Creating Custom Statements

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The Statements tool allows users to build custom documents to include in their K-1 packages—everything from cover letters to explanatory footnotes and supplemental detail.

There are two levels of templates available:

• Project-level templates: Useful when similar content will be included across all entities in the project. These support limited customization options.

• Entity-level templates: Designed for situations that require greater flexibility. The entity-level template builder includes a suite of tools to help tailor statements to your needs:

  • Tokenization – Use dynamic placeholders to insert key data (such as investor name, tax ID, or allocation amounts) into the output for each recipient.

  • Table builder – Add tables to organize detailed information within the statement.

  • Formatting options – Apply text styling, page breaks, and more to control the structure and appearance of the output.

  • Image uploads – Click Manage Attachments, locate image files, and click Upload. Once uploaded, you can insert them into your statements using the Images dropdown in the editor.

You can also return calculated allocated values to investors within their statements using plain text syntax:
Choose the desired allocation code followed by the amount you wish to allocate in parentheses.
For example: [AB](100000) will dynamically pull in each investor’s allocated amount for allocation code AB.

Statements can be associated with K-1 line items, in which case they’ll be automatically included in the final K-1 package and grouped accordingly. As of the April release, this association is only supported for federal K-1 line items. Users can still include statements manually with K-3s. The ability to associate statements with lines from any jurisdiction will be added in a future release.

Alternatively, users can create stand-alone statements and decide their placement manually when configuring the K-1 package output.

Statements can also be associated with specific investors. When included in a package, those investor-specific statements will appear only in the recipient’s copy of the output.

Circular 230 Disclosure

To ensure compliance with requirements imposed by the IRS, we inform you that any tax advice contained in this software (including any reports or downloads) is not intended or written to be used and cannot be used for the purposes of (i) avoiding penalties under the Internal Revenue Code or (ii) supporting, promoting, marketing or recommending to another party any transaction or matter addressed herein. This software is for informational purposes only and should not be regarded as tax advice. Please consult your tax advisor or attorney for guidance on your individual tax situation.

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