Can we at sopme point have more robust prior year comparative review messages?
i.e.
If carrying charges were claimed on various lines of the worksheet and not claimed in the current year, that could be flagged as something we may be missing, etc.
The slips review messages are great, I would like to see more comparative review flags for other parts of the return.
Coming from Taxprep with their line by line comparison of the entire return, it just seems like TaxCycle could be flagging more things that could easily be missed by the staff and this would greatly cut down on potential missed items.
@justinredmond there is a two and five year summary available (in the bottom section - “summaries” on the prepare tab). you can easily see if there was an entry in previous years and not in this current year and vice versa. I use it all the time to review a client’s return to as another means to double check that I’ve included everything.
You can even set it up in the options page to alert you to an difference above a selectable dollar amount or percentage. then it will bring it to your attention via a review comment. it’s a pretty cool tool
Ya. I live by the 2 and 5 year summaries. It gets difficult with clients that have multiple investment accounts and sometimes shared investment accounts with advisor fees, interest on funds borrowed to invest, etc. The carrying charges are just not that easy to review at a glance. If it had similar review messages as the slips do for each line that would be easier to review without diggin in and flipping between spouses.
Also that brings me to another thing. I wish we could enter carrying charges that are shared and allocate them out, similar to how the slips and capital gains can be done.
Also, a review message for schedule 3 dispositions would be nice if you had them in the previous year but not the current year. The summaries will not pick this up if its losses two years in a row.
Also, would like to see family benefits - gst, ccb, witb, etc. All coming in on the family summary so when youre playing around with optimizations, you can look at how your choices are affectting the returns as well as how they affect their benefits for the comin year.
You can allocate the carrying charges by entering them at the bottom of of the T3 or T5 form for the related account, they will then allocate on the same basis as the slip.
Great tip, @jim_burch. I’ve been using TaxCycle since 2020 and have never paid attention to the bottom of the T3 and T5 slip to notice the Footnote areas. I just tried it on a sample return and it’s awesome. Thank you for pointing that out.
