TaxCycle | Products | Pricing | Training | Documentation | Support | News

T776 Form

Picking “Fiscal period of the trust” seems to be defaulting to calendar year and requires an override.

Many graduated rate trusts were required to convert to December year end last year. I wonder if the fiscal period default in Taxcycle has something to do with the new legislation for existing testamentary trusts? The software would contain enough information regarding the creation date to know whether or not a testamentary trust would be required to have a December year end.

I don’t think that is what is going on. In this case it is the first year of GRE.

On a check of 2014 & 2015 modules it seems to be the same. Not a big concern but I thought Trilogy would likely want to fix it.

1 Like

We see what you mean, it should be setting to the year-end of the trust and not always December 31st. The other business statements work as expected.
We will have this addressed shortly.
Thanks for pointing this out!

1 Like