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, 1120C, 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/M-3, 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
• or allow it to be filed as a corporation return.
• Produce a worksheet detailing the stock and debt basis for each shareholder.

• Simplify your corporation tax compliance with functionality that:
• Provides all state insurance compliance when filing 1120-L or 1120-PC returns.
• Produces consolidated 1120-L and 1120-PC returns, including the ability to e-file mixed group consolidations.
• Provides a time-saving import of NAIC Annual Statement.
• Provides comprehensive loss reserve discount calculations.

• Form 1120
  • Schedule A
  • Schedule B
  • Schedule C
  • Schedule D****
  • Schedule E
  • Schedule G
  • Schedule H
  • Schedule J
  • Schedule K
  • Schedule L
  • Schedule M-1
  • Schedule M-2
  • Schedule M-3
  • Schedule N
  • Schedule O
  • Schedule PH
  • Schedule S
• Form 1120S
  • Schedule A
  • Schedule B
  • Schedule D
  • Schedule K
  • Schedule K-1
  • Schedule L
  • Schedule M-1
  • Schedule M-2
  • Schedule M-3
  • Schedule N
• Form 1120-C
• Form 1120-F
  • Schedule M-1
  • Schedule M-2
  • Schedule M-3
  • Schedule H
  • Schedule I
  • Schedule P
  • Schedule S
  • Schedule V
• Form 1120-FSC
  • Schedule P
• Form 1120-H
• Form 1120-L
  • Schedule M-3
  • Schedule T-NAIC Blue Book
• Form 1120-PC
  • Schedule M-3
  • Schedule T-NAIC Yellow Book
• Form 1120-IC-DISC
  • Schedule K
  • Schedule P
  • Schedule Q
• Form 1120-POL
• Form 1120-REIT
• Form 1120-SF
• Form 1120-RIC
• Form 1120-W
• Form 1120X*
• Form 851*
• Form 926
• Form 966
• Form 970
• Form 972*
• Form 973* 
• Form 982
• Form 1118*
• Form 1122*
• Form 1138*
• Form 1139*
• Form 2220
• Form 2439
• Form 2553
• Form 2848
• Form 3115
• Form 3468
• Form 3800*
• Form 4136
• Form 4255
• Form 4466
• Form 4562
• Form 4626*
• Form 4684
• Form 4797****
• Form 4835
• Form 5452
• Form 5471
• Form 5472*
• Form 5713 
• Form 5884
• Form 5884-A
• Form 6252****
• Form 6478
• Form 6765
• Form 6781
• Form 7004
• Form 8050
• Form 8082
• Form 8275
• Form 8275-R
• Form 8283
• Form 8302
• Form 8453-C*
• Form 8453-I (1120-F only)
• Form 8453-S**
• Form 8586
• Form 8594
• Form 8609
• Form 8609-A
• Form 8611
• Form 8613***
• Form 8621 
• Form 8697
• Form 8716
• Form 8752**
• Form 8810
• Form 8816 (1120-PC & 1120-L only)
• Form 8820
• Form 8821
• Form 8822
• Form 8824
• Form 8825**
• Form 8826
• Form 8827*  
• Form 8832
• Form 8833 (1120-F only)
• Form 8834*
• Form 8835
• Form 8842
• Form 8844
• Form 8845
• Form 8846
• Form 8847
• Form 8858
• Form 8860
• Form 8861
• Form 8864
• Form 8865
• Form 8866
• Form 8869**
• Form 8873
• Form 8874
• Form 8875* 
• Form 8878-A
• Form 8879-C*
• Fomr 8879-I
• Form 8879-S**
• Form 8881
• Form 8882
• Form 8883
• Form 8886
• Form 8896
• Form 8900
• Form 8902*
• Form 8903
• Form 8906
• Form 8907
• Form 8908
• Form 8909
• Form 8910
• Form 8911
• Form 8912
• Form 8916*
• Form 8916-A
• Form 8923
• Form 8925
• Form 8926*
• Fomr 8931
• Form 8932
• Form 8933
• Form 8936
• Form 90-22.1
• Form T

• Automate project status updating in ProSystem fx® Practice Management.
• Transfer depreciation and asset disposition information to and from ProSystem fx® Fixed Assets.
• Maintain your digital office by storing a PDF or selected pages of the tax return in ProSystem fx® Document and ProSystem fx® Engagement.
• Import financial statement data from ProSystem fx® Write-Up.
• Quickly research form instructions using form-by-form integration with the U.S. Master Tax Guide and Tax Prep Partner.
• Use context-sensitive links to IntelliConnect™ and CCH@Hand, along with integration to ClientRelate™.
• Jump from state tax forms to the Smart Chart™ table of contents for that state. Smart Charts allow you to quickly and easily chart state tax issues in one jurisdiction, or compare tax treatments across multiple tax jurisdictions.
• Provide an import/export of state apportionment information using Microsoft® Excel spreadsheets. Or, use a dynamic import/ export of Shareholder and allocation data, and K-1 import/export spreadsheet link with Microsoft® Excel.
• Import asset, depreciation and disposition information from Sage® FAS asset management software.

Meet e-filing Mandates with an IRS Authoirzed Provider

CCH offers electronic filing for all federal (single company and consolidated) and state returns, including the ability to attach PDF files.

Our Electronic Filing Status System will addresss all of the workflow issues associated with e-filing, letting you easily submit, track, stop, and change the status of any return exported for e-filing.

Save hours of administrative legwork and realize immediate gains in productivity by relying on ProSystem fx Tax for all of your e-filing needs. You’ll enjoy the convenience of being able to do everything online – anywhere, anytime.

Leverage Leading-Edge State Features

• Sophisticated apportionment and allocation of state income, including the use of special factors such as transportation and insurance.
• A time-saving State Taxable Income Workpaper that summarizes state calculations and provides an easy-to-follow audit trail, starting with federal income and ending with state tax due.
• Multiple state processing for any combination of state returns.
• Extensions for all states.
• All applicable federal attachments, when required.
• Annual reports and tangible, franchise, and banking/financial institution returns for selected states.
• Combined or consolidated returns for all states.
• Selected state data at the federal level, to provide a centralized location for data common to all states.

Streamline Your Tax Preparation

Automatic calculation of book-to-tax Schedule M-1/M-3 adjustments further simplifies your preparation process.

Advantages include:

• Simple and efficient M-3 processing.
• Flexible data entry methods.
• Single-entry option codes provided for Income and Deductions and Rental Expenses.
• Easy imports from ProSystem fx® Trial Balance packages.
• Supporting statements for every M-3 line, providing an at-a-glance audit trail.

• Calculating limitations and carryforwards for:
  • Net operating losses (Regular and AMT)
  • Capital losses
  • 1231 losses (Regular and AMT)
  • Section 179
  • Passive activity losses (Regular and AMT)
  • Contributions (Regular and AMT)
  • Various credits
• Computing passive activity loss limitations for closely held and personal service corporations.
• Identifying tax preference and adjustment items, and performing Alternative Minimum Tax calculations (and credit carryovers) for calendar and fiscal year returns.
• Calculating ACE adjustments for Alternative Minimum Tax.
• Calculating the Domestic Product Activities Deduction, including a detailed audit trail.
• Providing flexible accrual options for reporting federal and state/city tax liability to Schedule M-1/M-3, Balance Sheet, and P & L Statements.