Arizona K-1 (Form 141) reports a partner's or member's share of a pass-through entity's income, deductions, and state adjustments specifically for Arizona income tax purposes. These forms frequently include details on various income types such as ordinary business income, net rental real estate income, interest income, and dividend income, as well as specific Arizona modifications, additions, subtractions, and credits. The inherent variations in layout and extensive footnotes across different Arizona K-1 (Form 141) documents, often differing by preparer and software, can significantly impede the efficiency of tax professionals during the review and data entry processes. Abacus addresses this challenge by precisely extracting all pertinent fields from K-1 (Form 141) PDFs and normalizing this data into standardized Excel workbooks. This comprehensive process includes meticulous handling of federal and state add-backs, various Arizona tax credits, and detailed ownership information, ensuring a clean, accurate, and efficient import directly into leading tax preparation software such as CCH or GoSystem.
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