ProSystem fx Tax – Fiduciary - CCH...ProSystem fx Tax – Fiduciary Simplify Your Estate and Trust...
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ProSystem fx ® Tax – Fiduciary Simplify Your Estate and Trust Returns Streamline Your Work with Smart Features and Speedy Calculations Whether you’re working on a Simple Trust, Decedent’s Estate, or Custodial/Agency Account, you’ll benefit because ProSystem fx Tax – Fiduciary module: z Provides extensive computations for Form 1116, Foreign Tax Credit and Form 8960, Net Investment Income Tax. z Allows for import and export of oil & gas/depletion data to/from Microsoft ® Excel ® spreadsheets. z Distributes income based on amounts, decimals or a combination of both. z Allows for specific allocation of income classes, certain deductions and credits to selected beneficiaries, along with separate distribution of depreciation and depletion — or inclusion with related income amounts. z Enables a variety of distribution options, including first and second tier beneficiary allocations, per-beneficiary distributions, and the Section 663(b) (65-day) election. z Provides an option to create a beneficiary tax information letter in conjunction with a Schedule K-1. z Produces tax information letters for grantors, custodial/agency accounts, and non-resident beneficiaries. z Creates detailed statements supporting all deduction allocations. z QFT — Qualified Funeral Trust — Trustees of pre-need funeral trusts who elect treatment of IRC Code Section 685 will now be able to file Form 1041-QFT U.S. Income Tax Return for Qualified Funeral Trusts. z Perpetual Care Funds IRC Code 642(i) — If you have a cemetery perpetual care funds, we will now provide for the calculation of Form 1041, line 18 in accordance with IRC section 642(i) which allows for the deduction of $5 per gravesite for maintenance of cemetery property. z Offers several methods for allocating deductions to classes of income, including: z Pro rata to all classes of income. z In a specific order. z Specific deductions to species classes of income. z Calculates federal and selected state NOL. z Exports fiduciary K-1 data directly to ProSystem fx Tax – Individual, and applicable business returns. z Minimizes your data entry with an intuitive Worksheet Interface. z Simplifies your collection of client federal tax data using a printable Organizer. z Offers Form 1040-NR, which lets you generate a foreign trust return in the 1041 system. z Provides a K-1 import that allows you to import multiple activities from the partnership system. z Offers the ability to prepare Partial Grantor Returns, both Federal and State, with unlimited number of Grantors. z Lets you suppress state K-1s on a state–by-state basis. Gain Efficiency with Comprehensive Diagnostics and Powerful K-1 Options ProSystem fx Tax – Fiduciary also computes accounting income, estate tax deduction, creates supporting worksheets and offers extensive review and audit tools that include comprehensive diagnostics, worksheets and recap statements for income from pass-through and beneficiary distributions. Gain efficiency with a fiduciary tax package that includes powerful state and K-1 options: z Simple Trust z Complex Trust z Decedent’s Estate z Bankruptcy Estate (Federal) The ProSystem fx ® Tax – Fiduciary module lets you easily manage all types of estate and trust returns, as well as distribution and Schedule K-1 options. Increase efficiency with features that provide full flexibility for allocating and presenting deductions.
Transcript of ProSystem fx Tax – Fiduciary - CCH...ProSystem fx Tax – Fiduciary Simplify Your Estate and Trust...
ProSystem fx® Tax – FiduciarySimplify Your Estate and Trust Returns
Streamline Your Work with Smart Features and Speedy CalculationsWhether you’re working on a Simple Trust, Decedent’s Estate, or Custodial/Agency Account, you’ll benefit because ProSystem fx Tax – Fiduciary module:
zz Provides extensive computations for Form 1116, Foreign Tax Credit and Form 8960, Net Investment Income Tax.
zz Allows for import and export of oil & gas/depletion data to/from Microsoft® Excel® spreadsheets.
zz Distributes income based on amounts, decimals or a combination of both.
zz Allows for specific allocation of income classes, certain deductions and credits to selected beneficiaries, along with separate distribution of depreciation and depletion — or inclusion with related income amounts.
zz Enables a variety of distribution options, including first and second tier beneficiary allocations, per-beneficiary distributions, and the Section 663(b) (65-day) election.
zz Provides an option to create a beneficiary tax information letter in conjunction with a Schedule K-1.
