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I need to file a short period final return for the period January 1, 2018 through June 30, 2018. How can i prepare a final return for the corporation using Lacerte 2017?

ljmcpa
Level 1
 
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George4Tacks
Level 15

Copy the 2017 file and rename it XXX-ORIG17. Now massage all the data to delete the 2017 data and update the beginning balance sheet and accum depreciation. It might be easier to proforma 2016 again and start with that file, then you don't have new input to delete. Just correct beg balance sheet and accum depreciation to match the 2017. Also the new proforma won't have any e-file actitivity. 

Screen 1 - Change FYE to June 30. Screen 4 - adjust input for short year. Do your part year input, possibly putting a date of sale on the assets to get the depreciation right and review carefully. You should now have a 2017 Form that has on page 1 "For Calendar year 2017 or tax year beginning 1/1/2018 and ending  6/30/2018


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George4Tacks
Level 15

Copy the 2017 file and rename it XXX-ORIG17. Now massage all the data to delete the 2017 data and update the beginning balance sheet and accum depreciation. It might be easier to proforma 2016 again and start with that file, then you don't have new input to delete. Just correct beg balance sheet and accum depreciation to match the 2017. Also the new proforma won't have any e-file actitivity. 

Screen 1 - Change FYE to June 30. Screen 4 - adjust input for short year. Do your part year input, possibly putting a date of sale on the assets to get the depreciation right and review carefully. You should now have a 2017 Form that has on page 1 "For Calendar year 2017 or tax year beginning 1/1/2018 and ending  6/30/2018


ex-AllStar

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rbynaker
Level 11
Or . . . I'd take the lazy way out, file an extension and wait for the 2018 software to come out.  IMO forcing a 2018 return into the 2017 software ranks slightly better than filling out a paper return with a red crayon.  Unless there are lots of assets still being depreciated, then it's slightly worse.

Rick

PS: But great answer George, very detailed.  If I ever have to do a short-year final return in Lacerte before the forms are released, I'm calling you!
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Drew526
Level 1
Is is possible to efile that 2018 return on the 2017 software, assuming you've efiled the 2017 return?
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mojocpa
Level 7
Nope
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