What Transfers to the Return Worksheet

Transferred Items

•Temp Diffs - Temporary Differences transferred.
•Perm Diffs - Permanent Differences transferred.
•PTBI - The PreTax Book Income transferred is calculated in the ONESOURCE Income Tax program.
oThe PTBI balance is presented after Reclass.
oYou cannot verify the PTBI calculation in ONESOURCE Income Tax.
•Federal Tax Adjustments - Federal Tax Adjustment transferred.
•After Tax Temp Diffs - After Tax Temporary Differences transferred.
•NOL Temp Diffs - NOL Temporary Differences transferred.
•State Tax Adjustments - State Tax rates transferred.
•Grand Total-Total is available for all columns that have balances.

 

Within the Return Worksheet, you can update the data in the range of the cells highlighted in green. However, the data in the range of cells highlighted in yellow are "Read Only."  Review the cells highlighted in red, to determine the necessary corrections; then, transfer the data to update the worksheet.

 

Columns

Units (PTBI) PTBI totals

 

State Tab 5 Columns

Code Action

•Federal NOL Utilized Creates a NOL Temp Diff.
•Federal Charitable Contribution Limit Utilized.
•Create a Temporary Adjustment.
•Federal Capital Loss Limit Utilized Creates a Temporary Adjustment.
•AMT Credit Utilized Creates a Temporary Adjustment.
•Foreign Tax Credit Utilized Creates ATTD.
•Foreign Tax Credits Utilized Creates ATTD.
•Federal Tax Expense Federal Tax Adjustment.
•State Tax Expense State Tax Adjustment.

 

Worksheet Tabs

Several tabs appear at the bottom of the Return Worksheet after the transfer ONESOURCE Income Tax data. These items in ONESOURCE Income Tax will not have codes associated with them because they are generated by the application. In ONESOURCE Tax Provision, you may have already defined codes for this type of data with the exception of Federal Tax Expense and State Tax Expense. The Return Worksheet can have various tabs available depending on the data elements that are transferred. The Temps, Perms, and PTBI tabs are available upon mapping and transferring the temporary and permanent differences. The “other” tabs are available as a result of mapping the N/A data elements within the adjustment mapping area. You may need to create adjustments within the ONESOURCE Tax Provision Administration area in order to complete the mappings for the N/A adjustments. Or, ignore the N/A items if not in a NOL position, have Charitable Loss Carry overs or AMT Carry overs or FTC and so forth.

 

Federal Tax Expense and State Tax Expense (Separate and Combined)

Federal Tax Expense and State Tax Expense are mapped if you do not transfer all the other data or have zero tax rates because transferring both will duplicate your tax expense in ONESOURCE Tax Provision. If you map PTBI, perms adjustments, and temp adjustments, the application creates a taxable income times a rate equal that should be equal to the tax expense.The application sends the amounts if you want to send the total expense and do a topside RTP comparison. For example, if you do not need to know how the state of Illinois is computed, and you want to compare the $5,000 of tax expense on the return to the calculated $4,800 tax expense on the Provision, map the State Tax Expense to a State Tax Adjustment code and put a zero state tax rate in the Unit State Details so the system will not calculate tax in the Return Dataset.

 

Non-Consolidated Basis

•Pre-tax book income.
•Book-to-tax adjustments.
•State tax expense for separate company filings.

Consolidated Basis - Federal

•Federal NOL Utilized.
•Federal Charitable Contribution Limit Utilized.
•Federal Capital Loss Limit Utilized.
•AMT Credit Utilized.
•Foreign Tax Credit Utilized.
•Federal Tax Credits Utilized.
•Federal Tax Expense.

Consolidated Basis - State

•State Tax Expense for consolidated states filings.
•Multipliers combine or break out the state tax expense by entity.
•State Apportionment.
•State Rates.

Note: State Modifications are not available to transfer.