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TaxCycle 9.2.41025.0—Import GIFI from Sage Accounting

This release lets you import GIFI from Sage Accounting into corporate and partnership returns. 

Get this version as an automatic update, full download from our website and a free trial.

Revisions

November 10, 2020—We released an update to address an issue in TaxCycle T2 where the AuthRepBusCancel transmission would not change from "Incomplete" to "Ready to Transmit," preventing filing of requests to cancel a previous accountant's authorizations for a client.

Import GIFI from Sage Accounting

You can now link TaxCycle with Sage Business Cloud Accounting to seamlessly import General Index of Financial Information (GIFI) information into corporate and partnership returns. To learn more about importing GIFI from Sage Accounting, read the Import GIFI from Sage Accounting help topic

Updated T1 GIS Rates Calculation

  • The amounts on the 2020 Guaranteed Income Supplement (GIS) worksheet have been updated to match the updated tables to December 31, 2020, and when the marital status is "Separated", the amounts are now properly calculated.

Updated T2 AGRI Forms

  • The AgriStability/AgriInvest forms for corporations have been updated to their 2020 versions. This covers the harmonized version for Newfoundland, Nova Scotia, New Brunswick, Manitoba, British Columbia and Yukon as well as the versions for Ontario, Saskatchewan and Alberta. The Prince Edward Island version, though not yet available, has been updated with 2020 year references.
  • We have made the year references into a variable such that they will adjust to match the year in the fiscal period end date. This will be useful for anyone who file these forms for clients with fiscal periods ending early in the new year.
  • With this release, you will be able to electronically file the harmonized version for fiscal periods ending in 2020.

Resolved issue

An issue was reported in the ProTax Community about the AT1 section on the T2 TaxConstants worksheet. The TaxConstantsWS did not reflect the correct tax rates as of July 1, 2020 after being converted from the .2019T2 to the .2020T2 module. The conversion will now function correctly.

If you previously converted a file, update the following entries in the Alberta AS1 section on the TaxConstantsWS:

  1. Set the Small Business Limit for the 2020/07/01 to 250 in the Percentage column and 0.060 in SBD Rate column.
  2. Set the Basic tax rate for 2020/07/01 to 0.080 in the Rate column.