Additional Status Options

Describe your idea. The more information you provide, the clearer picture of your idea we will have.

Add statuses to the drop-down list of options to account for scenarios where taxpayers receive additional information at a later time and the federal K-1 package has already been entered, reviewed, and analysis complete. Adding statuses such as Additional Data Input, Additional Data Ready for Review, Additional Data Review 1 through 3, Additional Data Analysis Complete would be helpful in keeping track of these separate from the initial input and review process. There could be other statuses or wordings that could be useful and consideration of this add shouldn't be limited to the suggestions I offer.

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.

About a third or approximately 180-200 of our investment accounts each year issue state apportionment packages and/or foreign information packages separate from the federal K-1. This is not a predictable occurrence since the investment activity can change from year to year for the types of partnerships we invest in and due to the volume of our K-1 population (500-600 K-1's), the most efficient way to review the K-1's is to handle as information is received. If we receive the federal K-1 in May and additional information in September, being able to track the change in status from complete to additional information requiring review is necessary for control of the content.

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.

All users. It doesn't hurt anyone who doesn't receive information at different times but will benefit those of us who process their K-1's as they are received and when additional information comes at a later date.

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.

Add new status names to the list where users can see them and use them if applicable.