Tax Credits

The system tracks the effect of tax credits. Tax credits used in the current year are input in the Current Provision form and automatically flow to the gross temporary difference input schedule, thereby automating the calculation of the related deferred tax asset. The system then tracks tax credit carryforwards in the gross temporary difference rollforward, but not the detailed composition form (by year, expired). The detailed composition of individual tax credits (for example, year, expiration) can be tracked in the Tax Credits Form and Report; however, no automation is available.