PET and Tax Software

I'm wondering if it's just our state (Arkansas), but neither CCH or UltraTax can produce the PET forms yet, and neither have a fix in sight. Lacerte seems to have it working, but can't get the e-file kinks worked out.

Is your software up and running with PET in your state?

What's PET?

What's PET?

Pass-Through Entity Tax

Pass Through Entity Tax (credit), where the S corp/Pship pays the state tax for the individual and deducts it, the individual gets a credit on their individual return, and the sum effect is that the individual gets to deduct state taxes paid when they otherwise would not due to $10k limit or not itemizing.

We use Ultratax, and it doesn't support the 502PTET return as VA decided to create a whole new tax return for it in Nov or Dec. Can't even paper file, as the state told us they literally cannot process them unless it is efiled. We have no idea when it will be fixed either.

Ahh yes, we call it PTE in my neck of the woods. Lacerte is rocking the VA F502-PTET.

I use Ultra Tax and probably do not need Virginia, but shocked that they are not going to provide. I would call Lacert and see if they would give you a deal for the current tax season for those returns and say you want a bid for next year. !!!

Our state forms are correct until you mark the PET (how CCH refers to it) box. Then it doubles up any depreciation differences (and we are a nonconforming state) and it adds back property, franchise, payroll tax as nondeductible for Arkansas, and then deducts the PET paid (so backwards).

Last time I checked Drake has the GA PTET calculating correctly for pships. I think it's still lacking the forms though. S Corps are behind. Doesn't calculate and forms aren't ready.

Ultra tax will not allow you to e-file NC partnerships with the PTE election either. I was able to print one out, but had to do a work-around to print out estimated payments and payment vouchers. What a pain!!

I use Ultra Tax and probably do not need Virginia, but shocked that they are not going to provide. I would call Lacert and see if they would give you a deal for the current tax season for those returns and say you want a bid for next year. !!!

We used it in 2017 and before. The boss got pissed off at them over things like allowing retirement contributions on a married couple that both got a K-1 from an S corp when only one was allowed due to something-or-other and a few other things over the years.

We used it in 2017 and before. The boss got pissed off at them over things like allowing retirement contributions on a married couple that both got a K-1 from an S corp when only one was allowed due to something-or-other and a few other things over the years.

No software is perfect but Lacerte is pretty darn good. Nearly every time I think it's doing something wrong, it's me that is wrong.

I agree that not every software is perfect. I do have to say we tried Lacerte for a very short tax season about 7 years ago after moving from UltraTax. Lacerte was really difficult and we had to override a lot on multi-state returns. Even support couldn't help us. I had a staff revolt on my hands, I agreed, and we moved back to UltraTax on May 1st of that same year.

I've never seen UT miscalculate anything like that retirement plan contribution. Lake TMU said it was probably user input error.

We used it in 2017 and before. The boss got pissed off at them over things like allowing retirement contributions on a married couple that both got a K-1 from an S corp when only one was allowed due to something-or-other and a few other things over the years.

No software is perfect but Lacerte is pretty darn good. Nearly every time I think it's doing something wrong, it's me that is wrong.

The problems I remember are relatively minor in hindsight. Like that one year that VA didn't conform to the medical deduction floor or something.

I do like UT better overall, having used Lacerte & Prosystems FX, but I don't have anything against Lacerte. I do have something against Prosystems FX.

We might be in sticker shock soon though.

Ultra tax will not allow you to e-file NC partnerships with the PTE election either. I was able to print one out, but had to do a work-around to print out estimated payments and payment vouchers. What a pain!!

I use Pro Series and SAME. In fact, they don't have the coupons in the software.

I E-Filed, waited about 10 days and then they came back rejected.

Pro Series gave a message that it would be resolved in a follow up release.

I'm gonna E file them again this week.

If on 4/5/23 or so not resolved, I'm gonna paper mail them.


I blame the state here.... the forms on line don't appear to accommodate PTE in NC.

Lacerte is handling PTE just fine for my state