2018.04.12 - Drake17 Federal and Tool Updates
General Update 38
- Items 430, 431, 432, and 434 in Setup > Pricing have been updated to include Section 965 Transition Tax statements and worksheets.
1040 Update 38
- Line 20 of Form 5329 will now include all qualified Roth distributions.
- EF Message 2133 prevents a parse error when an invalid date has been entered in the “Date taxpayer entered the U.S.” field on screen 8840.
- IRC 965 Transition Tax Statement has been added to the program. Use screen 965 to prepare the necessary statements and elections.
- The Federal (F) code box on screen 1042 will now function as expected.
1120 Update 16
- The pages and statements for Form 5472, 25% Foreign-Owned U.S. Corporation, will now be grouped by shareholder when displayed in View/Print mode and when printed.
- Form 1120, Schedule D, and Drake Tax screen D2, have been updated to reflect the addition of Part IV, allowing entry of an amount for a “Alternative tax for corporations with qualified timber gain.”