2012 ProSeries/1120 ReadMe

Version: 2012.08b / December 30, 2014

Click a link to go directly to the topic of your choice.

All 1120 Forms can be filed

Items addressed in this release of ProSeries

Items addressed in previous releases of ProSeries

What's new in ProSeries/1120

New ProSeries/1120 forms

Tax legislation issues

Electronic Filing

All 1120 Forms can be filed

All forms in this release of ProSeries/1120 can be filed with the IRS.

For information about the IRS schedule for the release of forms, go to http://www.irs.gov/.

Items addressed in this release of ProSeries/1120

  • The Section 179 expense for South Carolina has been updated to $500,000 with threshhold of $2,000,000.

  • Michigan Business Tax Amended return and Corporation Income Tax amended return can be electronically filed.

    • Item addressed in previous releases of ProSeries/1120

  • The Where Do I Enter? feature is available.

    • The following issues were fixed in a prior release:

  • Form 1120, Schedule K, line 13 was incorrectly using line 1a instead of line 1c in answering line 13.

  • The Book/Return Income(Loss) Reconciliation Worksheet was incorrectly transferring the 2011 description for Credit for Small Employer Health Insurance Premiums from Form 8941 to 2012.

  • Form 4626, error messages have been fixed.

  • Form W-12 has been updated per IRS Rev. January 2013.

  • If the corporation's principal business, office, or agency is located in Florida, the IRS mailing address has changed.

  • The program has been updated to clear an incorrect error message for North Carolina assets with section 179 qualified leasehold property placed in service in TY11.

    • What's new in ProSeries/1120

    For information on what's new in ProSeries/1120, open an 1120 return, go to the Help menu, select Help Center, then select What's New This Year?

    New ProSeries/1120 forms

    We've added the following forms to ProSeries/1120 for the 2012 tax year:

    Obsolete ProSeries/1120 forms and worksheets

    We've removed the following obsolete form from ProSeries/1120S for the 2012 tax year:

    Tip: For information about changes to existing forms, start or open a Form 1120 return, go to the Help menu, select Help Center, then select What's New This Year?

    Tax legislation issues

    For information on tax legislation issues, open a 1120 return, go to the Help menu, choose Help Center, then select What's New This Year?

    Late Processing of Certain Forms

    Due to late legislation, the IRS has postponed the opening of filing season until January 30, 2013 for both paper and electronically filed returns. In addition, certain forms will not be accepted until late February or March.

    A listing of the late processing forms is available at the following website. List of IRS forms.

    Electronic filing

    Electronic filing is available in this release of ProSeries/1120.

    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).

    File amended 2011 federal corporation returns electronically

    You can file amended 2011 federal corporation (Form 1120) returns electronically. Go to the Corporation Information Worksheet, scroll to the Electronic Filing of Amended Return section near the end of Part V-Electronic Filing Information, then check the box for File Amended Return Electronically.

    -->

    Back to top

    End of ProSeries/1120 ReadMe file