Modify the historical tax year ending

T2
1

Is there a way to change the previous tax year end dates?

I have a new-to-us client with currently a August year-end. In 2017, they changed their year-end from May to August.

As it stands, on the S4 loss continuity for example, TaxCycle is showing all August 31st year end going back 20 years, when in reality, there should be an August 31, 2018 and 2017, then May 31, 2017 and May 31st going all the way back from there.

Similar thing showing on the 5 year summary.

Any help appreciated.

2

@fabien
This is what you have to do in TaxConstantsWS.

First adjust the current tax year in Info. Then, adjust the first previous tax years as needed in TaxConstantsWS. (To adjust the first previous tax year, delete the 1st previous tax year “end” date then the “start” date. Then, you can adjust the start date after)

Then, delete the previous tax year fields in this order starting with the 2nd previous tax year dates row:

  1. Preceding tax year “end” of 2nd…10th one by one from top to bottom
  2. Preceding tax year end of 11th, 12th…21st one by one from top to bottom
  3. Preceding tax year start date of 2nd…10th one by one from top to bottom (as you do this you will notice that tax year start date will recalculate automatically)
  4. Preceding tax year start date of 11th, 12th…21st one by one from top to bottom (as you do this you will notice that tax year start date will recalculate automatically)

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If this does not work, give us a call and someone can help you.
Not the best way to achieve what you are trying to do. We tried to add a QuickFix one time to recalc the previous tax years but that did not work out very well.

You might ask why we did not make the previous tax year fields to be always calculated. Well, we wanted a way for users to enter a short tax year without having to do an override.

Steven

1 Like
3

Thanks, that’s exactly what I was looking for.