MDCPA
Level 1
01-26-2023
02:11 PM
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Thank you for your response IntutiGabiU. It is disheartening the Lacerte has this capability and ProSeries does not. Seems like it would be a simple "copy/paste" from the return into the K-2 & K-3 for the software. Seems like a very big gap that would be great for ProSeries to correct.
For context, it now appears the K-2 and K-3 are required whether or not the company has foreign source assets or income (i.e. U.S. income only). There are a bunch of hurdles a preparer can jump through to try to get an exception but seems like the path of least resistance is to just provide the K-2 & K-3 with the U.S. income from the return. A ProSeries checkbox like Lacerte and probably others would be extremely helpful in meeting this requirement.