Workpapers - Income Tax Rec for Trusts
The income tax work paper is blank for trust entities. While trusts generally don't directly pay income tax (this will change with the new trust tax rules), we still need to reconcile the difference between accounting income and taxable income. A blank workpaper doesn't help.
Adam Grigsby
shared this idea
Thanks for your feedback here, Adam. This is something our product team will consider as they continue to develop out the Workpapers experience.
In the meantime, make sure to share the idea with other colleagues that'd like to see this too, so they can add their vote. 🙂
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Julian Versloot
commented
It should also be able to show the Accounting & Tax distributions to each beneficiary (Bamford)
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Michael Panomarenko
commented
The absence of a tax reconciliation for entities that aren't companies effectively prevents our firm from early adoption.
I would strongly urge Xero if they aren't already that is a top priority.
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Marissa Mestros
commented
this is HIGHLY important for all structures - we need to show workings between accounting and tax income for all entity types and be able to attach the relevant documents.