ProSystem fx® Tax Corporation System Corporation compliance tailored to your needs
The ProSystem fx Tax Corporation system allows you to meet all your corporate tax compliance requirements completely and accurately, while optimizing your productivity.
Save time and have full control through extensive automatic calculations, options, and overrides
Electronically file all Federal (single company and consolidated) and selected state returns, attaching required and optional PDF files
Handle all types of calculations, book-to-tax adjustments, and detailed reports for planning and audit trail purposes
Easily convert a Corporation return to an S Corporation return, and vice versa, from one year to the next
Perform comprehensive calculations for mineral interests such as oil and gas
Benefit from comprehensive 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
Whether you’re working on tax compliance for a Corporation, S Corporation, or Consolidated Corporation, ProSystem fx Tax gives you the tools you need to tackle any return.
Corporations
Generate complete audit trails and required supporting schedules
View two-year tax comparisons, highlighting differences between current and prior tax years
Generate detailed statements, including net operating loss, general business credits, contributions, carryforwards, and carrybacks – historically, by year
Perform extensive automatic calculations related to limitations, carryforwards, and more
Consolidated Corporations
Create tiered consolidations, maintaining all of the detail of the separate companies from the lower-level consolidated return
Quickly review all supporting detail at the consolidated level, thanks to columnar and stacked consolidated print
Automatically carry forward separate company entries to the consolidated return for officers’ compensation, all credits, and recaptures
Access all returns in a consolidated group from the consolidating unit, using inter-return navigation
S Corporations
Allocate any/all distributive items contained in a return and perform special distribution and allocation methods.
Compute portfolio income and distributions for each shareholder, plus numerous other tax calculations.
Prepare a single return for an S Corporation parent with qualified sub-chapter S subsidiaries (QSUB).
Complete all federal and state extension forms
Consolidated Corporation
Powerful Features Meet All Your Compliance Requirements and More
Provides the ability to create tiered consolidations, maintaining all of the detail of the separate companies from the lower level consolidated return.
Provides both columnar and stacked consolidated print, allowing quick review of all supporting detail at the consolidated level.
Provides SRLY limitations for NOL, AMT NOL, capital loss carryovers, and general business credits.
Automatically carries forward separate company entries to the consolidated return for officers’ compensation, all credits, and recaptures.
Provides comprehensive state, city, and county returns based on Federal Consolidated Income.
Recalculates depreciation for mid-quarter and half-year convention rules, prior short year, and Sec 179.
Easy-to-Use Features and Complete Audit Trails Save Time and Ensure Accuracy
Allows straightforward entries for Form 851 (Affiliations Schedule).
Easy coding system simplifies adjustment and elimination entries.
Consolidating, combining, and supporting statements produce detailed audit trails.
Provides detailed statements to support all automatic journal entries.
Suppresses automatic journal entries when necessary.
Inter-return navigation allows access to all returns in a consolidated group from the consolidating unit.
S Corporation
Shareholders Allocation/Distribution Features Give You the Flexibility to Handle Any Situation
Allocates any/all distributive items contained in a return.
Performs special distribution and allocation methods:
Per share, per day allocation
Single or multiple tier allocation
Effective ratio allocation
Residual allocation
Time-segmented allocation
Allocates income, deduction, and alternative minimum tax items to shareholders on an activity-by-activity basis.
Extensive Tax Calculations
Computes portfolio income and distributions for each shareholder.
Offers flexible accrual options for state/city tax liability to Schedule M-1, Balance Sheet, Rental Schedule, and P & L Statement.
Computes tax on excess net passive income and Built-in Gains, and provides a statement detailing the calculation and pro rata allocation of taxes.
Automatically computes a protective estimate, if applicable, with a worksheet (Form 1120-W).
Additional Features Provide Even More Power
Prepares a single return for an S Corporation parent with qualified sub-chapter S subsidiaries (QSUB).
Easily converts an S Corporation return to a Corporation return from one year to the next.
Allows for special allocation of footnote amounts and generation of footnotes for all or selected shareholders.
Produces a copy of Forms 8271, 8283 and 8886, IRS K-1 instructions and K-1 schedule of activities, property eligible for Investment Tax Credit, Foreign Tax Worksheet, and shareholder disclosure statements for reportable transactions for each shareholder.
Completes all federal and state extension forms.
Prepares regular Corporation returns for states that do not recognize S Corporations.
Produces a worksheet detailing the stock and debt basis for each shareholder.
Provides the ability to import/export state apportionment information using Microsoft® Excel spreadsheets.
Provides a dynamic import/export of Shareholder and allocation data and K-1 import/export spreadsheet link with Microsoft® Excel.
Powerful State Features for All ProSystem fx Tax Corporation Programs
Provides comprehensive, simple-to-use multiple state processing capabilities for any combination of state returns.
Handles extensions for all states.
Includes all applicable Federal attachments when required.
Generates annual reports and intangible, tangible, franchise, and banking/financial institution returns for selected states.
Produces combined or consolidated returns for selected states.
