Partner notice of electing out of consolidated audit rules in Lacerte

[jeromeburnett]

Does Lacerte have a box to mark that prints the partner notification regarding the partners electing out of the centralized partnership audit regime under Section 6221(b)?

[abctax55 · Accepted solution]

You need to develop your own wording (based on the IRS *suggestions*) and enter it globally so it prints as a note for each K-1.

[Renata511]

how do you do that in Proseries?

[jeromeburnett]

Lacerte added a box to elect out and include the wording automatically in the "Partner Misc" section.  Might look for the equivalent in Proseries

[jeromeburnett]

Actually as I look closer the actual box for all partners to elect out is in Other information (Schedule B)

[Renata511]

Yes question #25 in schedule B other information prints schedule B-2 fine, but that doesn't appear anywhere on the partner's K-1.  I have to manually add additional information to every K-1 to notify the partners of the election made . . . a REAL pain with larger partnerships

[goshen9882]

As you probably know, there is no suggested method of notification.

Some could be notified as a footnote on the K-1, etc.

As a result, I doubt this is a priority for the programmers.

[jrescpa1]

Lacerte has added the statement. See checkbox on screen 5

[Renata511]

Can't see your screens.  Also I'm using ProSeries

[abctax55]

Then you should consider posting on a PS thread as this is a Lacerte one.