North Carolina K-1 (Form D-407) reports a pass-through entity's share of income, deductions, and state adjustments specifically for North Carolina filing. These forms are essential for partners and S-corporation shareholders to accurately report their share of the entity's financial activity on their individual North Carolina tax returns. The inherent differences in layout, detailed footnotes, and the inclusion of various state-specific adjustments (such as those related to decoupling from federal provisions, or specific state credits like the Mill Rehabilitation Tax Credit or Historic Preservation Tax Credits) can significantly slow down the review process for tax professionals. Abacus streamlines this by extracting all relevant fields from North Carolina K-1 (D-407) PDFs and normalizing them into standardized Excel workbooks. This includes meticulous handling of North Carolina add-backs and subtractions, various state tax credits, and detailed ownership information, ensuring a clean and efficient import directly into tax preparation software like CCH or GoSystem, thereby reducing manual effort and minimizing errors.