** Important: Before the Transfer and Rollback Process is started, confirm the Parent Account is correct both in Acreage and Exemption. You will need to transfer the Ag Acreage from the Parent account to the Child/New Account(s) before beginning the Rollback process. **
1. First confirm in Tax Client that the Parent Account Ag Exemption/Deferral, and Ag Acreage is correct.
- To confirm the parent account has AG Value, go to Account Tab --> Values
- To confirm the Ag Exemption, go to Account --> Exemptions
- To confirm the Ag Acreage is correct on the Parent Account, go to Account --> Years. Note: Check all years that will be transferred to the child account(s).
2. Once the Parent Account has been reviewed, it is time to start the Ag Transfer to the Child/New Account. To Transfer the Ag Value, go to Parallels --> Ag Transfer
3. Enter the Parent Account Number, the RollBack Account/New Number (Child Account), Date of Usage Change and click LOAD. Note: This will populate, by default, 5 years of Ag Information on the Parent Account
4. In the Acres box under RollBack Acres, enter the Acreage of the Child Account into the three years of the rollback and zero's (0) in the 2 years that will not be affected by the rollback then click the TRANSFER button
5. The records that populate in the Ag Information - New Account box will reflect how much value will be moved to the Child Account. Once you are done reviewing, click on the Post button, then click YES to continue with posting the transfer and, OK on the Ag Transfer processing completed box
6. To see the values added to the Child account, Go to Account --> Values. You will be directed to the Values tab in the account and the three years of value transferred will be displayed indicating Ag value
- The Ag Value will also be reflected for the three years under Account --> Exemptions
7. Now this account is ready for the Ag Rollback. In the child account, go to Research --> Ag Rollbacks
8. Click New in the bottom right-hand corner, Enter the Usage Change Date, Select RollBack by Acres and Roll Back All then click Calculate to display the rollback in the RollBack Detail box. You can print a worksheet if needed from this screen. Once you have reviewed the details, click Post in the bottom right-hand corner.
- Then click Yes to continue with this post
9. Once posted, go to Account --> Account Status and you now have your account with rollback taxes
