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16154: 2019.04.12 - Drake18 Updates


Drake18 Update Notes

2019.04.12 - Drake18 Updates

 

General Update 51

  • Form 8992, U.S. Shareholder Calculation of Global Intangible Low-Taxed Income (GILTI), has been added to Setup > Pricing, item numbers 625- 28, for the 1040, 1120, 1120S, 1065, and 990 packages. Form 8992 can now be completed in the 1040 and 1120 packages. It is not yet available in the other packages.

1040 Update 49

  • Complete Form 8992, U.S. Shareholder Calculation of Global Intangible Low-Taxed Income (GILTI), using screen I1, available on the "Foreign" tab of the Data Entry Menu. The result of Form 8992 will flow to Form 1040, Schedule 1, line 21, "Other income." 
  • Line 20 of the Schedule D Tax Worksheet for Form 8615, Line 7, will always include the difference between lines 16 and 17. Prior to this update, line 20 could have been incorrect if all of the following were present: 
    • Form 8615
    • Unrecaptured 1250 gain
    • Capital gains on Schedule D
    • Lines 16 and 17 of the Schedule D Tax Worksheet for Form 8615, Line 7, are equal
  • Amounts entered on screen K1S, box 10E - “951A income”, and screen K1P, box 11F – “951A income” will now flow to Form 1040, Schedule 1, line 21, “Other income.” Prior to this update, the 951A income entered on screens K1S and K1P did not flow to Form 1040 and was not included in taxable income.

1120 Update 21

  • EF Notice, Acknowledgement and General Information for Entities That File Returns Electronically, will now be produced for FinCEN 114, Report of Foreign Bank and Financial Accounts, submitted through the Drake Electronic Filing System. 
  • Complete Form 8992, U.S. Shareholder Calculation of Global Intangible Low-Taxed Income (GILTI), using screen I1, available on the "Foreign" tab of the Data Entry Menu. The result of Form 8992 will flow to Form 1120, Schedule C, line 17.

Federal Update 24

  • The program will now reduce the total on line 5 of Form 8990 by any amount entered for "floor plan financing interest expense." Prior to this update, any "floor plan financing interest expense" would have been included in the "Current-year business interest expense" on line 1 of the form and again on line 4, "floor plan financing interest expense," causing it to be included in calculation for "Total business interest expense" twice.

1120S Update 26

  • EF Notice, Acknowledgement and General Information for Entities That File Returns Electronically, will now be produced for FinCEN 114, Report of Foreign Bank and Financial Accounts, submitted through the Drake Electronic Filing System.

1065 Update 30

  • EF Notice, Acknowledgement and General Information for Entities That File Returns Electronically, will now be produced for FinCEN 114, Report of Foreign Bank and Financial Accounts, submitted through the Drake Electronic Filing System.

District of Columbia Update 14

Fiduciary Package:

EF Message 008 prevents reject DCD41-0003: "If 'EntityType' is estate (value 1=estate), the 'DateDeceased' is required." 

Iowa Update 18

  • Fiduciary Package:
    • IA Fiduciary Schedule C amounts are now multiplied by the state percentage used on Schedule K-1 and then flow to the Worksheet for Iowa Beneficiaries Share of Income and Credits (IA-WK_K1) before flowing to IA Schedule B. 
  • Individual Package:
    • EF Message 0007 will no longer be generated when not needed. 

Illinois Update 18

  • Individual Package:
    • EF Message 0677 (following) will now be generated only for full-year IL residents. Prior to this update, this EF Message was generated for part- year residents also: "Schedule CR, Line 33A, Federal AGI must be equal to Federal 1040, Line 7, Adjusted Gross Income. This return has an amount entered on the ILCR screen that allows the calculation for ILCR line 33A to be different from the Federal 1040 AGI on line 7. Please correct to remove the message."

Indiana Update 15

  • Individual Package
    • EF Message 1292 will not be generated when a credit is entered in Part 2, "Pro Rata Share of Indiana Pass-through Tax Credits," of Schedule IN K-1, Partner’s Share of Indiana Adjusted Gross Income, for the first Schedule K-1 and additional K-1s do not have credits.
    • EF Message 1293 now prevents a parse error on element ‘DependentDateOfBirth’ when an invalid date of birth flows to Schedule IN-DEP, Dependent Information and Additional Dependent Child Information, from federal screen 2.

Massachusetts Update 16

  • Corporation Package:
    • Updates prevent reject DRKPARSE for multiple elements when the "Installment due dates" override fields are used on MA screen 2220, Underpayment Penalty.

