I received an email stating that the second release of the software is ready. Do I need to install this if I installed the first release in December? What features are available in each version?
Drake Tax releases two versions of the tax program, the first of which (the preseason release) is made available in December. This initial version is released so that beginning of season activities, such as installation, networking, setup, and scheduling, can occur. The second release has historically been made available in the first week of January, and contains state programs and the most up-to-date federal calculations.
The second release must be installed in order for you to experience the full functionality of the program. You can install this over top of the December release, without uninstalling the December release. The initial installation must be closed before you can continue with the second installation. This allows you to maintain any setup that you did with the initial, December, release.
The below chart identifies specific differences between the two releases:
offices to install the program, network Drake Tax in the office, set up the
Scheduler and begin scheduling appointments, tailor software settings to suit
the office's needs, test e-file returns, and generate Organizers and Proformas
in preparation for the upcoming season.
finalized calculations (based upon finalized IRS publications and
instructions) and the state programs.
||Allows test returns, federal returns, and returns for states
(that are available for e-file) to be transmitted. Historically, the IRS
began processing returns sometime after Drake Tax released the January version. In those cases, Drake Tax has
typically held any returns transmitted by preparers and released them to the
IRS and states as soon as those agencies were open for processing. (According to IRS Publication 1345, the agency "does not consider current filing year returns held prior to the date
it accepts transmission of electronic returns stockpiled." For more information on what the IRS does consider stockpiling, see Publication 1345).
||Clients may be
updated one at a time under Last Year Data > Update Clients 20XX to 20YY. Batch updating is not available in December.
may be updated in batches. Drake Software recommends
updating clients one at a time.
||The calculations are not final. Many are still subject to change based on
possible IRS changes or clarifications, or are pending approval with the IRS.
most up-to-date calculations provided by the states and the IRS are
integrated into all packages. As always, calculations
are subject to change as a result of federal and state changes in tax law.
Keep in mind that some states may still be in the process of finalizing their
information -- any updates to state programs or releases of state forms will
occur as soon as possible. All returns must be calculated
again after the installation of the second release before e-filing, or following any updates to state or federal calculations.
||Not yet available.
may be downloaded by going to Tools > Install State
Programs, or may be installed during the
installation of the second release.
|Organizers and Proformas
proformas are one of the main purposes of the initial release, and can be
generated for clients in batches, or one at a time, under Last Year Data > Organizers or Proformas.
||Will be available throughout the year.
||Available once all calculations have
|Required to be installed?
||Not required to be installed, unless you plan to engage in
preseason activities in December.
||Must be installed in
order to take advantage of all functionalities, including installing states.