Blogs

Starting with the 2023 version of Corptax, periodic updates to the software will be referred to as software updates (SU), rather than hot fixes (HF). Below is a summary of software updates released in the past week.

Software Update 4

SU4 provides the following enhancements:

• Login Experience. We released the following security enhancements:
• You can now use your web browser password manager to log in to Corptax with ease from both the desktop and web points of access.
• You can now view your passwords using the industry standard "eyeball" icon.

• International. International queries now return results for the following attributes:
  • 245A dividend
• Participation Exemption
• FDDEI Type
• 1118 Presentation Grouping
• International Setting
• QBU Entity
• Reporting Entity
• DEI
• Global Minimum Tax. Corptax now creates a new ownership-based entity group for Global Minimum Tax (GMT) entities. The Global Minimum Tax (GMT) group includes entities whose data is needed in calculating GMT Pillar 2.

SU4 provides the following updates:

• Administration. Corptax correctly detects Windows 11 OS for the desktop application.
• International.
  • We clarified two Subpart F Type values by adding (a)(1)(A). Use the updated values PTEP 951(a)(1)(A)-959(c)(2) and PTEP 951(a)(1)(A)-959(c)(1)(A) when importing applicable E&P records.
  • We modified the HistoricalEnP diagnostic to merge/combine all of the EnP transactions by entity into a single worksheet and a worksheet for all dividends/distributions payments.
  • The calculation for Line 6 of the automated Form 8990 (Tentative Taxable Income) now includes adjustments for PTEP gain and loss, 987 gain and loss, charitable contribution limitation, and capital loss limitation. The accounts supporting these amounts are available in the PriorExecutionResults tab of the 163(j) diagnostics.
  • The international calculations complete the Look-Through Subpart F and Dividends step without receiving a status error.
  • The QBU Detail Taxable Income report now properly launches.
• Tax Returns.
  • When a custom group's Heading 1 includes a space in the name, Corptax no longer combines it with the Heading 2 in white paper reports.
  • We fixed the scaling to adjust the number of columns or rows displayed on each page of the white paper reports, resulting in more columns per page and fewer pages in the report.
  • You can now successfully post amounts from a launched return even when the tax return has the Report Posting option set to Report - Create Report without Posting Amounts.
  • The Suppress Zeros option correctly suppresses records with zeros in white paper reports.
  • Custom calculations with a format inverted now display properly in the white paper report and prints and exports correctly.
  • The columns in the white paper report now respect the print width selected in the custom group of the return.
  • The Form 1120, Schedule M-3, page 3, line 38 statement now correctly displays the landscape orientation format from prior year.
• Web Services. The Corptax Connector for Alteryx returns data when using an international query data source.

Software Update 5

SU5 provides the following update:

• Tax Returns. We adjusted the width of the columns in the schedules, statements, and white paper reports to improve the display and provide more columns per page and fewer pages in the report.