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The 4-Tier Accounting Module handles all aspects of Charitable Trust Processing.
Specific functions include …
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- tracking the initial contributions to a charitable trust at either fair market value or donor
cost basis.
- recording the daily receipts and disbursements.
- calculating the new annual payment amount, and updating each beneficiary’s annual
maximum and each periodic payment amount. The system can use fair market value
for the annual date you choose, not limited to December 31.
- tracking “carry-forward” values for income, capital gains/losses, and tax exempt
income.
- printing tax worksheets at year-end for Form 5227.
- creating accounting entries to distribute income from a standard unitrust for allocation
to the four tiers:
- ordinary income
- short-term and long-term capital gains/losses
- tax exempt income
- corpus of the trust
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The 4-Tier Accounting Module adds value to the core system by … |
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- leveraging the unmatched control provided by a true general ledger system. You can
create absolutely any structure that fits your organization. The general ledger is the
framework that maintains the previous- and current-year balances.
- reducing the time needed for all charitable trust recordkeeping.
- reducing accounting costs because your accountant will start with worksheets that
eliminate the most tedious parts of tax preparation.
- providing an easy way to review and enter corrections to income, long-term or short-term
classifications and re-run the worksheets for a clean final copy.
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- Beneficiary Check Writing uses the amounts that were calculated by the annual
CRT Distribution Update. The screens show the new annual limit and amount for each
check based on payment frequency.
- Export to 5227 Tax System uses the amounts calculated in this module to create a
5227 worksheet file. This file is imported to the software that creates the actual
returns.
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