K1x Ideas
Add a new idea Subscribe
Status Validating
Categories 990 Tracker
Created by Guest
Created on Aug 5, 2024

RELATED IDEAS

Provide Override functionality for 990 Part VIII, Line 11 and Part IX, Line 24

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

On the 990 Part VII and Part IX, provide override functionality for the tables that were just added

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.

Allows each accounting firm to prepare their tax returns for their clients and present the data as they prefer

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.

Accounting Firms

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.

Make all fields on the above lines overrideable


  • Attach files
  • Guest
    Aug 8, 2024

    2023 Instructions for Form 990 (https://www.irs.gov/instructions/i990)

    Line 24. Other expenses. Enter the types and amounts of expenses which weren't reported on lines 1 through 23. Include expenses for medical supplies incurred by health care/medical organizations. Include payments by the organization to professional fundraisers of fundraising expenses such as printing, paper, envelopes, postage, mailing list rental, and equipment rental, if the organization is able to distinguish these expense amounts from fees for professional fundraising services reportable on line 11e. Enter the four largest dollar amounts on lines 24a through 24d and the total of all remaining miscellaneous expenses on line 24e. Don't include a separate entry for “miscellaneous expenses,” “program expenses,” “other expenses,” or a similar general category on lines 24a–d. If the amount on line 24e exceeds 10% of the amount on line 25, column (A), the organization must list the type and amount of each line 24e expense on Schedule O (Form 990).

    Many times a client's trial balance or income statement will only have two or three miscellaneous expenses that can be listed on lines 24a-d, and an account listed as "Other Expenses". If that total is larger than any of the other expenses listed in 24a-d, the program will populate it on 24a, not on 24e. The IRS instructions are clear on this (see underlined section above).

    This is not a matter of preference or presentation, it's a matter of compliance. Other preparation software allows input directly on line 24e, as did this software until the latest release.

    Reply
  • Guest
    Aug 8, 2024

    Excellent idea. There will be cases where the total of ALL OTHER expenses for line 24e may exceed what is being individually reported on lines 24a - 24d, but where the amounts on 24a to 24d will be highest 4 to report individually. The current method will put the ALL OTHER expenses on line 24a, instead of line 24e

    Reply