Why has proseries still not updated the NAICS codes in business returns to reflect the updated charts? The business code number should match the state report filings but proseries only has limited numbers. This affects Franchise Tax rates and sales tax liability issues.
I'm guessing, in the scope of the all the changes that need to be made to Fed and State tax returns, this one is not high priority. I found it just as easy to Google the correct code. It was actually faster than the long worksheet they have.
I thought IRS had their own codes and dont necessarily use the ones we find at NAICS.
Ive had a few last year that Id used from NAICS (that were more exact) that Sch C kept spitting back out at me and I had to dig through that horrible IRS list to find something similar to use.
As Lisa said, the Federal income tax returns don't use NAICS. They use the "Principal Business Codes" that are listed in the Instructions.
Did the IRS update the list of Principal Business Codes, or are you looking at some other list of numbers/codes?
But are also mentioned some State things. Are you entering a number/code on a State return?
The issue is Proseries won't accept the correct codes, it only includes a limited list that you can choose from. Codes changes in 2020 I think.
@kgalland wrote:
The issue is Proseries won't accept the correct codes, it only includes a limited list that you can choose from. Codes changes in 2020 I think.
The "correct" codes are the ones in that awful IRS list were supposed to dig through, the IRS doesnt necessarily use the same business codes as NAICS.
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.