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CCH Axcess Tax

Utah S Corporation Return Processing Information

The Utah S corporation return is prepared for calendar, fiscal and short year corporations. Using entries from the federal tax return and Utah worksheets, the following forms are prepared for the Utah return:

• Form TC-20S, Utah S Corporation Franchise or Income Tax Return
• Form TC-559, Utah Corporate Tax Payment Coupon (for Extension)
• Form TC-559, Utah Corporate Tax Payment Coupon (for Estimates)
• Schedule K-1 Equivalents (optional)

A copy of the federal return is provided for filing with the Utah S corporation return.

Conditional Preparation of Utah Forms

In order to process a complete Utah S corporation return, a MANDATORY entry is required on federal Shareholders worksheet, Shareholder Information section, "Number of shares owned" field.

If all the S corporation shareholders are Utah residents and there are no supplemental S corporation taxes, only the first two pages of Form TC-20S and the K-1 equivalent for each shareholder are prepared.

If all the shareholders are Utah residents and there are supplemental S corporation taxes, Schedule A is prepared in addition to the first two pages of Form TC-20S and the K-1 equivalents. Schedule A is completed starting with the "Built-in and Other Gains Tax" line.

If there are nonresident shareholders, the following forms / schedules are prepared in addition to Form TC-20S and the K-1 equivalents:

• Schedule A (Computation of Utah Net Taxable Income and Total Tax Due)
• Schedule N, Page 1 (Nonresident Tax Remittance Information)
• Schedule N, Page 2 (Nonrefundable Tax Credits)

Nonresident Shareholders

Indicate the shareholder's state of residency in the "Resident State Code" field on federal Shareholders worksheet, "Shareholder Information" section. If this field is blank, the shareholder is considered a resident.

Utah Special Allocations

Utah uses federal Shareholder worksheet, Special Allocation detail section to specially allocate Utah's distributive share items. All federal special allocation features (i.e., single entry of ratios, tiered allocation, and residual suppression) are available for Utah purposes. Utah special allocation codes to be used on federal shareholder worksheet, Special Allocation detail section include the following:

For additional information concerning special allocation and the various special allocation methods, refer to the instructions for federal Shareholder worksheet, Special Allocation detail section.

State Refund Expectations

To assist Taxpayers and Tax Professionals expecting refunds, Utah is providing a URL and a statement about refund processing. Industry

partners should use this statement and URL to communicate and help set the appropriate expectations with external stakeholders. Providing

this information will:

• Help eliminate phone calls from Taxpayers, Tax Professionals and Industry about refunds
• Ensure that Taxpayers and Tax Professionals receive the appropriate message

URL: http://incometax.utah.gov/refunds/wheres-my-refund