The CSC Corptax® 2021.2.0 release is expected late April. The following features will be included in this release:
- Updated international calculations to support Section 163(j) – Business interest expense deduction limitation
- New automated (Next Gen) Form 8990 with e-File capability
- Tracking of disallowed interest expense for future tax year calculations
- New reports supporting the Section 163(j) calculation
- Updated automated (Next Gen) form calculations for tax year 2020
- Forms 5471, 8992, 8993, and 1118
- New Schedules Q and R for Form 5471
- New Schedule B for Form 8992
- Ability to generate .pdf attachments for Form 5471 Schedules Q and R and Form 8992 Schedule B
- Ability to source GILTI tested income that qualifies for High Tax Exception (HTE) treatment based on offline calculations
- GILTI tested income that qualifies for HTE treatment will be reported on the following:
- Form 5471 Schedule Q
- Form 1118 Schedule C
- Diagnostics and reports
- HTE calculation for Subpart F will remain unchanged
Look for upcoming communications for additional guidance as to future international changes including HTE.