<img src="https://secure.venture365office.com/786854.png" style="display:none;">
Skip to content
  • There are no suggestions because the search field is empty.

K1x Release - 4/18/2024

Search

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

Tax Year Updates

K-1 Navigator

  • Input fields have been updated and PDF generation is available for the following states: AL, AR, CO, ID, IL, IN, KY, MO, MS, NC, ND, NJ, NY, OH, OR, PA, RI, SC, UT, VT.

990 Series Solution

  • 2023 Efile access is now available for MD Form 500E

New Features

K-1 Analyzer

  • Federal UBI data for Form 1065 investments can now be exported to a GoSystem import template for exempt trust returns in tax year 2022. For instructions, see this article.

K-1 Navigator

  • K-1 Analyzer investment data can now be uploaded into Scenario Builder for entities which issue and also receive K-1s. With this release, federal and state K-1 data will be available for upload. K-3 data will be available for upload with a release later in April. For more information, see this article.

990 Series Solution

  • Added functionality to allow system admins to configure tenant level settings of adding users to an engagement
  • 2023 State Module Rollover feature is now available and resides on the Basic Data screen. Utilization of this button will pull in all prior year state information. If you have not yet completed any state E-Filings for your engagement for Tax Year 2023, this feature will be enabled. Please Note: This feature will not work if you have already E-Filed for any state in your engagement for Tax Year 2023 to ensure we do not delete data that has already been sent to the IRS

 

Enhancements

K-1 Analyzer

  • Improved reading of CCH-format whitepaper footnotes.
  • Improved reading of Form 926 foreign transfer details from whitepaper statements.
  • Extracted line item detail is now available for all states with a K-1 form at the investment and aggregate levels on the State Data tab (investment detail) and State Data Overview panel (Review Investments).
  • Extracted state line item detail can now be edited at the investment level on the State Data tab.
  • Merged cells have been removed from all reports for easier manipulation in Excel.
  • A whitepaper statement has been added to Form 5471, Schedule Q, to support data in excess of available facepage space.

K-1 Navigator

  • US Federal now appears first in all jurisdiction lists.

990 Series Solution

  • Form 990 Schedule B "Contributions" now has a method to sort via "Donor Name", "Aggregate Contributions" and "Type of contribution" in the Charitable Contributions Detail table

Resolved Issues

K-1 Analyzer

  • The Add Category button no longer disappears from various K-3 input sections when issues are encountered saving data extracted by the K-1 Reader.
  • Form 5471, Schedule C totals now map properly to PDF when the form has been locked and unlocked.
  • Investment line items with no corresponding line code selected (i.e. 11A, 11C, etc.) no longer cause the incorrect calculation of totals on the K-1 Line Item Summary. 

K-1 Navigator

  • The Additional K-1 Information import template now allows selection of multiple PA form types for a single investor.

990 Series Solution

  • Corrected 2023 tax rates for: FL, CO, IA, NH, OK, UT and NE
  • Corrected an issue where checking the "Power of Attorney" checkbox was not checking the POA checkbox on the PDF on the 2022 TN FAE 170
  • Corrected the address for the Attorney General in the UI and PDF for 2022 IL AG990

 

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.

Was this article helpful?

0 out of 0 found this helpful

Have more questions? Submit a request

Comments

0 comments

Article is closed for comments.

<%= child.title %> <%= child.innerHTML %> <%= child.innerHTML %>
    <% blocks.forEach(function(block, index) { %>
  • <% if (imageHeight) { %> <% var src = images.length > index ? images[index] : images[images.length - 1] %> <% } %> <% if (block.name) { %>

    <% if (block.html_url) { %> <%= block.name %> <% } else { %> <%= block.name %> <% } %>

    <% } %> <% if (block.description) { %>

    <%= block.description %>

    <% } %>
    • <% }) %>

<% if (block.html_url) { %> <%= block.name %> <% } else { %> <%= block.name %> <% } %>

<%= block.description %>