1120 Corporate Income Tax Enhancements

E-file

State Jurisdictions and Forms Now Available for E-file

Ohio RITA
Portland, Oregon with the following e-file types:
- City of Portland
- City of Portland - METBIT

Federal

Depreciation

We are adding print for new Cost of Goods Sold/Cost of Operations depreciation detail schedules.

Form 8990

We are expanding the layout of the Tax Forms > Common State > Form 8990 fields related to carryovers.

States

Alabama

We are adding the following form:

Form EPT: Electing Pass-Through Entity Payment Return

Arizona

We are adding the following forms:

Forms 308/308S: Credit for Increased Research Activities
Forms 349/349S: Credit for Qualified Facilities
Credit Forms 308, 308S, 349, and 349S

California

We are adding a Contributions Carryover screen for C corporations.

We are adding the following forms for S corporations:

Form 3804: PTE
Form 3893: PTE Payment Voucher
Form 592-PTE: Withholding
Form 592Q: Withholding Payment Voucher

Colorado

We are adding an underpayment penalty calculation.

We are adding the following form:

Form DR 204: Underpayment of Individual Estimated Tax

District of Columbia

We are implementing the push-pull of disallowed negative amounts to automatically move to Other Detail.

We are adding the following forms:

Form D-8609: District of Columbia Low-Income Housing Tax Credit Allocation and Certification
Form D-8609A: Reporting Form for the Allocation, Transfer, Sale or Assignment of Low-Income Housing Tax Credit
Form D-8609DS: Low-Income Housing Tax Credit Distribution Schedule

Georgia

We are updating Georgia Form 4562 to provide Georgia-specific computations.

Indiana

We are adding a Lower Tier Partner pass-through screen to C corporation returns.

Iowa

We are adding the following form for S corporations:

Form IA 103: Pass-through Election to Pay Return and Voucher

We are adding the following form for C corporations:

Schedule M: Affiliated Group

Kentucky

We are adding specific depreciation.

Massachusetts

We are adding the following forms:

Form 63D-ELT: Entity Level Tax
Form M-63D-EXT: Pass-Through Entity Extension Payment Voucher

Michigan Cities

We are adding Allocation & Apportionment Everywhere Organizer/Override fields.

Minnesota

We are adding Schedule PTE (Pass-through Entity) for print and e-file.

Nebraska

We are implementing revisions for Form PTC.

New Jersey

We are adding credit forms 328, 329, 330, and 331.

We are using the depreciation workpaper to reflect changes on the CBT-100 Schedule S and CBT-100S Schedule S.

New York

We are adding a PTE calculation to aid taxpayers in entering their information on the state website, as the state does not offer a paper or e-file option.

We are adding a K-1 type statement with the PTE calculation that can be printed and sent to each participating shareholder.

We are adding the following forms:

Form CT-48: Utility COVID-19 Debt Relief Credit
Form CT-654: New York City Musical and Theatrical Incentive Production Credit
Form CT-655: Restaurant Return-to-Work Credit

New York City

We are updating the §163j adjustment calculation on Form NYC-2, Page 3.

North Carolina

We are adding the following forms:

Form PE: North Carolina Additions and Deductions for Pass-through Entities, Estates, and Trusts
Schedule K-1 Supplemental Schedule: Owner of Beneficiary’s Share of North Carolina Additions and Deductions

Ohio

We are adding e-file for Ohio RITA.

We are working to provide single input for state adjustment common items including guaranteed payments and compensation.

Oregon Cities

We are adding e-file for the jurisdiction of Portland with the following e-file types:

City of Portland
City of Portland - METBIT

Rhode Island

We are adding the following forms for S corporations:

Form RI-PTE: Pass-through Entity Election Tax Return
Form BUS-V: Business Tax Payment Voucher
Form RI-1099E: Pass-through Entity Election

South Carolina

We are adding the following forms:

Forms I-435: Active Trade or Business Income for Electing Partnerships and S Corporations
Forms I-335: Active Trade or Business Income Reduced Rate Computation
Form I-335B: Pass-Through Income From a Partnership or S Corporation

West Virginia

We are implementing apportionment changes from 3-factor to single-factor.

RS Resources/1120_enhancements.htm/TY2021

Last Modified: 03/19/2020

Last System Build: 09/25/2022