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Items addressed in previous releases of ProSeries
Updating a return with data from QuickBooks
The 2010 Tax Relief Act increased the bonus depreciation deduction to "100% first-year write-offs" of qualifying property placed in service after Sept. 8, 2010 and before Jan. 1, 2012,
If your fiscal tax year end is after Sept. 8, 2010 and you HAVE NOT FILED your return with the IRS yet, then check the box "Yes", on the "Information Worksheet", to apply the 100% bonus depreciation calculation to your return.
If you have already filed your return and have placed assets in service after Sept. 8, 2010 and selected to apply bonus depreciation to those assets at the 50% rate, you will need to amend your tax return to receive the new 100% rate.
How to amend your return in ProSeries:Partnerships, S Corporations, Exempt Organizations and Estate
Open the current return as filed. From the menu bar select "File>Save As" and save the return with a different file name. On the "Information Worksheet", of the new file, check the "Yes" box to apply the 100% Bonus Depreciation. Go to the main form and check the "Amended" Box on the return. Save the return and file the amended return as you normally would do.
This release contains the latest schema issued by the IRS to support e-filing.
All forms in this release of ProSeries/990 (release 2009.040) can be filed with the IRS.
For information about the IRS schedule for the release of forms, go to http://www.irs.gov/.
In discussing the Form 990 series filing phase-in, the IRS states:
"The new Form 990 series returns are effective for 2008 tax years (returns filed beginning in 2009). To allow organizations time to adjust to the new forms, the IRS is phasing in the new returns during a three-year transition period. During the transition, an organization's annual filing requirement depends on its financial activity. The charts below indicate the general exempt organization filing requirements during the transition period."
The following information is taken from the IRS charts:
Changes to the 2009 Form 990-EZ include:
If a client is filing Form 990-PF because the exempt organization no longer meets a public support test under sections 509(a)(1) and 170(b)(1)(A)(vi) or section 509(a)(2) and the client has not previously filed Form 990-PF, write "PRIOR PC" in the top-right corner of page 1 of Form 990-PF. Before filing Form 990-PF for the first time, you might want to go to http://www.irs.gov/eo for the latest information and filing tips to confirm that the client is no linger a publicly-supported organization.
Charitable trusts that became private foundations by virtue of section 1241(c) of the Pension Protection Act of 2006 must file Form 990-PF for taxable years beginning on or after January 1, 2008. Such organizations must file a paper Form 990-PF and write "Notice 2008-6 status change" at the top of Form 990-PF. For more information, see IRS Notice 2008-6.
For more information on what's new in ProSeries/990, open a 990 return, go to the Help menu, choose Help Center, then select What's New This Year?
For electronic filing, foreign addresses are not supported in the following fields on Form 990-PF:
California Civil Code section 1798.85 addresses the disclosure of Social Security Numbers in certain mailed materials. If you think California Civil Code section 1798.85 (or a similar regulation) might apply to materials that you send to your clients, we suggest you check with your attorney or other advisor.
To suppress the printing of a Social Security Number on a particular form or worksheet, (1) select the Social Security Number field, (2) go to the Edit menu and choose Override, then (3) press the Delete key to remove the Social Security Number from the field.
A check box option on the Exempt Organization Information Worksheet is titled QuickBook Import Users & 990 to 990-EZ Data Transfer Option. Check this box if the client will be filing Form 990-EZ and either of the following situations applies:
If you transfer data from last year's return and update the return with QuickBooks data, be aware of the following possible situations:
If you are just getting started with ProSeries/990 or need a refresher course, the How to Use ProSeries/990 guide will answer your questions and guide you through preparing returns for tax-exempt organizations. To see this guide, open a new or existing 990 return, go to the Help menu, choose Help Center, then choose How to Use ProSeries/990.
On February 17, 2009, the President signed into law American Recovery and Reinvestment Act of 2009.
For more information, go to http://www.proseries.com/support or http://www.irs.gov.
For more information:
To use the QuickBooks Update feature to update a ProSeries return with data from QuickBooks, you must use QuickBooks 2008, 2009, or 2010. To upgrade your version of QuickBooks, call 1-800-446-8848 or go to http://www.quickbooks.intuit.com.
We strongly recommend that you do the following for each exempt organization in your QuickBooks software before you update a return with QuickBooks data:
Note the following:
Form 990. Because of extensive form changes by the IRS, accounts with Trial Balance Import links that were previously linked to Form 990 are not transferred and must be re-linked.
Form 990-PF. Because of form changes, accounts with Trial Balance Import links that were previously linked to any of the Form 990-PF lines listed below are not transferred and must be re-linked.
Important: Electronic filing is available in this release of ProSeries/990 (release 2009.010).
Form 990-T returns: The IRS does not support electronic filing of Form 990-T returns.
Forms that can be filed electronically. To see a list of the 990, 990-EZ, 990-N, and 990-PF forms and schedules that can be filed electronically (using a subsequent release of ProSeries/990), open a 990 return, go to the Help Center, select What's New This Year?, scroll down to the Electronic Filing section (near the end of the file), then click the phrase transmitted electronically that's blue and underlined.
For electronic filing procedures and information, click the EF button on the toolbar to go to the EF Center (also known as the HomeBase Electronic Filing view).
The Steps to E-File section on the right side of the EF Center summarizes the steps that you take when you file a client's return(s) electronically. In the Steps to E-File section:
The commands on the Electronic Filing menu in ProSeries are:
Tip: A quick way to select the Convert/Transmit Returns and Extensions command is to click the E-File button (to the right of the EF button on the EF Center toolbar).
You can file extension requests for most 2009 federal exempt organization returns electronically. Go to the 990-EZ, 990, 990-T, and 990-PF Information Worksheet, scroll to the Electronic Filing of Extensions section in Part VI-Electronic Filing Information, then check the box for File Form 8868 Electronically.
You can file most amended 2009 federal exempt organization returns electronically. Go to the 990-EZ, 990, 990-T, and 990-PF Information Worksheet, scroll to the Electronic Filing of Amended Return section near the end of Part VI-Electronic Filing Information, then check the box for File Amended Return Electronically.
Important:You can’t e-file amended 2009 Form 990-T returns.
End of ProSeries/990 ReadMe file