K-1 (Form 1120-S) reports a shareholder's share of an S-corporation's income, deductions, and state adjustments. These forms often contain complex details, including ordinary business income (loss), net rental real estate income (loss), interest income, dividend income, capital gains (losses), and various credits. The inconsistent layouts and extensive footnotes across different K-1 (Form 1120-S) documents can significantly impede the review process for tax professionals. Abacus automates this by extracting all pertinent fields from K-1 (Form 1120-S) PDFs and standardizing them into structured Excel workbooks. This comprehensive process includes accurately handling federal and state add-backs, various tax credits, and granular ownership information, ensuring a seamless and efficient import directly into leading tax preparation software such as CCH or GoSystem.
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