Using the Tax Summary Report
The Tax Summary Report is automatically created based on the tax groupings assigned to accounts in the Tax trial balance. You can compare the prior year balances in this report to last year’s tax return. If the balances are not the same, review the tax group assignments in the Tax trial balance. It is possible that accounts are not grouped the same way they were last year. You can make modifications as needed.
To view the Tax Summary Report, do the following:
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Click the engagement on the Engagement List page.
Note: See Using the Engagement List Page for information about using the pagination and search features to find an engagement in the list.
- Click on the navigation bar and select Tax Summary Report.
Note: You can also access the tax summary report from Engagement View. Click next to the node or folder holding the tax summary report to expand it and show its contents, and then click the report's index or name to open it.
Tell me about the information in the Tax Summary Report.
Net (Income) Loss Section
The Net (income) Loss displays above the Totals row. The Net (income) Loss amounts are the sum of the accounts assigned to revenue and expense groups in the Tax trial balance.
Tax Group Tabs
Under the Net (Income) Loss section, tabs display based on the tax groups assigned to the accounts:
- General. Displays all accounts assigned to tax groups and tax sub-groups that are not property tax groups.
- Unassigned. Displays any accounts that do not have a tax group assigned.
Each tab (with the exception of the Unassigned tab) lists all the tax groups assigned to an account in the Tax trial balance, along with their totals. If needed, you can expand a group to see the sub-group and account balances contained within it by clicking next to the group index.
The Unassigned tab will list all accounts that are not asigned to a tax group. The accounts are sorted by account number. If account numbers are not used, then the accounts are listed in alpha-numeric order of the account name.
Access a Workpaper from the Tax Summary Report
If you have tagged a workpaper to a leadsheet, you can access it by clicking the workpapers link that appears on the top right of the Tax Summary report. A blue icon displayed next to the Final Balance (current year) or Tax Balance (current year) column for an account indicates that a workpaper reference link was added for that account and balance. You can click this icon to open or download the workpaper. See Referencing Workpapers from the Trial Balance for more information about workpaper reference links.
Which balances display for each group, sub-group, and account?
You can drill down for detailed account information on each tab.
- Click the Accounts row beneath a tax group to see the balances for the accounts assigned directly to the tax group. To return to the summary page from the list of accounts, click .
- If accounts are assigned to tax sub-groups, click the tax sub-group name beneath the tax group to see the accounts assigned to the sub-group. To return to the summary page, click .
Tell me about the buttons on the toolbar.
Add Journal Entries
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Allows you to view, add, edit, and delete journal entries.
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Link/Unlink
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Allows you to use the Tax Link feature to send tax balances directly to a tax return in CCH iFirm Taxprep.
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Download GIFI
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Displays only when the engagement is not linked to a return in CCH iFirm Taxprep. Click to export the tax balances to a file that can be imported into a CCH iFirm Taxprep return.
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Export
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Allows you to export the tax summary report to a Microsoft® Excel® workbook.
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Note: If this is an interim engagement, the accounts and balances are for the active
period selected. To view another period, change the active period in the drop-down list.