the years digits” or memo.
    • Assets listed under Non-Calc menu item.
    • Units of production (total units or current year units).
    • Cents reporting: Lacerte rounds these amounts to nearest dollar.

     

Lacerte does not convert:

  • Oil & Gas Properties
  • COGS:  Ending Inventory
  • Carryovers
  • Prior Year Summary

The titles in the following list correspond to the titles on the Contents screen of the Lacerte tax program.

Client Information

Corporation Name and DBAFederal Identification NumberAddressTelephone & Fax NumberEmail AddressFiscal year EndDate IncorporatedBusiness Code & ActivityProduct or ServiceAccounting MethodNumber of Shareholders1120-F Filer?Maintains Place of Business in US

Officer Information

Officer Name, Address, SSN & Title% Time Devoted to Business% of Common Stock Owned (xx.xx)% of Preferred Stock Owned (xx.xx)

Affiliations Schedule (851)

Name, Address, & EINPrincipal Business ActivityBusiness Code NumberStock Holdings at Beg. of Year - Number of SharesStock Holdings at Beg. of Year - Percent of Voting PowerStock Holdings at Beg. of Year - Percent of ValueStock Holdings at Beg. of Year - Owned by Corporation Number (Defaults to Parent)This Corporation Had More than One Class of Stock Outstanding; List and DescribeThis Member had an Agreement in Existence by which Persons that Were Not Members of the Affiliated Group Could Acquire Stock or Acquire Voting Power in the Corporation from this Corporation or Another CorporationPercentage of the Value of the Outstanding Stock that the Person(s) Could AcquirePercentage of the Value of the Outstanding Voting Stock that the Person(s) Could AcquireIf The Arrangement Was Associated, etc.

Consolidated Miscellaneous

SRLY Years: 14 years prior

Miscellaneous / Other Information

Title of Signing OfficerAllow Preparer/IRS DiscussionIf required to file Form(s) 1099 in Current Year, did or will the corporation file them? 1=yes, 2=noQualified Personal Service CorporationNon-Qualified Personal Service CorporationClosely Held CorporationAccrue Federal TaxAccrue State Tax Option 1 & Option 2Foreign Person Owns Over 25% of Corporation's StockPercentage Owned By Foreign PersonForeign Owner's CountryCorporation is a Subsidiary in Affiliated/Controlled GroupParent Name & ID NumberDirect Deposit of Federal RefundForeign financial institution transaction (IAT)Name of Bank, Routing Number, Account Number & Type of AccountPrint Corporation's Phone NumberStatement in Lieu of Form 8858: Name, Country & EINExcluding any PAR for which a Form 8865 is attached, did the COR own at least a 10% interest, directly or indirectly, in any other foreign PAR?  If yes, enter required information concerning the foreign PAR – Name, EIN, Forms Filed, & Tax Matters PartnerSchedule N - Number of Forms 8865 AttachedCorporation Received Distribution From or Was Grantor to Foreign TrustCountry of Foreign Bank AccountCountry of IncorporationCountry under Whose Laws the Income Reported on This Return is Subject to TaxLocation of Corporation's Books: AddressU.S. Agent: Kind of Agent, Name & AddressCorporation Was Engaged in a U.S. Trade or BusinessControlled Foreign CorporationCorporation Had Transactions with Related PartiesForeign Corporation is not a resident of a country that has an income treaty with the U.S.Name of Foreign Country if Corporation Had a Permanent Establishment in the U.S. for purposes of Any Applicable Tax Treaty Between the U.S. and a Foreign Country

Invoice & Letter

IRS centerSalutation [O]

20% Direct or 50% Direct/Indirect Owners

Owner type, Name, Address, & SSN/EINCountry of citizenship/organization if not US% of Common Stock Owned% of Preferred Stock OwnedSchedule PH only

20% Direct or 50% Direct/Indirect Owned Entities

Entity Type, Name and Federal IDCountry of Incorporation/Organization, If not USPercentage Owned

Foreign Owned Corporation Info.

Country of IncorporationCountry(ies) of Filing Income Tax Return as a ResidentPrincipal Country(ies) Where Business is ConductedDirect 25% Shareholder # 1 & #2 – Name, Address, ID, Reference IDDirect 25% Shareholder # 1 & #2- Principal Country(ies) Where Business is ConductedDirect 25% Shareholder # 1 & #2- Country of Citizenship or IncorporationDirect 25% Shareholder # 1 & #2- Country(ies) of Filing Income Tax Return as a ResidentUltimate Indirect 25% Shareholder #1 & #2- Name, Address, ID, Reference IDUltimate Indirect 25% Shareholder #1 & #2- Principal Country(ies) where Business is ConductedUltimate Indirect 25% Shareholder #1& #2- Country of Citizenship or IncorporationUltimate Indirect 25% Shareholder #1& #2- Country(ies) of Filing Income Tax Return as a ResidentRelated Party Information – Name, Address, ID, Reference IDRelated Party Information - Principal Business Activity & Activity CodeRelated Party Information - Principal Country(ies) where Business is ConductedRelated Party Information - Country(ies) of Filing Income Tax Return as a ResidentType of Party: 1=Foreign Person, 2=US PersonRelated to Reporting CorporationRelated to 25% Foreign Shareholder25% Foreign ShareholderReasonable Estimates are UsedDuring the tax year, the foreign parent was a participant in any cost sharing arrangement

Controlled Group Apportionment Consent

Type of controlled groupNameID NumberTaxable Year Ended (m/d/y)

Estimated Tax

Overpayment applied from Prior YearInstallment Voucher Amount (memo): 1ST-4THCredit to Next Year (Ctrl+T or Dollar Amount)Rounding: 1=$1, 2=$10, 3=$100, 4=$1,0001=Apply Threshold Rule, 2=SuppressLarge Corporation Determination – 3 Preceding Year Taxable Income

Penalties and Interest

Large CorporationOptional Annualized Methods

Income

InterestState Tax-Exempt Interest (U.S. Bonds, T-Bills, Etc.)Other

Cost of Goods Sold

Additional Section 263A CostsOther CostsCostLower of Cost or MarketOther Inventory MethodExplanation of Other MethodRules of Section 263A Apply

