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Entering tax year information for business returns in ProSeries

SOLVEDby IntuitProSeries Professional1Updated 1 month ago

This article will assist you with entering tax year information in ProSeries business returns.

How do I enter tax year information for business returns in the program?

  • Tax Year Information can be entered on the Tax Year and Filing Information section of the Information Worksheet.
  • Mark the Calendar year checkbox for a calendar year return.
  • Mark the Fiscal Year checkbox and enter the Ending Month for a fiscal year return.
    • A fiscal year is 12 consecutive months ending on the last day of any month, except December.
    • This information will flow automatically to most state returns which support a fiscal year end date.
    • If the state return year end date differs from the federal return, the appropriate date is entered on the Information Worksheet for the state return under the Tax Year and Filing Information section.
    • Fiscal year businesses should file their tax returns for the year in which their fiscal year begins.
  • Mark the Short Year box and enter the beginning and ending date for a short year return.
    • A short tax year is a tax year of less than 12 months. A short period tax return may be required when you (as a taxable entity):
      • Aren't in existence for an entire tax year; or,
      • Change your accounting period.
    • Tax on a short period tax return is figured differently for each situation.

For more information, refer this IRS Tax Years webpage.

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