CCH Axcess™ Tax - 1065 Partnership returns

Allocate all income, deductions, and other Schedule K-1 items according to specified amounts, percentages, or units. For example, you can allocate liabilities based on end-or-year percentages, and allocate income, deductions and tax preference items on an activity-by-activity basis. You can also allocate excess basis adjustments under IRC Section 754 from the depreciation detail.

Prepare detailed partnership information, including federal partner basis worksheets to track the partners’ outside basis in the partnership and activity-level partner basis schedules. Consolidate federal partnership data from other partnership tax returns to a single partnership return.

Customize partner letters, instructions, and labels, including the option to use your own letterhead. Output partner K-1 packages to a combined PDF or to individual PDF files. Produce supporting statements for every Schedule M-3 line.

Export Schedule K-1 data and pass-through data to Microsoft Excel. Import and export oil & gas depletion data to/from Microsoft Excel spreadsheets.

Calculate alternative minimum tax versions of Schedule D, Form 4797, Form 4952 and Form 6252, and prepare alternative minimum tax basis worksheets. Change recourse debt to nonrecourse debt for LLP/LLC managing partners/members.

Quickly enter or import state and city tax information in one place, including general information, tax payments, adjustments to federal income, underpayment penalties, late payment penalties and interest, estimated preparation options and Schedule K-1 equivalents. Automatic data gathering from member returns simplifies combined filing for Michigan’s unitary business tax and Texas franchise combined reports. 

Prepare schedule K-1 multiple activity statements for each partner, including Schedule K-1 summary statement for foreign transactions. You can choose to override federal/state Schedule K-1s, and you have the option to suppress K-1 calculations for federal and states. Import and export partner K-1 data directly to individual and business returns and export multiple activities to the fiduciary return via the K-1 export. 

Extensive calculations for foreign partners and foreign partnerships. Prepare Form 926, Return by a U.S. Transferor of Property to a Foreign Corporation. Prepare Form 8865 as part of the 1065 return or as standalone form that you can attach to 1040, 1120, 1120S, 1065 and 990 returns.