Schedule K-1

Name of K-1 EntityEmployer Identification NumberNot a passive activityEntire dispositionPublicly traded partnership

Farm Activities

Principal ProductAgricultural Activity CodeEnding inventory of livestock, etc.Other IncomeTaxesOther Farm Expenses

Rental/Other Passive Activities

Description of Property/ActivitySitus of PropertyEntire Disposition

Deductions

Contributions - Current Year CashTaxes - OtherOther

Depreciation (4562)

Description of PropertyFormDate Placed in ServiceRegular, AMT, and Book Cost or BasisCurrent Section 179 Expense - Current YearRegular, AMT, and Book MethodRegular, AMT, and Book Life or Class LifeAmortization code sectionRegular, AMT, and Book Current Depreciation / AmortizationRegular, AMT, and Book Prior Depreciation / AmortizationPrior Section 179 ExpenseRegular and Book Salvage ValueBasis Reduction (ITC, Etc.)State Depreciation - Cost or BasisState Depreciation – Current Section 179 ExpenseState Depreciation - MethodState Depreciation - Life or Class LifeState Depreciation - Current Depreciation / AmortizationState Depreciation - Prior Depreciation / AmortizationState Depreciation - Prior Section 179 ExpenseState Depreciation - Salvage ValueAlternative Depreciation System (ADS)150% DB Instead of 200% DB (MACRS Only)Qualified Indian Reservation PropertyListed PropertyDate Sold or Disposed of

Noncash Contributions (8283)

Donee - Name & Address of Charitable Organization

General Business Credits/Orphan Drug Credit (8820)/Small Employer Health Insurance Premiums Credit (8941)

Orphan Drug NameDesignation App. NumberDate DesignatedSmall Employer Insurance Premiums Credit (8941): Eligible to claim creditSmall Employer Insurance Premiums Credit (8941): Coverage (1=Single, 2=Family)Small Employer Insurance Premiums Credit (8941): Small Group Market

Schedule A (8609) / LIH Recapture (8611)

Building Identification NumberDate Placed in Service (m/d/y)1=Newly Constructed or Existing Building, 2=Section 421(e) Rehabilitation ExpendituresCorporation Does Not Have Form 8609 Issued by the Housing Credit AgencyBuilding Qualified as Part of a Low-Income Housing Project and Met Section 42 Requirements: 1=Yes, 2=NoDecrease in Qualified Basis for this Tax YearEligible Basis from Form 8609, Part II, Line 7bLow-Income PortionCredit Percentage from Form 8609, Part I, Line 2

Foreign Tax Credit (1118)

Foreign Country or U.S. Possession CodeCategory of IncomeSection 901(j) Income - Name of Sanctioned CountryIncome Re-sourced by Treaty - Name of CountrySeparate Limitation Gross Income: Other Income, Regular and AMT, if different

Credit to Holders of Tax Credit Bonds (8912)

Form 1097-BTC Information – Issuer Name & EIN

Alternative Minimum Tax (4626)

AMT Small Corporation for All Prior Tax Years After 1997Gross Receipts for Most Recent 3 Tax Years Corporation: prior 2 yearsCorporation Qualifies for AMT Small Corporation Exemption: 1=Yes, 2=No

Schedule PH

Amounts Excluded Under Section 543(a)(1)(A), 543(a)(1)(B)Less: Adjustments Described in Section 543(b)(2)(A) & 543(b)(2)(B)War profits, & excess profits taxes not deductedExcess Expenses & Depreciation under Section 545(B)(6): Kind of Property, Date Acquired and Cost/Basis

Non-connected Income From U.S. Sources (1120-F)

Name of Treaty Country, if AnyGains from Timber, Coal, or Domestic Iron Ore DisposalsFiduciary DistributionsOther Fixed Gains, Profits, and Income

Branch Profits Tax / Tax on Excess Interest (1120-F)

Taking a position that a US treaty overrules or modifies an Internal Revenue law of the US thereby causing a reduction in taxClaiming treaty benefits pursuant to Competent Authority determinationExempt From Branch Profits TaxExempt From Tax on Excess InterestInterest Paid by the Foreign Corporation's U.S. Trade or Business Was Increased Because 80% or more of the Foreign Corporation's Assets are U.S. Assets

Deductions Allocated to ECI (1120-F)

Accounting Convention Used

Balance Sheet (Assets) - Ending Amounts Only

CashAccounts ReceivableLess Allowance for Bad DebtsInventories, if Different from Screen 14U.S. Government ObligationsTax-Exempt SecuritiesPrepaid Federal TaxPrepaid State TaxOther Current AssetsLoans to ShareholdersMortgage and Real Estate LoansOther InvestmentsBuildings and Other Depreciable AssetsLess Accumulated DepreciationDepletable AssetsLess Accumulated DepletionLand (Net of Any Amortization)Intangible AssetsLess Accumulated AmortizationOther Assets

Balance Sheet (Liabilities and Capital) - Ending Amounts Only

Accounts PayableMortgages, Notes Payable - Current YearFederal Tax PayableState Tax PayableOther Current LiabilitiesLoans from ShareholdersMortgages, Notes Payable - Long-TermOther LiabilitiesPreferred StockCommon StockAdditional Paid-in CapitalRetained Earnings: Appropriated & UnappropriatedAdjustments to Shareholders EquityLess Cost of Treasury Stock

Balance Sheet Miscellaneous

Balance Sheet, M-1, M-2: 1=Force, 2=When Applicable

Schedule M-1

Income Subject to Tax Not Recorded on Books: DescriptionExpenses Recorded on Books Not Included on Return – Other: DescriptionIncome Recorded on Books Not Included on this Return – Other: DescriptionDeductions Not Charged Against Book Income – Other: Description