zz Produces tax information letters for grantors, custodial/agency accounts, and non-resident beneficiaries.
zz Creates detailed statements supporting all deduction allocations.
zz QFT — Qualified Funeral Trust — Trustees of pre-need funeral trusts who elect treatment of IRC Code Section 685 will now be able to file Form 1041-QFT U.S. Income Tax Return for Qualified Funeral Trusts.
zz Perpetual Care Funds IRC Code 642(i) — If you have a cemetery perpetual care funds, we will now provide for the calculation of Form 1041, line 18 in accordance with IRC section 642(i) which allows for the deduction of $5 per gravesite for maintenance of cemetery property.
zz Offers several methods for allocating deductions to classes of income, including: zz Pro rata to all classes of income. zz In a specific order. zz Specific deductions to species classes of income.
zz Calculates federal and selected state NOL.
zz Exports fiduciary K-1 data directly to ProSystem fx Tax – Individual, and applicable business returns.
zz Minimizes your data entry with an intuitive Worksheet Interface.
zz Simplifies your collection of client federal tax data using a printable Organizer.
zz Offers Form 1040-NR, which lets you generate a foreign trust return in the 1041 system.
zz Provides a K-1 import that allows you to import multiple activities from the partnership system.
zz Offers the ability to prepare Partial Grantor Returns, both Federal and State, with unlimited number of Grantors.
zz Lets you suppress state K-1s on a state–by-state basis.
Gain Efficiency with Comprehensive Diagnostics and Powerful K-1 OptionsProSystem fx Tax – Fiduciary also computes accounting income, estate tax deduction, creates supporting worksheets and offers extensive review and audit tools that include comprehensive diagnostics, worksheets and recap statements for income from pass-through and beneficiary distributions.
Gain efficiency with a fiduciary tax package that includes powerful state and K-1 options:
zz Simple Trust
zz Complex Trust
zz Decedent’s Estate
zz Bankruptcy Estate (Federal)
The ProSystem fx® Tax – Fiduciary module lets you easily manage all types of estate and trust returns, as well as distribution and Schedule K-1 options. Increase efficiency with features that provide full flexibility for allocating and presenting deductions.
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ProSystem fx® Tax – Fiduciary
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Gain Efficiency with Comprehensive Diagnostics and Powerful K-1 Options (continued)
zz Grantor Trust
zz Multi State Grantor Trusts
zz Partial Grantor Trust
zz Custodial/Agency Account
zz Electing Small Business Trust
zz Split Interest Trustszz Charitable Lead Trustzz Grantor Charitable Lead Trustzz Charitable Remainder Annuity Trustzz Charitable Remainder Unitrustzz Pooled Income Fund
Simplify Production of State Returns Continue to maximize productivity with simple-to-use state features, such as:
zz Comprehensive programs that work seamlessly with federal data.
zz Complete multi-state processing for nonresident returns, including the computation of credit for taxes paid to non-resident states.
zz Ability to drill down to individual items to ensure itemized calculation accuracy.
Decrease Non-Billable Hours Through Tight Integration ProSystem fx Tax works seamlessly with the ProSystem fx® Suite, other CCH solutions, and Microsoft® Office products to drastically reduce time spent on redundant manual data entry.
This allows you to:
zz Transfer depreciation and asset disposition information to and from ProSystem fx® Fixed Assets.
zz Use context-sensitive links to IntelliConnect®, along with integration to ClientRelate™.
zz Import or export beneficiary data with Microsoft® Excel®.
zz Import asset, depreciation and disposition information from Sage® FAS asset management software.
zz Quickly research form instructions using form-by-form integration with the U.S. Master Tax Guide® and CCH® Tax Prep Partner Series™.
zz 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.
Meet E-filing Mandates with an IRS-Authorized Provider Save hours of administrative legwork and experience immediate productivity gains 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. Additionally, our Electronic Filing Status System lets you effortlessly submit, track, stop and change the status of any return exported for e-filing.
Training and Consulting Options to Fit Your NeedsCCH also offers valuable training, consulting and CPE to keep you ahead of the curve. From live training and consulting, to on-demand online learning, CCH provides the tools that everyone, from new hires to seasoned pros, needs to strengthen their abilities.
For More Information in Canada www.cch.ca/ProSystemTax
1-800-268-4522
