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.

Notes: Changes to the tax group assignments in the Tax trial balance automatically update the Tax Summary Report.

To view the Tax Summary Report, do the following:

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.

Working with Single-Tier Consolidated Engagements

The Financial Statements page is available with Financial consolidated engagements.

To select the entity to view, do the following:

From the Trial Balance page of the consolidated engagement, click to open the drop-down menu.
Select the entity you want to view. The consolidated entity is always the first item on the list. Then, each subsidiary with a trial balance is listed in the same order as they appear on the Subsidiary Setup page.

The Tax Summary Report data that displays on the page is for the selected entity only.

The consolidated view displays four levels:

Tax group
Tax sub-group
Subsidiary
Accounts

Click the arrow next to each level to view the detail that makes up the sub-total.

This view includes the following columns:

EJEs (current year)
Consolidated total (current year)
Consolidated total (prior year)

You can add and view eliminating journal entries (EJEs) from the consolidated view.

The subsidiary view displays three levels:

Tax group
Tax sub-group
Accounts

Click the arrow next to each level to view the detail that makes up the sub-total.

Working with Multi-Tier Consolidated Engagements

The Financial Statements page is available with Financial consolidated engagements.

To select the entity to view, do the following:

From the Trial Balance page of the consolidated engagement, click to open the drop-down menu.
Select the entity you want to view. The consolidated entity is always the first item on the list. Then, each subsidiary with a trial balance is listed in the same order as they appear on the Subsidiary Setup page.

The Tax Summary Report data that displays on the page is for the selected entity only.

The consolidated or lower parent view displays four levels:

Tax group

Tax sub-group

Entity: Parent or Subsidiary totals

Accounts display for subsidiary entities

Click the arrow next to a subsidiary row to expand and see the account details.

This leadsheet includes the following columns:

EJEs (current year)

Consolidated total (current year)

Consolidated total (prior year)

You can add and view eliminating journal entries (EJEs).

The subsidiary view displays three levels:

Tax group

Tax sub-group

Accounts

Click the arrow next to each level to view the detail that makes up the sub-total.

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 assigned 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.

Tool	Description
Add Journal Entries	Allows you to view, add, edit, and delete journal entries.
Link/Unlink	Allows you to use the Tax Link feature to send tax balances directly to a tax return in CCH iFirm Taxprep.
Download GIFI	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.
Export	Allows you to export the tax summary report to a Microsoft® Excel® workbook.

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.