Schedule M-3

Schedule M-3: 1=Force, 2= SuppressType of Income Statement PreparedVoting Common Stock: 1=Any of Corporation’s Voting Common Stock is Publicly TradedVoting Common Stock: If publicly traded, symbol of Primary U.S. Publicly Traded Voting Common StockVoting Common Stock: If publicly traded, stock’s CUSIP NumberAccounting Standard UsedNet Income or Loss from Nonincludible Foreign & US EntitiesNet Income or Loss of Other Includable Foreign & US Disregarded EntitiesNet Income or Loss of Other Includable EntitiesAdjustments to Eliminations of Transactions between Includible and Nonincludible EntitiesAdjustment to Reconcile Income Statement Year to Tax Year of Tax ReturnIncome or Loss from Equity Method Foreign Corporations: Entity Name, Type & EINGross Foreign Dividends Not Previously Taxed: Dividend Payer, EIN, ClassGross Foreign Dividends Not Previously Taxed: Percentage Directly or Indirectly OwnedSubpart F, QEF, and Similar Income Inclusions: Entity Name, Type & EINSection 78 Gross-Up: Entity Name, Type & EINGross Foreign Distributions Previously Taxed: Entity Name, Type & EINIncome/ Loss from Equity Method U.S. Corporations: Entity Name, Type & EINU.S. Dividends Not Eliminated in Tax Consolidation: Dividend Payer, EIN, ClassU.S. Dividends Not Eliminated in Tax Consolidation: Percentage Directly or Indirectly OwnedMinority Interest for Includible Corporations: Entity Name, Type & EINIncome /Loss from U.S. Partnerships: Partnership Name & EINIncome /Loss from U.S. Partnerships: EOY Profit Sharing % & EOY Loss Sharing %Income/ Loss from Foreign Partnerships: Partnership Name & EINIncome /Loss from Foreign Partnerships: EOY Profit Sharing % & EOY Loss Sharing %Income/Loss from Other Passthroughs: Entity Name & EINIncome /Loss from Other Passthroughs: EOY Profit Sharing % & EOY Loss Sharing %Items Related to Reportable Transactions: ItemWorthless Stock Losses: Description of stockOther Income / Loss Items with Differences: ItemSection 118 Exclusion: ItemOther Expenses / Deduction Items with Differences: Item

Schedule M-2

Other Increases: DescriptionOther Decreases: Description

Homeowners Associations (1120-H)

Homeowners Association (Mandatory)Type of Association (see table)Taxable Interest, if Different (-1 if None)Other Income, if Different (-1 if None)Taxes - OtherOther Deductions

Information Return of U.S. Persons (5471)

Filer’s Information – Name, Address & IDAnnual Accounting Period Beginning (m/d/y)Annual Accounting Period Ending (m/d/y)Category 2, 3, 4, or 5 FilerCategory 3 Filer’s - Additional Filing Requirements: Type & Amount of indebtednessCategory 3 Filer’s - Additional Filing Requirements: Name of Subscriber, Address & IDCategory 3 Filer’s - Additional Filing Requirements: Number of SharesPercentage of Foreign Corporation’s Voting StockDATSMDormant Foreign CorporationPart D – Person(s) on Whose Benefit This Information Return Filed: Name, Address, & IDPart D – Person(s) on Whose Benefit This Information Return Filed: Shareholder, Officer or DirectorForeign Corporation Information – Name & AddressEmployer ID Number & Reference IDCountry Under Whose Laws IncorporatedDate of IncorporationPrincipal Place of BusinessPrincipal Business Activity Code Number & ActivityFunctional CurrencyBranch Office or Agent in U.S.: Name, Address, & IDForeign Corporation’s Statutory or Resident Agent in Country of Incorporation: Name & AddressPerson(s) With Custody of the Books and Records: Name & AddressTranslation (1=Average Rate, 2=Year End, or Rate (xxx.xxxxxxx).  If no entry, U.S. dollars will be assumed to be enteredSchedule C Income: Other IncomeSchedule C Deductions: Other DeductionsSchedule C Other Items: Extraordinary Items and Prior Period AdjustmentsSchedule C Other Items: Provision for Income, War Profits, and Excess Profits TaxSchedule E: Foreign currencySchedule F Balance Sheet: Ending Translation (1=Average Rate, 2=Year End, or Rate (xxx.xxxxxxx)Cash: EndingTrade Notes and A/R: EndingLess Allowance for Bad Debts: EndingInventories: EndingOther Current Assets: EndingLoans to Shareholders and Other Related Persons: EndingInvestment in Subsidiaries: EndingOther Investments: EndingBuildings and Other Depreciable Assets: EndingLess Accumulated Depreciation: EndingDepletable Assets: EndingLess Accumulated Depletion: EndingLand: EndingGoodwill: EndingOrganization Costs: EndingPatents, Trademarks, and Other Intangible Assets: EndingLess Accumulated Amortization: EndingOther Assets: EndingAccounts Payable: EndingOther Current Liabilities: EndingLoans from Shareholders and Other Related Persons: EndingOther Liabilities: EndingPreferred Stock: EndingCommon Stock: EndingPaid-in or Capital Surplus: EndingRetained Earnings: EndingLess Cost of Treasury Stock: EndingSchedule G – Foreign PAR Which Foreign Corporation Owns at Least 10% Interest: Name, & EINSchedule G – Foreign PAR Which Foreign Corporation Owns at Least 10% Interest: Forms FiledSchedule G – Foreign PAR Which Foreign Corporation Owns at Least 10% Interest: Name of Tax Matters PartnerSchedule G – Foreign PAR Which Foreign Corporation Owns at Least 10% Interest: Foreign PAR Tax Year Beginning Date (m/d/y)Schedule G – Foreign Partnership Which Foreign Corporation Owns at Least 10% Interest: Foreign Partnership Tax Year Ending Date (m/d/y)1=Owns Interest in Any Trust1=The foreign corporation owned any foreign entities that were disregarded as entities separate from their owners under Regulations Sections 301.7701-2 and 301.7701-3.Statement in Lieu of Form 8858 – Name, Country, and EIN (if Any)Schedule H – Current Earnings and Profits: Other (Description)Schedule M – Translation (1=Average Rate or Rate (xxx.xxxxxxx)).  If no entry, U.S. dollars will be assumed to be entered.Schedule O, Part II, Section F: If the foreign corporation is a member of a group constituting a chain of ownership, enter a chart for each unit of which a shareholder owns 10% or more in value or voting power of the outstanding stock including the corporation’s position in the chain of ownership and the percentages of stock ownership.

