The Tax Provision/Federal Est Pymt report for the Estimated Payments dataset creates an overview of the current tax calculation. You can view supporting detail calculations in separate reports. Parameters can change the view of this report.

 

Provision Items

•Current Federal Tax Expense.

Report Views

•Defaults to a summarized view of report details.

•The View detail option shows the available underlying detail.

 

Line by Line

•Pre-Tax Book Income: Data Entry > PTBI.

•Deductible State Tax: Current state tax provision (from State Summary - Provision Summary) after applying each unit/state's Current Federal Deductibility rates.

•Permanent Differences: Data Entry > Permanent Differences and InterCompany Transaction Entry.

•Financial Taxable Income - Sum of Pre-Tax Book Income, Deductible State Tax and Permanent Differences lines.

•Temporary Differences: Data Entry > Temporary Differences - Tax Basis and Temporary Differences - Book/Tax Basis. Only amounts entered as Activity. Deferred Only and Balance Sheet Only entries do not impact the current tax provision calculation.

•Federal Taxable Income (Pre-NOL): Sum of Financial Taxable Income and Temporary Differences lines.

•NOL Reclass: Data Entry > NOL Temporary Differences - Tax Basis. Only amounts entered as Activity. Deferred Only and Balance Sheet Only entries do not impact the current tax provision calculation.

•Federal Taxable Income (Post-NOL): Sum of Taxable Income (Pre-NOL) and NOL Reclass lines.

•Unit Tax Rate: My Datasets > Units > More > Rates. Displays only at the Unit reporting level.

•Federal Tax - Current: Taxable Income (Post-NOL) times the current unit tax rate(s).

•After Tax Temporary Differences: Data Entry > After Tax Temporary Differences - Tax Basis and After Tax Temporary Differences - Book/Tax Basis. Only amounts entered as Activity. Deferred Only and Balance Sheet Only entries do not impact the current tax provision calculation.

•Cash Tax Adjustments: Data Entry > Tax Adjustments. Only cash items with codes that do not start with NC_.

•Cash Provision: Sum of Federal Tax - Current, After Tax Temporary Differences, and Cash Tax Adjustments.

•Non-Cash Tax Adjustments: Data Entry > Tax Adjustments. Only non-cash items with codes that start with NC_.

•Total Current Federal Provision: Sum of Cash Provision and Non-Cash Tax Adjustments.