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:
- Click the engagement on the Engagement List page.
- Click
on the navigation bar and select Tax Summary Report.
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:
-
At the top of the page, click
the icon. -
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:
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Tax group
-
Tax sub-group
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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:
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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:
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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:
-
At the top of the page, click
the icon. -
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:
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Tax group
-
Tax sub-group
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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:
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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 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.
- Business. Displays all accounts assigned to business property tax groups and tax sub-groups. (This applies only to the Schedule C for Individual and Sole Proprietorship tax entity types.)
- Rental. Displays all accounts assigned to rental property tax groups and tax sub-groups. (Applies to all tax entity types. For example, Schedule E or Form 8825.)
- Farm. Displays all accounts assigned to farm property tax groups and tax sub-groups. (Does not apply to Non Profit and Tax Exempt tax entity types.)
- 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 clickingnext 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?
- Tax balance (prior year)
- Unadjusted balance (current year)
- Adjusting journal entries total (current year)
- Adjusted balance (current year)
- Reclassifying journal entries total (current year)
- Final balance (current year)
- Tax journal entries total (current year)
- Tax balance (current year)
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 Axcess™ Tax. |
| Download Compfile | Displays only when the engagement is not linked to a return in CCH Axcess Tax. Click to export the tax balances to a file that can be imported into a CCH Axcess Tax return using the G/L Bridge module. |
| Send | Displays only when the engagement is linked to a return in CCH Axcess Tax. Click to send the data to the linked tax return. |
| Export | Allows you to export the tax summary report to a Microsoft® Excel® workbook. |