Tax Shelter Statement / Form 8886

Name of Reportable TransactionTax Shelter Registration Number (if Applicable)Initial year participated in transaction, if not current yearType of Tax Benefit:Expected tax benefitsInvested through other entity: Name, EIN & TypePromoting and Soliciting Parties Name, & AddressFiling on a Protective BasisListed TransactionConfidentialLossTransaction of Interest

Items to Note

State amounts are not converted to Lacerte, only the federal amounts and descriptions will be converted to Lacerte.This list provides details about how Lacerte converts the following 1120S items.

  • Preparer Number – (Screen 1) Enter the Preparer(s) in User Options, and then select the appropriate Preparer Number on Screen 1, Client Information.
  • Shareholder Address – (Screen 2) Lacerte converts only the first line of each shareholder's address on Screen 2, Shareholder Information. Verify that the address is correct.
  • Farm Rentals (Form 4835) – (Screen 18) Lacerte converted this information to Screen 18, Farm Income/Expenses (Schedule F). Review and adjust if necessary.
  • Installment Sales – (Screen 23) – Prior year installment sales will not get converted.  Please enter these transactions into the Dispositions screen within Lacerte.
  • Balance Sheet - The ending amounts on the balance sheet may be out of balance.  The retained earnings a calculated amount based on page 5 of Form 1120S.  Please double check the balance sheet and fill in any missing ending amounts within the Lacerte Balance Sheet input screen.
  • Carryovers – Any carryovers calculated CSI Ultratax will not be in the conversion to Lacerte.
  • Estimates – Estimate amounts not be in the conversion to Lacerte.
  • Prior year summary – The prior year information will not be in the conversion due to the conversion not being able to access these calculated values.  Any amount from Form 1065, for the prior year, will not show up in a year to year comparison.
  • Rent and Royalty Properties – (Screen 19) Lacerte supports oil and gas calculations. However, the UltraTax input method does not provide enough detail for an accurate conversion.
  • Depreciation - Lacerte does not convert the following:
    • Vehicle and Other column for depreciation.
    • Depreciation method for assets using “sum of the years digits” or memo.
    • Cents reporting; Lacerte rounds these amounts to nearest dollar.

     

The titles in the following list correspond to the titles on the Contents screen of the Lacerte tax program.

Client Information

S Corporation NameS Corporation DBAFederal Identification NumberAddressTelephone NumberFax NumberEmail AddressFiscal Year End (mm)Date Incorporated (m/d/y)S Effective DateBusiness Code & ActivityProduct or ServiceAccounting Method

Officer Information

Officer NameAddressSocial Security NumberTitleTime Devoted to Business% of Common Stock Owned

Miscellaneous Info., Other Info., Amended Return, Sch. N

Title of Signing OfficerAllow Preparer/IRS DiscussionMember of Controlled GroupIf 100% owned, was QSub Election made: 1=Yes, 2=NoCorporation filed, or is required to file, Form 8918 regarding any reportable transactionIssued OID Debt InstrumentsQualified subchapter S subsidiary election was terminated or revoked during the yearDirect deposit of refundForeign financial institution transaction (IAT)Bank Information1=Print Corporation Phone NumberStatement in Lieu of Form 8858: Name, EIN & CountryForeign Partnership: Name, EIN, Forms Filed, & Tax Matters PartnerNumber of Forms 8865 attachedCorporation Received Distribution From, or Grantor of Foreign TrustInterest on foreign bank accountName of Foreign CountryExtraterritorial income exclusion

Invoice, Letters, Filing Instructions

IRS CenterSalutation

Shareholder Information

Shareholder NameIdentification NumberEmail AddressAddressResident State

Stock Ownership

Shareholder NameNumber of Shares Owned at Year EndPercentage of Stock Owned at Year End

Shareholder's Basis

Shareholder NamePrior Year Loss in Excess of BasisPrincipal Amount of Debt Owed to Shareholder at Beginning of Tax Year

Extension of Time to File (7004)

Qualifies under Regulation Section 1.6081-5

Income

Other Income

Cost of Goods Sold

Additional Section 263A CostsOther CostsCostLower of Cost or MarketOther MethodExplanation of Other Method UsedRules of Section 263A Apply

Ordinary Deductions

Taxes - OtherOther Deductions

Depreciation (4562)

Description of PropertyFormActivity name or numberDate Placed in ServiceCost or BasisCurrent Section 179 Expense - Current YearMethodLife or Class LifeAmortization code sectionCurrent Depreciation / AmortizationPrior Section 179 ExpensePrior Depreciation / AmortizationCurrent Special Depreciation AllowanceSalvage ValueBasis Reduction (amortizable costs expensed, ITC, etc.)AMT Depreciation - BasisAMT Depreciation - Class Life (Post-1986)AMT Depreciation - Current DepreciationAMT Depreciation - Prior Depreciation (MACRS Only)Book Depreciation - Cost or BasisBook Depreciation - MethodBook Depreciation - Life or Class LifeBook Depreciation - Current DepreciationBook Depreciation - Prior DepreciationBook Depreciation - Salvage ValueState Depreciation - Cost or BasisState Depreciation – Current Section 179 ExpenseState Depreciation - MethodState Depreciation - Life or Class LifeState Depreciation - Current Depreciation / AmortizationState Depreciation - Prior Depreciation / AmortizationState Depreciation - Current Special Depreciation AllowanceState Depreciation - Prior Section 179 ExpenseState Depreciation - Salvage ValuePercentage of Business UseAlternative Depreciation System (ADS)1=150% DB, 2= 200% DB (%MACRS)Qualified Indian Reservation PropertyListed PropertyDate sold, disposed of, or retired

Farm Income / Expenses (Schedule F)

Principal ProductAgricultural Activity CodeAccounting Method: 1=Cash, 2=AccrualEnding Inventory of Livestock, Etc. - Accrual MethodOther IncomeOther Expenses

Schedule K Income and Deductions

Other Income (Loss)Other Portfolio Income (Loss)Section 59(e)(2) Election Expenses – Other descriptionOther DeductionsOther Deductions - Mining and Exploration RecaptureOther Deductions - Deductions – Portfolio (2% Floor)Other Deductions - Deductions – Portfolio (other)Other Deductions - Preproductive Period ExpenseOther Deductions - Reforestation Expense DeductionOther Deductions - Commercial Revitalization Deduction from Rental Real Estate Activities

Rental Real Estate Activities (Form 8825)

