ProSystem fx® Tax - Corporation

The ProSystem fx Tax – Corporation module simplifies your federal and state tax preparation by giving you a comprehensive set of tools to help you tackle any corporate return and satisfy all corporation tax compliance‚ including help with consolidated returns‚ 1120S/S Corporation returns‚ 1120-L/1120-PC insurance returns and dozens of federal forms and schedules.

Corporate tax requirements made easy. Contact us today — we’ll get you there.

Whether you’re working on corporation tax compliance for a Corporation, S Corporation or Consolidated Corporation, ProSystem fx® Tax – Corporation gives you the tools you need to tackle any return, including:

• Extensive automatic calculations, options and overrides, which increase productivity and offer full control.
• Powerful depreciation and amortization features that handle all types of calculations, book-to-tax adjustments and detailed reports for planning and audit trail purposes.
• Comprehensive calculations for mineral interest, such as oil and gas.
• Full coverage of Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations; Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business; and Form 8865, Return of a U.S. Person with Respect to Certain Foreign Partnerships.
• An easy-to-use wizard for importing or exporting foreign entity information – one at a time or in batch mode.
• The ability to easily convert a Corporation return to an S Corporation return – and vice versa – from one year to the next.
• Two-year tax comparisons that highlight differences between current and prior tax years.
• Detailed statements, offered historically by year, which include net operating loss, general business credits, contributions, carry forwards and carry backs.
• Optimization for the lowest tax when filing Form 1120-H, Homeowners Association tax return.
• The ability to provide PDF files for all, or selected, copies of the federal or state returns, including the ability to watermark copies with pre-selected or custom text.
• An extensive array of commonly used Federal Elections.

Consolidated Corporation Returns
Address all of your corporation tax compliance requirements and more for your Consolidated Corporation returns. With ProSystem fx Tax – Corporation, you’ll benefit from features that:

• Provide 1120, 1120S, 1120-REIT, 1120-PC, 1120-L and Mixed Group consolidations.
• Let you create tiered consolidations, maintaining all of the detail of the separate companies from the lower level consolidated return (1120 only).
• Provide both columnar and stacked consolidated print, allowing for a quick review of all supporting detail at the consolidated level.
• Provide SRLY limitations for NOL, AMT NOL, capital loss carryovers and general business credits (1120 only).
• Automatically carry forward separate company entries to the consolidated return for officers’ compensation, all credits and recaptures.
• Provide comprehensive state, city and county returns based on Federal Consolidated Income.
• Recalculate depreciation for mid-quarter and half-year convention rules, prior short year and Sec 179.

Easy-to-use features and complete audit trails save you time and further ensure accuracy, including:

• Inter-return navigation that allows access to all returns in a consolidated group from the consolidating unit.
• Straightforward entries for Form 851, Affiliations Schedule (1120 only).
• An easy coding system that simplifies elimination and adjustment entries.
• Consolidating, combining and supporting statements that produce detailed audit trails.
• Detailed statements to support all automatic adjustments.
• Suppression of automatic adjustments when necessary.

1120S/S Corporation Returns
Shareholders allocation and distribution features give you the flexibility to handle any situation to achieve corporation tax compliance, for example:

• Allocating any and all distributive items contained in a return.
• Performing special distribution and allocation methods:
  • Per share, per day allocation.
  • Single or multiple tier allocation.
  • Effective ratio allocation.
  • Residual allocation.
  • Time-segmented allocation.
• Allocating income, deduction and alternative minimum tax items to shareholders on an activity-by-activity basis.

Extensive tax calculations and other additional features provide you even more power, letting your firm effortlessly:

• Compute portfolio income and distributions for each shareholder.
• Offer flexible accrual options for state and city tax liability to Schedule M-1, Balance Sheet, Rental Schedule and P & L Statement.
• Compute tax on excess net passive income and Built-in Gains and provide a statement detailing the calculation and pro rata allocation of taxes.
• Provide exports of shareholder K-1 data to the ProSystem fx Tax Individual and Fiduciary return.
• Automatically compute a protective estimate, if applicable, with a worksheet (Form 1120-W).
• Prepare a single return for an S Corporation parent with qualified sub-chapter S subsidiaries (QSUB).
• Allow for special allocation of footnote amounts and generation of footnotes for all or selected shareholders.
• Produce a copy of Forms 8283 and 8886, IRS K-1 codes, IRS K-1 instructions and schedule of activities, property eligible for Investment Tax Credit, Foreign Tax Worksheet and shareholder basis worksheets for each shareholder.
• Complete all federal and state extension forms for corporation tax compliance.
• Prepare regular Corporation returns for states that do not recognize S Corporations.
• Produce a worksheet detailing the stock and debt basis for each shareholder.

1120-L/1120-PC Insurance Returns
Simplify your corporation tax compliance with functionality that:

• Provides time-saving import of NAIC Annual Statements – for P&C, Health, Title, and Life (general and separate accounts).
• Provides import of tax adjustment spreadsheets – including tax projection worksheets and tax adjustment journals.
• Provides comprehensive loss reserve discounting – under both treasury and company methods.
• Provides a working trial balance – sorted by IRS line number (as well as by NAIC line).
• Produces consolidated 1120-L and 1120-PC returns, including the ability to e-file mixed group consolidations.

Corporate tax requirements made easy. Contact us today — we’ll get you there.

ProSystem fx Tax Corporation helps you handle returns at the federal, state, city and county levels. For a list of the forms, schedules and states supported for the Corporation module, check the PDF posted on the right side of this page.

Corporate tax requirements made easy. Contact us today — we’ll get you there.

CCH offers onsite and online training for all levels of professional development, including courses that earn CPE credit. Whether you’re a novice or skilled user, our expert instructors, course content and learning tools offer the tips, tricks and solid explanations you need to transform your work processes.

Available training includes on-demand or online self-study options; Web-based and onsite training; and a variety of seminars and conferences, some at a location near you.

• IT Consulting
• Best Practices Consulting
• ProSystem fx Tax (Foundation) - Administrator
• ProSystem fx Tax (Global) - Administrator
• Introduction to ProSystem fx Tax (Foundation)
• ProSystem fx Tax (Foundation) - Introduction to Individual Returns
• ProSystem fx Tax (Foundation) - Introduction to Corporation Returns
• ProSystem fx Tax (Foundation) - Introduction to Partnership Returns
• Introduction to Electronic Filing
• Electronic Filing Refresher
• Introduction to Worksheet View
• Schedule M-3
• Utilizing ProSystem fx Tax (Foundation) in a Paperless Environment

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