Friday, March 4, 2016

Practitioner Update: Schedule CRS

The Rhode Island Division of Taxation has finalized Schedule CRS, posted it on its website, and made it available to tax software providers.

The Division of Taxation is in the process of finalizing the instructions for Schedule CRS and hopes to post the finalized version on its website within the next week or so. A draft is available on the agency's website, providing interim guidance.

Schedule CRS is important for combined groups that are subject to Rhode Island's new mandatory unitary combined reporting regime. For those groups, Schedule CRS will be filed as an integral part of Form RI-1120C.

Combined reporting applies to tax years beginning on or after January 1, 2015. A number of tax practitioners will encounter it this year, as they prepare tax year 2015 returns.