Kind of PropertyAddressType of PropertyOther Expenses

Other Rental Activities (Schedule K)

Kind of PropertyLocation of PropertyOther Expenses

Passthrough Entity K-1 Information

General Information – Name of K-1 entity, Address, & EINGeneral Information - Blank=Partnership, 1=FiduciaryGeneral Information - Blank=Passive, 1=Nonpassive, 2=PTP, 3=N/AOther Income (Loss) – Other income (loss)Other Income (Loss) - Other Portfolio IncomeDeductions Related to Portfolio IncomeOther Portfolio DeductionsSection 59(e)(2) Election ExpenseOther DeductionsRental R.E. CreditsOther Rental CreditsOther CreditsReduction in Taxes for Available CreditOther foreign TransactionsOther AMT Items: Long-term ContractsOther AMT Items: Tax shelter Farm ActivitiesOther AMT Items: OtherRecapture of Investment Credits

Noncash Contributions (8283)

Name of Charitable OrganizationAddressEIN (of Charitable Organization)

Credits (Schedule K)

Alcohol and Cellulosic BioFuels Fuel Credit (6478) – IRS Registration NumberIncreasing Research Credit (6765) – Elect Alternative simplified creditIncreasing Research Credit (6765) – Wages for qualified servicesaIncreasing Research Credit (6765) – Cost of suppliesIncreasing Research Credit (6765) – Rental or lease costs of computersIncreasing Research Credit (6765) – Contract research expense for qualified energy researchIncreasing Research Credit (6765) – Average annual gross receipts for preceding 4 yearsIncreasing Research Credit (6765) – Alternative Simplified Method: Total Qualified Research Expenses 1st prior yearOrphan Drug Credit (8820) – Qualified clinical testing expensesOrphan Drug Information – Orphan Drug NameOrphan Drug Information – Designation App. NumberOrphan Drug Information – Date DesignatedDisabled Access Credit (8826) – Eligible access expendituresEmpowerment Zone and Renewal Community Employment Credit (8844) – Qualified empowerment zone wages paidEmployer SS Credit (8846) – Tips subject to social security/medicare taxEmployer SS Credit (8846) – Tips not subject to credit provisionsBiodiesel & Renewable Diesel Fuels Credit (8864) – Fuel Sold or Used: Biodiesel (other than agri-biodiesel)Biodiesel & Renewable Diesel Fuels Credit (8864) – Fuel Sold or Used: Agri-biodieselBiodiesel & Renewable Diesel Fuels Credit (8864) – Fuel Sold or Used: Renewable dieselBiodiesel & Renewable Diesel Fuels Credit (8864) – Fuel Sold or Used: Biodiesel (other than agri-biodiesel) in mixtureBiodiesel & Renewable Diesel Fuels Credit (8864) – Fuel Sold or Used: Agri-biodiesel in mixtureBiodiesel & Renewable Diesel Fuels Credit (8864) – Fuel Sold or Used: Renewable diesel in mixtureBiodiesel & Renewable Diesel Fuels Credit (8864) – Fuel Sold or Used: Qualified agri-biodiesel productionNew Markets Credit (8874) – Community Development Entity: Name, Address, & FEINNew Markets Credit (8874) – Community Development Entity: Date of Initial InvestmentNew Markets Credit (8874) – Community Development Entity: Qualified Entity InvestmentCredit for Small Employer Pension Plan Startup Costs Credit (8881) – Qualified startup costsCredit for Employer-Provided Childcare Facilities & Services Credit (8882) – Childcare facility expenditures (25%)Credit for Employer-Provided Childcare Facilities & Services Credit (8882) – Resource & referral expenditures (10%)Low Sulfur Diesel Fuel Production Credit (8896) – Low sulfur diesel fuel produced (gallons)Low Sulfur Diesel Fuel Production Credit (8896) – Qualified capital costs limitationQualified Railroad Track Maintenance Credit (8900) – Maintenance expendituresQualified Railroad Track Maintenance Credit (8900) – Miles of Tack – Total Owned or LeasedQualified Railroad Track Maintenance Credit (8900) – Miles of Track – Assigned to OthersQualified Railroad Track Maintenance Credit (8900) – Miles of Track – Assigned to TaxpayerNonconventional fuel source credit (8907) – Date facility placed in service of Barrel-of-oil equivalents sold during the tax yearOther Rental Real Estate CreditsOther Rental CreditsOther CreditsBuilding Identification Number (BIN)S Corporation Does Not Have Form 8609 Issued By Housing Credit AgencyBuilding Qualified as Part of a Low-Income Housing Project 1= yes, 2 = noDecrease in the Building’s Qualified BasisEligible Basis from Form 8609, Part II, Line 7bLow-Income PortionCredit Percentage from Form 8609, Part I, Line 2

Credits (Credit to Holder of Tax Credit Bonds)

Issuer Name (limited to first issuer for each Bond type)EIN (limited to first EIN for each Bond type)

Other Schedule K Items

Foreign Country – Only first Country name will populate when multiple copies presentForeign Gross Income Sourced at Corp. Level – Passive CategoryForeign Gross Income Sourced at Corp. Level – General CategoryForeign Gross Income Sourced at Corp. Level – OtherDeductions Allocated & Apportioned at Corp. Level – Passive CategoryDeductions Allocated & Apportioned at Corp. Level – General CategoryDeductions Allocated & Apportioned at Corp. Level – OtherReduction in Taxes Available for Credit (Sum of all categories of income)Other AMT ItemsOther Foreign Transactions

Balance Sheet (Assets) - Ending Amounts Only

CashAccounts ReceivableLess Allowance for Bad DebtsInventories, if Different from codes 1 and 11 on Screen 14U.S. Government ObligationsTax-Exempt SecuritiesPrepaid Federal TaxPrepaid State TaxOther Current AssetsLoans to ShareholdersMortgage and Real Estate LoansOther InvestmentsBuildings and Other Depreciable AssetsLess Accumulated DepreciationDepletable AssetsLess Accumulated DepletionLand (Net of Any Amortization)Intangible AssetsLess Accumulated AmortizationOther Assets

