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K1x Release - 3/20/2024

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Hello! Please review the following changes that have been introduced as part of this K1x release. 

Tax Year Updates

K-1 Analyzer

  • Selected new lines have been incorporated into the CCH integration for return types 1065 and 1040. Additional line mappings and return types will be included in future releases. For more details, see this article.
  • Apportionment formulas have been updated for TN and VT.
  • Form 5471 PDF and XML generation is now available.

K-1 Navigator

  • Input fields have been updated and PDF generation is available for the following states: AZ, CA, HI, WV, MN, NE, OH, and WI.
  • Input fields have been updated for CO; PDF generation will be available with a future release.
  • Updated SALT matrices are now available on the Project Information page.

990 Series Solution

2023 Form access is now available for the following:

  • States: AL, AK, CA, DC, FL, HI, ID, IL, IA, KS, MA, MI, MO, MS, NB, NH, NY, NC, ND, OR, RI, SC, TN, UT, VA, WV & WI

2023 Efile access is now available for the following:

  • States: CA, MS, NY, OR, RI, VA, WV
  • Federal: Form 990-T, Form 990-W, Form 2439, Form 4136, Form 4255, Form 4562, Form 4797, Form 4952, Form 5735, Form 6765, Form 6781, Form 8582, Form 8611, Form 8697, Form 8801, Form 8827, Form 8834, Form 8835, Form 8866, Form 8912, Form 8941, Form 8949, Form 8990, Form 8991, Form 8992, Form 8993, Form 8995, Schedule A (990-T), Schedule D (1041), Schedule D (1120), Schedule I (1041), Schedule K (1118) & Schedule O (1120)

As a reminder, you can find detailed statuses of forms on the Tax Year 2023 Supported Forms page at https://go.k1x.io/2023-supported-forms

New Features

K-1 Analyzer

  • The K-1 Comparison Report can now be downloaded for multiple investments within a tenant. It can be found in the left-hand navigation panel on the homepage under Reporting.
  • An Executive Summary has been added to the K-1 Extraction Excel Export, outlining the items found in the K-1 PDF, their page number in the package, and whether fields are available in K-1 Analyzer to accept the extracted data.
  • State line item data for AZ, CA, IL, MA, MN, NJ, NY, OR, PA and WI is now extracted from K-1 PDFs and mapped to the State Data tab. State modifications for IL are also mapped to the Federal/State Income tab, Modifications section. They are not included in the calculation of taxable income. 
  • Aggregate state line item data for the aforementioned states is now available in the State Data Overview panel on the Review Investments page.
  • Investment status can now be edited in bulk from the dropdown menu next to Select All on the Manage Investments dashboard.

990 Series Solution

  • Payment of tax verbiage will now display on the State Efiling instructions (this continues to be driven from the State Data Grid).

Resolved Issues

K-1 Analyzer

  • Updates have been made to K-3 Part VIII investment detail and Review Investments summary panel to correct subtotals and resolving save issues.
  • Text wrapping issues have been corrected on the Form 926 Section 351-3(a) statement allowing long transferor names to wrap properly across lines rather than being truncated.
  • Transfer dates on the Review Investments Transfer Summary now match those in investment detail rather than being offset by a day.
  • Amounts on Schedule K-3, Part X are no longer doubled in the calculation of gross income on line 21.
  • Updates to the Comments box now save when made before updating data inside an investment detail tab or navigating between investment detail tabs.
  • The filter to specify which investment line items are included in the K-1 Line Item Summary Report now returns the expected line items in the report rather than all line items.

K-1 Navigator

  • Adjustments can now be added to events which use an amount-based allocation code.
  • The Federal value for Other Deductions is no longer mapped to the NY column on the NY K-1.
  • Only Ordinary Dividends are now mapped to the Dividends line on the CA K-1 rather than the sum of Ordinary and Qualified Dividends.
  • Lines 11b and 11c on the CA K-1s are now correctly summing included line item values.
  • Input fields have been added for CA K-1 lines 15 a-f Column D.
  • The Next and Previous buttons can now be used to move between line items in the K2/K3 Information page.
  • The matching function for creating the tiering visualization found on the Tiering Management page no longer differentiates between state abbreviations and full names. 

Legacy K-1 Navigator

  • Information Request Forms and portal responses now download as expected.

 

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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