1065 and 1120S for CT

[Purvi322]

Hello,

What is everyone doing in CT for 1065/1120S CT.. since the form is not going to be availble until end of FEB. Any receommendation on managing the clients? 

[sjrcpa]

Tell clients it is not available in the software yet. File extensions.

[Intuit_Ruben]

Hello! Connecticut 1120S/1065 Form Products are currently experiencing longer than usual development times for Connecticut Partnership and S-Corporation tax. This is due to the implementation of significant changes to the state's tax laws affecting these entities. To avoid potential penalties, we recommend filing extensions at the state web page for Connecticut Partnership and S-Corporation returns. We apologize for any inconvenience this delay may cause. 

[maryellenk123]

When will the update be available on the 1065/1120SI to check the box to elect to file the CT-PET? I have a few hundred businesses to file and cannot afford to put all on extension and not get paid for months???

Does anyone have a specific answer from Proseries on availability of form?

[sjrcpa]

See CMund's final word. https://accountants.intuit.com/community/lacerte-tax-discussions/discussion/ct-1065-ct-1120s-not-ava...

Intuit Ruben is spouting what Intuit told him.

CT has a different story.

[fullydepreciated]

I am looking for a simple 'yes' or 'no' in response to "Will form CT-PET be supported by proseries?" I was on the phone with three different reps yesterday. Not only could they not answer my questions, they had no idea what I was talking about. Each one insisted on sending me emails with instructions for the 2023 proseries program. 

We spend 12K on this software and without the CT-PET being supported, it is virtually worthless for our business clients. I just need to know if I should invest in another tax program. Maddening situation. 

[gjgcpa]

Proseries just told me that the PET forms will not be available until after March 15th. I was told to file extensions.

As of now, the extension form is not available either.  The forms on the DRS website say they must be filed electronically.  I am trying to contact DRS to see if they will accept manual filling, but all circuits are busy. We don't have login info for our 400 business clients myConnect accounts so we are trying to come up with a plan.

[KLM]

Just spoke to Intuit. They know of the problem. They don't know if or when it would be available.

Said to file on CT website.

[emynes]

I received the same information from Intuit.  They are not supporting it.  We're in the same boat.  It is not feasible to file that many extensions through myconneCT and many clients do not want to go on extension.  

The CT-1065/CT-1120SI for composite returns, even if you don't want to elect to file PET, is calculating a negative tax liability on the CT K-1 if there is a loss.

SMH

[IntuitGabi]

Hello, here's the latest from "Connecticut Composite Income and PTE Form Status Updates in ProSeries" 

"ProSeries Business will now include support for Form CT-PET in a future release. The development of this form is currently experiencing longer than usual development times due to the implementation of significant changes to the state's tax laws affecting the pass-through entities. To avoid potential penalties, we recommend filing extensions at the state web page for Connecticut partnership and S Corporation returns. Our forms availability website provides expected release dates for this form. We apologize for any inconvenience this delay may cause."

[emynes]

Thank you for the update.  Unfortunately, this causes significant hardship to all practitioners who have this filing requirement.