Balance Sheet (Liabilities and Capital) - Ending Amounts Only

Accounts PayableMortgages, Notes Payable - Current YearFederal Tax PayableState Tax PayableOther Current LiabilitiesLoans from ShareholdersMortgages, Notes Payable - Long-TermOther LiabilitiesCapital StockAdditional Paid-in CapitalAdjustments to Shareholders’ EquityLess Cost of Treasury Stock

Balance Sheet (Miscellaneous)

Current year book depreciationCurrent year book amortizationCurrent year book depletion1=Force Schedule L and M-1, 2=When Applicable

Schedule M-1

Income on Schedule K Not Reported on BooksExpenses Recorded on Books Not Included on Schedule K - OtherIncome Recorded on Books Not Included on Schedule K - OtherDeductions on Sch. K Not Charged Against Book Income – Other

Schedule M-3

Schedule M-3: 1=Force, 2=SuppressType of Income Statement Prepared: 1=Certified Audited, 2=Other, 3=NoneIf Income Statement Was Prepared – If Corporation’s income statement has been restated for any of the 5 preceding income statement periods, provide explanation and amounts of each item restatedAccounting standard usedIf “other” accounting standard used, specifyNet Income (Loss) Reconciliation – Net Income or Loss from Nonincludible Foreign EntitiesNet Income (Loss) Reconciliation – Net Income or Loss from Nonincludible U.S. EntitiesNet Income (Loss) Reconciliation – Net income or Loss of Other Foreign Disregarded EntitiesNet Income (Loss) Reconciliation – Net income of Other U.S. Disregarded Entities (except QSSS)Net Income (Loss) Reconciliation – Net Income (Loss) of Other Qualified Subchapter S SubsidiariesNet Income (Loss) Reconciliation – Adjustments to Eliminations of Transactions Between Includible and Nonincludible EntitiesNet Income (Loss) Reconciliation – Adjustments to Reconcile Income Statement Year to Tax Year of Tax ReturnNet Income (Loss) Reconciliation – Other Necessary Reconciliation AdjustmentsIncome or Loss from Equity Method Foreign Corporations: Entity Name, Type & EINGross Foreign Dividends not Previously Taxed: Payer, EIN, Class of Voting Stock, Percentage Directly/Indirectly ownedSubpart F, QEF, and Similar Income Inclusions: Entity Name, Type & EINGross Foreign Distributions Previously Taxed: Entity Name, Type & EINIncome or Loss from Equity Method U.S. Corporations: Entity Name, Type, & EINUS Dividends not Eliminated in Tax Consolidation: Payer, EIN, Class of Voting Stock, Percentage Directly/Indirectly ownedIncome or Loss from U.S. Partnerships: Partnership Name, EIN,Income or Loss from U.S. Partnerships: EOY Profit & Loss Sharing %Income or Loss from Foreign Partnerships: Partnership Name, EINIncome or Loss from Foreign Partnerships: EOY Profit & Loss Sharing %Income or Loss from Other Pass-through Entities: Entity Name, EINIncome or Loss from Other Pass-through Entities: EOY Profit & Loss Sharing %Items Relating to Reportable Transactions: DescriptionWorthless Stock Losses: DescriptionOther Income/Loss Items with Differences: DescriptionOther Expense/Deduction Items with Differences: Description

Cost of Goods Sold Reconciliation (8916-A)

Other Items with Differences: DescriptionOther Items with Differences: Expense per Income StmtOther Items with Differences: Temporary DifferenceOther Items with Differences: Permanent DifferenceOther Items with Differences: Deduction per Tax Return

Schedule M-2

Accumulated Adjustment Account: Other AdditionsAccumulated Adjustment Account: Other ReductionsAccumulated Adjustment Account – Beginning BalanceOther Adjustments Account (Sch M-2) – Beginning BalanceShareholder Undistributed Taxable Income (Sch M-2) – Beginning Balance

Schedule K-1 Supplemental Info. (Per Shareholder)

Shareholder K-1 Supplemental Info.

Information Return of U.S. Persons (5471)

Filer’s Information – Name, Address & IDAnnual Accounting Period Beginning & EndingCategory 2, 3, 4, or 5 FilerCategory 3 filers – additional filing requirementsPercentage of Foreign Corporation’s Voting StockDormant Foreign CorporationPart D – Person(s) on Whose Benefit This Information Return FiledForeign CorporationPrincipal Place of BusinessPrincipal Business Activity Code NumberPrincipal Business ActivityFunctional CurrencyName, Address, Identification, and Number of Branch Office or Agent in the U.S.Name and Address of Foreign Corporation’s Statutory or Resident Agent in Country of IncorporationName and Address of Person(s) With Custody of the Books and RecordsSchedule A – Stock of the ForeignTranslation (1=Average Rate, 2=Year End, or RateSchedule C Income, Deductions & Other ItemsSchedule E – Income, war profits, & excess profits taxes paid or accrued: Name of CountrySchedule E – Income, war profits, & excess profits taxes paid or accrued: In foreign currencySchedule F Balance Sheet – Cash: EndingSchedule F Balance Sheet – Cash: Trade Notes and A/R: EndingSchedule F Balance Sheet – Cash: Less Allowance for Bad Debts: EndingSchedule F Balance Sheet – Cash: Inventories: EndingSchedule F Balance Sheet – Cash: Other Current Assets: Ending description and amountSchedule F Balance Sheet – Cash: Loans to Shareholders and Other Related Persons: EndingSchedule F Balance Sheet – Cash: Investment in Subsidiaries: Ending description and amountSchedule F Balance Sheet – Cash: Other Investments: Ending description and amountSchedule F Balance Sheet – Cash: Buildings and Other Depreciable Assets: EndingSchedule F Balance Sheet – Cash: Less Accumulated Depreciation: EndingSchedule F Balance Sheet – Cash: Depletable Assets: EndingSchedule F Balance Sheet – Cash: Less Accumulated Depletion: EndingSchedule F Balance Sheet – Cash: Land: EndingSchedule F Balance Sheet – Cash: Goodwill: EndingSchedule F Balance Sheet – Cash: Organization Costs: EndingSchedule F Balance Sheet – Cash: Patents, Trademarks, and Other Intangible Assets: EndingSchedule F Balance Sheet – Cash: Less Accumulated Amortization: EndingSchedule F Balance Sheet – Cash: Other Assets: Ending description and amountSchedule F Balance Sheet – Cash: Accounts Payable: EndingSchedule F Balance Sheet – Cash: Other Current Liabilities: Ending description and amountSchedule F Balance Sheet – Cash: Loans from Shareholders and Other Related Persons: EndingSchedule F Balance Sheet – Cash: Other Liabilities: Ending description and amountSchedule F Balance Sheet – Cash: Preferred Stock: EndingSchedule F Balance Sheet – Cash: Common Stock: EndingSchedule F Balance Sheet – Cash: Paid-in or Capital Surplus: Ending description and amountSchedule F Balance Sheet – Cash: Schedule F Balance Sheet – Cash: Retained Earnings: EndingSchedule F Balance Sheet – Cash: Less Cost of Treasury Stock: EndingSchedule G – Foreign Partnership Which Foreign Corporation Owns at Least 10% InterestOwns Interest in Any TrustParticipant in cost sharing arrangementBecame participant in cost sharing arrangement during the tax yearSchedule M – Translation (1=Average Rate)

