GoSystem QAP Sample Demo Guide

Overview

This guide provides a step-by-step approach to using the GoSystem software for tax preparation, focusing on the setup and adjustment processes involved in completing the necessary forms and ensuring compliance.

Objective

The primary goal of this guide is to assist users in effectively inputting, verifying, and adjusting tax information within the GoSystem platform.

Platforms Involved

GoSystem Tax Software

Scope

This guide applies to tax professionals using GoSystem for tax preparation, particularly for S-Corp filings.

GoSystem User Manual
IRS Guidelines for S-Corporations

Use Case

This guide is applicable for tax professionals needing to prepare and file S-Corp tax returns using GoSystem.

Workflow

Step 1: Input Previous Year RE

Begin by entering the previous year's RE amount. For example, if the amount is 726.36, input this value.

Step 2: Complete PNL and Balance Sheet

Ensure that all components of the Profit and Loss (PNL) statement and the balance sheet are accurately filled out.

Step 3: Set Up M1 and M2 Adjustments

Configure M1 adjustments by noting any non-deductible expenses or income. For M2, enter any beginning balances as necessary, such as an AAA beginning balance.

Step 4: Verify Diagnostic Checks

After completing the PNL and balance sheet, it is crucial to double-check the diagnostic checks within the software to ensure all figures tie up correctly, as there may be rounding differences.

Step 5: Add State and General Information

When adding state information, ensure that the resident state is marked correctly. For example, if the state is California, check the state activation box.

Step 6: Handle SSTB and Depreciation

If the entity qualifies as a Specified Service Trade or Business (SSTB), mark it accordingly in the Schedule K. For depreciation, set up any necessary depreciation accounts.

Exhibits / Appendices

Sample PNL and Balance Sheet Templates
Common Adjustment Scenarios

Change Control Log

Version 1.0 - Initial creation of the guide.
Version 1.1 - Added additional troubleshooting tips for M1 and M2 adjustments.

This guide should help streamline the tax preparation process using GoSystem, ensuring compliance and accuracy in submissions.