Moved various state data to the federal level to provide a centralized location to enter data common to all states.
ProSystem fx Tax Corporation helps you handle returns at the federal, state, city, and county levels.
Federal Forms and Schedules
Form 1120
Schedule A
Schedule C
Schedule D
Schedule E
Schedule H
Schedule J
Schedule K
Schedule L
Schedule M-1
Schedule M-2
Schedule M-3
Schedule N
Schedule O
Schedule PH
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
Form 1120-FSC
Schedule P
Form 1120-H
Form 1120-L
Schedule M-3
Form 1120-PC
Schedule M-3
Form 1120-IC-DISC
Schedule K
Schedule P
Schedule Q
Form 1120-POL
Form 1120-REIT
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 8271
Form 8275
Form 8275-R
Form 8283
Form 8302
Form 8586
Form 8594
Form 8609
Form 8609-A
Form 8613***
Form 8621
Form 8697
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 8878-A
Form 8879-C*
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 90-22.1
Form T
* 1120 only ** 1120S only *** 1120-RIC only
State, City and County Return
Alabama+
Alaska*
Arizona
Arkansas*
California
Colorado
Connecticut
Delaware
District of Columbia*
Florida
Tangible
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas+
Kentucky
Lexington
Louisville
Tangible
Financial
Louisiana*
Maine
Maryland
Massachusetts+
Michigan SBT+
Battle Creek
Detroit
Flint
Grand Rapids
Highland Park
Lansing
Pontiac
Port Huron
Saginaw
Minnesota
Mississippi
Missouri+
Kansas City
St. Louis
Montana*
Nebraska
New Hampshire
New Jersey*+
New Mexico+
New York*
New York City
North Carolina+
North Dakota
Ohio
Akron
Cincinnati
Columbus
Counties
CCA
RITA
Generic
Oklahoma
Oregon
Multnomah County
Portland
Pennsylvania*
Philadelphia
Rhode Island
South Carolina*
Tennessee*
Utah
Vermont
Virginia
West Virginia
Wisconsin
Consolidated Returns:
Alabama
Arizona (consolidated or combined)
Arkansas
Florida
Georgia
Hawaii
Indiana
Iowa
Kentucky
Missouri
New Mexico
Oklahoma
Oregon
South Carolina
Virginia
West Virginia
Combined Returns:
California
Colorado
Connecticut (consolidated or combined)
Idaho
Illinois
Kansas
Maine
Massachusetts
Minnesota
New Hampshire
New Mexico
New York
New York City
Ohio
Composite Returns:
Alabama
Arizona
California
Colorado
Connecticut
Georgia
Hawaii
Illinois
Indiana
Iowa
Kansas
Kentucky
Maine
Maryland
Massachusetts
Michigan SBT
Minnesota
Missouri
Montana
Nebraska
New Jersey
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
Utah
Virginia
West Virginia
Wisconsin
* Provides State C Corp with Federal S Corp + Includes Annual Report
One way the ProSystem fx Tax Corporation system saves you time is by working seamlessly with other software solutions. You can turn that time savings into more billable hours.
ProSystem fx Tax Corporation …
Dynamically links with ProSystem fx Engagement, CCH's full-featured trial balance and paperless engagement system
Allows transfer of depreciation and asset disposition information to and from ProSystem fx Fixed Assets
Provides the ability to import/export state apportionment information using Microsoft® Excel spreadsheets
Imports asset, depreciation, and disposition information from Sage FAS asset management software
Provides a dynamic import/export of Shareholder and allocation data, plus a K-1 import/export spreadsheet link with Microsoft® Excel
With several features that streamline tax preparation and optimize productivity, the ProSystem fx Tax Corporation module offers the following benefits:
Extensive automatic calculations, options, and overrides increase productivity and offer full control.
Offers electronic filing for all Federal (single company and consolidated) and selected state returns, including the attachment of required and optional PDF files.
Powerful depreciation and amortization features handle all types of calculations, book-to-tax adjustments, and detailed reports for planning and audit trail purposes.
Provides the ability to import/export state apportionment information using Microsoft® Excel spreadsheets.
Easily converts a Corporation return to an S Corporation return from one year to the next.
Comprehensive calculations for mineral interests such as oil and gas.
Provides comprehensive 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.
Import asset, depreciation and disposition information from Sage FAS asset management software.
ProSystem fx Tax Corporation offers the following features to help you meet all of your state compliance needs:
Provides comprehensive, simple-to-use multiple state processing capabilities for any combination of state returns
Handles extensions for all states
Includes all applicable Federal attachments when required
Generates annual reports and intangible, tangible, franchise, and banking/financial institution returns for selected states
Produces combined or consolidated returns for selected states
Places various state data at the federal level to provide a centralized location to enter data common to all states
Automatic Calculation of Book-to-Tax Schedule M-1 Adjustments
Amortization
Travel and entertainment
Gain/loss on sales of assets
Research and employment credits
Depreciation
Passive activity losses (1120 only)
Depletion
Capital losses in excess of capital gains (1120 only)