Tax Shelter Statement / Form 8886

Name of Reportable TransactionTax Shelter Registration Number (if Applicable)Initial Year Participated in Transaction, if Not Current YearExpected BenefitsPromoting and Soliciting Parties: Name, Address, ID numberFiling on a Protective BasisListed TransactionConfidential TransactionTransaction with Contractual ProtectionLoss TransactionTransaction of interestInvested Through Other Entity: Name, EIN & TypeType of tax benefit or consequence

Entity involved in reportable transaction

Name, Type, Address, & ID NumberDescription of involvement

State amounts are not converted to Lacerte, only the federal amounts and descriptions will be converted to Lacerte.The titles in the following list correspond to the titles on the Contents screen of the Lacerte tax program.

Client Information

Partnership InformationFiscal Year EndDate Business BeganBusiness Code & ActivityProduct or ServiceAccounting MethodType of EntityTax Matters Partner

Invoice & Letter

SalutationIRS Center

Miscellaneous Information

Final ReturnType of Entity Filing if “Other”If (TMP) tax matters partner is an entity, enter name of TMP representativeAllow Preparer / IRS DiscussionRounding Partner NumberPrint partner number on Schedule K-1

Other Information (Schedule B)

Question 2:  Was any partner a disregarded entity, PAR, trust, SCOR, EST (other than a deceased partner), nominee or similar personQuestion 3a: List any CORP, PAR, trust, or tax-exempt org. that owns 50% or more of the PAR at year endQuestion 3b: List any individual or estate that owns 50% or more of the PAR at year endQuestion 4a: Owned directly 20% or more, or indirectly 50% or more of the total voting power of all classes of voting stock of any foreign or domestic CORP at year endQuestion 4b: Own directly 20% or more, or indirectly 50% or more in the profit, loss, or capital in any PAR or in the beneficial interest of a trustPartnership level tax treatment election in effect for the current yearPartnership is a Publicly Traded PartnershipPartnership Has Interest in a Foreign Bank AccountName of Foreign CountryPartnership is a Grantor of a Foreign TrustPartnership is making, or has in effect, a Section 754 election

Partner Information

Partner Information (Name/Address)Type of EntityGeneral Partner or LLC ManagerForeign PartnerAccount NumberCountry CodeExempt From U.S. Tax

Income

Other Income

Cost of Goods Sold

Additional Section 263A CostsOther CostsInventory MethodExplanation of Other MethodLIFO Inventory Method AdoptedRules of Section 263A ApplyMethod Used to Value Inventory:

  • Cost Method is Used
  • Lower of Cost or Market Method is Used
  • Other Method Description
  • Other Method Explanation

LIFO Method Adopted, Statement in Lieu of Form 970Rules of IRS 263A Apply

Farm Income (Schedule F / Farm Rental)

Principal ProductAgricultural Activity CodeAccounting MethodDid Not Materially ParticipateIf required to file Form(s) 1099, did you or will you file all required Form(s) 1099Situs of property (i.e. CA)Ending Inventory of Livestock, Etc. - Accrual MethodOther IncomeOther Expenses

Deductions

Other Deductions

Depreciation (4562)

Description of PropertyFormDate Placed in ServiceRegular, AMT, and Book Cost or BasisCurrent Section 179 Expense - Current YearRegular, AMT, and Book MethodRegular, AMT, and Book Life or Class LifeAmortization code sectionRegular, AMT, and Book Current Depreciation / AmortizationRegular, AMT, and Book Prior Depreciation / AmortizationPrior Section 179 ExpenseRegular and Book Salvage ValueBasis Reduction (ITC, Etc.)State Depreciation - Cost or BasisState Depreciation – Current Section 179 ExpenseState Depreciation - MethodState Depreciation - Life or Class LifeState Depreciation - Current Depreciation / AmortizationState Depreciation - Prior Depreciation / AmortizationState Depreciation - Prior Section 179 ExpenseState Depreciation - Salvage ValueAlternative Depreciation System (ADS)150% DB Instead of 200% DB (MACRS Only)Qualified Indian Reservation PropertyListed PropertyDate Sold or Disposed of

Rental Real Estate Activities (Form 8825)

Property InformationType of propertyInclude Income / Loss in Self-Employment CalculationOther Expenses

Other Rental Activities (Schedule K)

Property InformationOther Expenses

Other Credits

Increasing research credit (6765)Credit for Small Employer Health Insurance Premiums (8941)

Low-Income Housing

Building Identification NumberDate Placed in Service42(j)(5) Partnership, OtherNewly constructed or existing building, Section 42(e) Rehabilitation ExpendituresPartnership Does Not Have Form 8609 Issued by the Housing Credit AgencyBuilding Qualified as Part of a Low-Income Housing Project and Met Section 42 RequirementsDecrease in building’s qualified basis for this tax yearEligible Basis from Form 8609, Part II, Line 7bLow-Income Portion (Line 2)Credit % from Form 8609, Part I, Line 2Maximum Housing Credit Available from Form 8609, Part I, Line 1b

Other Schedule K Items

Other income (loss)Section 59(e)(2) Election Expense – OtherOther deductionsForeign CountryReduction in Taxes for CreditOther Foreign TransactionsUndistributed Capital Gains CreditBackup Federal Withholding TaxOther Items – regular and AMTEducational Assistance BenefitsDependent Care BenefitsPreproductive Period ExpensesCommercial Revitalization Deduction from Rental Real Estate ActivitiesOther Pensions and IRAs

