Pennsylvania K-1 (NRK-1 PA-41) reports a pass-through entity's share of income, deductions, and state adjustments for Pennsylvania filing, including details on taxable income, various credits, and specific Pennsylvania modifications. The complexity and variations in layout and extensive footnotes across these forms, which often differ significantly by preparer and software, can lead to time-consuming and error-prone manual review processes for tax professionals. Abacus addresses these challenges by leveraging advanced OCR (Optical Character Recognition) and AI (Artificial Intelligence) to precisely extract all relevant fields from K-1 (NRK-1 PA-41) PDFs and normalize them into standardized Excel workbooks. This comprehensive process includes meticulous handling of federal and state add-backs, various Pennsylvania tax credits, and detailed ownership information, ensuring a clean, accurate, and efficient import directly into tax preparation software like CCH Axcess or GoSystem.
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