K1x Ideas
Describe your idea. The more information you provide, the clearer picture of your idea we will have. |
There should be a report that pulls together all of inputs in the non k-1 investment activity section similar to a k1 detail summary |
How will this idea help you and potentially others? Understanding how things are done today, where the pain is, and how the idea is beneficial puts us in your shoes. |
Private foundations typically have some of the largest and more diversified investment portfolios. When investing in a foreign corporations they will need to report their PFIC distributions on their annually filed form 990PF. Currently the system tracks foreign corp distributions but it flows NOWHERE, thus rending the current software useless and a need for a manual tracker outside the system. |
Who will benefit from this idea? Whether it's specific roles of users, users of a specific product, or certain departments/markets, this helps us know who to talk to when we need more information. |
Every Client that adds direct foreign corporation data into the system - now there is a report for it |
How do you envision this idea being implemented at K1x? You're the expert and understanding how you see this working helps kickstart the idea. |
I envision a usable report under the reports tab in the software. |
It would also be helpful to have this data flow to the Capital Account Analysis, where currently the ownership % and beginning and ending FMV seem to show up, but the contributions and distribution amounts entered do not.
currently only lines A&B and G&H flow through to the capital account analysis report which leaves C,D and F as non-linked data fields (should have a report for investment name, EIN, Tags, and A-H)