Passthrough Entity K-1 Information

K-1 Entity InformationOther Income (loss)Section 59(e)(2) Election Expense: OtherOther DeductionsLow Income Housing Credit (8586) – Partnership and OtherOther Rental Real Estate CreditsOther Rental CreditsUndistributed Capital Gains CreditNew Markets CreditBackup WithholdingOther CreditsForeign Taxes - Reduction in Taxes for CreditOther Foreign TransactionsOther AMT ItemsOther InformationSection 1256 Contracts and StraddlesMining Exploration Costs RecaptureCancellation of DebtOther portfolio Income (loss)Form 4868 Long-Term Loss from Trade/Business PropertyForm 4868 Long-Term Loss from Income Producing PropertyForm 4868 Long-Term Gain

Balance Sheet (Assets) - Ending Amounts Only

CashTrade Notes and Accounts ReceivableLess Allowance for Bad DebtsInventories, if Different from Screen 11U.S. Government ObligationsTax-Exempt SecuritiesOther Current AssetsLoans to partnersMortgage and Real Estate LoansOther InvestmentsBuildings and Other Depreciable AssetsLess Accumulated DepreciationDepletable AssetsLess Accumulated DepletionLand (Net of Any Amortization)Intangible AssetsLess Accumulated AmortizationOther Assets

Balance Sheet (Liabilities and Capital) - Ending Amounts Only

Accounts PayableMortgages, Notes, Bonds, Payable - Current YearOther Current LiabilitiesAll Nonrecourse LoansLoans from partnersMortgages, Notes, Bonds, Payable - Long-TermOther Liabilities

Schedule M-1

Income on Schedule K Not Reported on BooksExpenses on Books Not Included on Schedule K - OtherIncome on Books Not Included on Schedule K - OtherDeductions on Schedule K Not Charged Against Book Income – Other

Schedule M-2

Other Increases/DecreasesEnding Capital

Schedule M-3

Schedule M-3: Force, SuppressPartnership was required to file Schedule M-3 in a prior yearReportable Entity Partner#1 & #2: Identifying Number, Name, Maximum percentage owned or deemed ownedType of Income Statement Prepared: Filed SEC Form 10-K, Certified Audited, Other, NoneIf Income Statement Was Prepared – If Partnership’s Income Statement Has Been Restated for Any of the 5 Preceding Income Statement Periods, Provide Explanation and Amounts of Each Item RestatedNet Income (Loss) Reconciliation:

  • Accounting standard used
  • Net Income or Loss from Nonincludible US & Foreign Entities
  • Net Income or Loss from Other US or Foreign disregarded entities
  • Adjustments to Eliminations of Transactions Between Includible and Nonincludible Entities
  • Adjustments to Reconcile Income Statement Year to Tax Year of Tax Return
  • Other Necessary Reconciliation Adjustments

Income or Loss from Equity Method Foreign CorporationsGross Foreign Dividends Not Previously TaxedSubpart F, QEF, and Similar Income InclusionsGross Foreign Distributions Previously TaxedIncome or Loss from Equity Method U.S. CorporationsU.S. DividendsIncome or Loss from US Partnerships, Foreign Partnerships, & Other Pass-through entitiesItems Relating to Reportable Transactions: DescriptionWorthless Stock Losses: DescriptionOther Income/Loss Items with Differences: DescriptionOther Expense/Deduction Items with DifferencesReportable Entity Partner #1:

  • Identifying Number
  • Name
  • Maximum Percentage Owned or Deemed Owned

Reportable Entity Partner #2:

  • Identifying Number
  • Name
  • Maximum Percentage Owned or Deemed Owned

Partnership Filed SEC Form 10-K for the Income Statement PeriodPartnership Prepared a Certified Audited Non-Tax-Basis Income Statement for the PeriodPartnership Prepared a Non-Tax-Basis Income Statement for the PeriodWorldwide Consolidated:

  • Accounting Standard
  • Other (Specify)

Net Income from Nonincludible Foreign EntitiesNet Loss from Nonincludible Foreign EntitiesNet Income from Nonincludible US EntitiesNet Loss from Nonincludible US EntitesNet Income (Loss) of Other Foreign Disregarded EntitiesNet Income (Loss) of Other IS Disregarded EntitiesAdjustment to Elimination of Transactions – Includible and Nonincludible EntitiesAdjustments to Reconcile Income Statement Period to Tax YearOther Adjustments to Reconcile to Net Income (Loss)

Supplemental Attachment to Schedule M-3

Cost of Goods Sold: Other Items with Differences

Partner Schedule K-1 Misc. Information

Final K-1: Yes, NoLow Income Housing Credit – OtherLow Income Housing Credit – Section 42(j(5))Qualified Rehabilitation Expenses (Rental Real Estate)Other Rental Real Estate CreditsOther Rental CreditsOther CreditsGross income from all sourcesGross income sourced at partner levelForeign Gross IncomeDeduction at Partner LevelDeduction Allocated and ApportionedForeign taxes paid/accruedReduction in taxes available for creditPost-1986 depreciation adjustmentAdjusted Gain (Loss)Depletion (Not Oil and Gas)Oil, gas, and geothermal – Gross income and deductionsOther AMT itemsTax-exempt Interest IncomeOther Tax-exempt IncomeNonductible ExpensesDistributions of Cash and Marketable SecuritiesDistributions of Other PropertyInvestment Income and ExpenseOther ItemsBeginning Assets, Liabilities and CapitalEnding Assets, Liabilities and Capital

Annual Return for Partnership W/H Tax (8804)

Withholding Agent InformationPartnership records and books kept outside U.S/Puerto Rico

Tax Shelter Statement / Form 8886

Name of Reportable TransactionTax Shelter Registration Number (if Applicable)Initial Year Participated in Transaction, if Not Current YearType of Tax BenefitExpected Tax Benefits: Description of the Expected Tax BenefitsPromoting and Soliciting PartiesListed TransactionConfidentialContractual ProtectionLossTransaction of InterestInvested Through Other EntityEntities and Individuals Involved in Reportable Transaction

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