Product Updates

K1x Product Update 2024-07-25

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BY Scott Turner
July 26

You asked. K1x delivered. More of your ideas in action! More data. More time-saving. Less risk.  

While much of the world was on vacation, the K1x team was busy building new capabilities to make your alternative investments tax compliance less taxing. This month K1x announces new 990 Tracker features including Federal Attachment for State Returns and Sort Order for 990 Part VIII and IX Tables. For K1 Aggregator clients, we now have Easier to Understand XML Validation Errors for Foreign Forms and GoSystem Tax RS UBI Export (Exempt Trusts). Read all about them below and check out our release notes for more details.

As is often the case, nearly all the updates this month came from YOUR client ideas. Another great reason to take advantage of K1x Office Hours, Virtual Product Forums, and Communities

 


BRAG WORTHY UPDATES

 Federal attachment for state returns

As we continue to expand functionality of our package printing feature, a user now has the ability to include a federal return attachment along with their state tax package. This will eliminate the need to separately download and combine attachments outside the system.

Federal Attachments for state returns from K1x

 

Sort Order for 990 Part VIII and IX Tables 

Users will now benefit from a sorting feature added to tables in the Form 990. Where required, this auto-sorting feature will adjust the line items according to the amounts provided. This will give some relief to users that had been doing this work outside the system.

Sort order for 990 from K1x

 

 Easier to Understand XML Validation Errors for Foreign Forms

As we expand a user’s ability to attach XML v. PDF attachments of their foreign forms, it was necessary to provide more clear guidance to e-file errors related to these forms. K1x has “translated” these XML errors in a more understandable fashion. It should be much easier when an error is received to quickly diagnose and correct the problem.

Easier to understand XML from K1x

GoSystem Tax RS UBI Export (Exempt Trusts) 

For those users leveraging GoSystem Tax RS for their trust tax returns, we have created a specific report within K1Aggregator that provides all necessary unrelated business income tax information in an import-ready file. This will help provide aggregated data for trust returns currently not supported in 990Tracker.

 

GoSystems UBI Export from K1x

 

About K1x, Inc.

K1x is the leading data distribution platform for alternative investments. The fintech company’s patented, AI-powered SaaS solution digitizes and distributes data seamlessly–connecting investors, advisors, tax software, portals, accounting firms, IRS and state taxing authorities–simplifying complex processes, accelerating filings, reducing costs, and delivering greater control, transparency, and accessibility. K1x is battle-tested by the best, and trusted by more than 8000 organizations including 44 of 100 largest institutional investors in the US, 15 of the top 25 accounting firms, 11 of the top 100 private foundations, 36 of the top 100 university endowments, and 8 of the top 40 health systems. Visit us at K1x.io and follow us on LinkedIn.

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