Adding an S Corporation consolidated return
- Choose File > New Client.
- In the New Client dialog, click the 1120 option on the Federal tab. From the drop-down list, choose Consolidated S.
- Click the Advanced Properties button.
- Click the Group tab.
- To add the parent company for the S Corporation Consolidated return, highlight the company name in the S Corporations available to consolidated group list and click the Select Parent button.
- To add the eliminations company for the S Corporation Consolidated return, highlight the company name in the S Corporations available to consolidated group list and click the Select Eliminations button.
Note: Including an eliminations client as part of a consolidated group is optional.
- To add a subsidiary company (QSSS) for the S Corporation consolidated return, highlight the company name in the S Corporations available to consolidated group list and click the Select Subsidiary button. Add additional subsidiary companies as needed.
Notes
- To remove a company from the consolidated return, see Removing companies from an existing consolidated client.
- If you have a C Corporation that is QSSS, you will need to clone the client, change the client to an S Corporation, and make any necessary data entry in the S Corporation input screens.
- Click the Options tab. In addition to the amounts that Onvio Tax automatically combines, you may select additional amounts to be combined for an S Corporation consolidated client. Mark the checkbox for each category for which all member client values should be combined into the consolidated client.
Note: If a category is not marked, enter the data on the applicable input screens in the S Corporation consolidated client. The following is a list of categories and the related input screens.
Category Affected input screen(s) Payments PmtExt, Payments section Credits GBCGen; Forms 3468, 6765, 8820, and 8835 sections Section 179 Carryover NOL, Section 179 section - Click OK to close the Advanced Properties dialog.
- Click OK again to close the New Client dialog.
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