Minnesota Update 13

  • Individual Package 
    • Line D of MN Form M1, Individual Income Tax, will now match federal taxable income when a QBI deduction under 199A(g) is present on line 9 of federal Form 1040. This will prevent EF reject 0994. No calculations are affected by this change.
    • Schedule KS, Shareholder's Share of Income Credits and Modifications, Schedule KF, Beneficiary's Share of Minnesota Taxable Income, and Schedule KPI, Partner's Share of Income Credit and Modifications, have been updated so that subtractions due to federal changes not adopted by MN will be printed as a positive number, as expected.

Missouri Update 15

  • Individual Package:
    • One RD-108, Kansas City Missouri Profits Tax Return, for the taxpayer and the spouse can now be e-filed. The EF messages have been modified to prevent e-file of more than one RD-108 by either the taxpayer or the spouse.
    • A program update prevents a parse error reject for the 'Date of Separation' entered on MO Cities screen 109N.
    • The amount paid with the state extension flowing to the state return as “Paid” has been corrected for those instances when a state extension has been generated, and additional changes to income were made, after the “Extension was previously filed; ready to file regular return” check box has been marked on screen STX2 (“Amount Paid with State Extension” tab of the STEX screen).
    • Program changes improve e-file of Form RD-109, City of Kansas City Wage Earner Return Earnings Tax, when the taxpayer does not have a filing requirement and the spouse does.
    • The expected return due date to print on the letter and filing instructions will be printed when the date is entered as an override on federal screen PRNT.
    • Field helps have been updated for MO screen 2.
    • The tax rate has been updated to 5.9% for the MO-1040 Composite Return. The prior rate was 6.0%.
  • Fiduciary Package:
    • MO 1041, page 2, part 2, allocation to beneficiaries of distributable net income and the fiduciary adjustment will be re-calculated when the estate or trust override is used on MO screen 2, Adjustments and Allocation, so the total distributed remains equal to 100%. Allocation percentages will be printed on their respective lines.

New Jersey Update 18

  • Individual Package:
    • Updates improve the flow of adjustment data entered on federal screen 8949, "Adjustments" drop lists, code "M - Reporting multiple transactions on a single row," that flows to Schedule NJ-DOP, Net Gains or Income From Disposition of Property. 
    • Updates improve the functionality of NJ screen EXT, Extension. 
    • Updates allow use of the Veteran Exemption on Form NJ-1040X, State of New Jersey Amended Income Tax Resident Return. 

New York Update 20

  • All Packages:
    • When an Individual Taxpayer Identification Number (ITIN) is used in place of a Social Security Number or Employer Identification Number (EIN). Form TR-2000 E-ZRep, Tax Information Access and Transaction Authorization Form, that number will now be printed for the taxpayer.
  • Individual Package:
    • Updated EF Messages explain that NYC extensions may not be e-filed with the federal extension. In the individual package, NYC extensions must be filed separately from the federal extension.
  • Corporation Package:
    • Updates prevent a parse error for Form NYC-2 Business Corporation Tax Return when element "SchFPt1" is invalid. The parse error will no longer occur when "0" receipts are present on Form NYC-2.5, Computation of Receipts Factor.
  • S Corporation Package:
    • Updates prevent a parse error for Form NYC-4SEZ when element "NOLUtilized" is invalid. Negative numbers will no longer be allowed in column "NOL Used Before 2018" on NYC screen NOL2, Net Operating Loss Computation 2.
    • Updates prevent a parse error for the New York City General Corporation Tax return when element "PaymentWithDeclDate" is invalid. Non- Numeric dates will no longer be generated in the Prepayment Schedule for Forms NYC-4S and NYC-3L when entered on federal screen ES or NYC screen 3L10 NYC 3L - Prepayment Schedule.
  • Corporation and S Corporation Packages:
    • Updates prevent reject 05108, Duplicate Submission for amended returns. Payment amounts from the original return cannot be identical to the payment amount on the amended return. An "Amount paid on original return" field has been created on NY screen 1 and must be used when the return is marked, "Amended." 

Oklahoma Update 12

  • Individual Package:
    • A rounding issue has been resolved to prevent reject 511NR-016, "Form 511NR line 18 (TaxAmount) multiplied by line 19 (StatePercentageTax) should equal line 20 (StateTaxAmount). Note: There is a +/- $5.00 tolerance. This rule will not apply if the Oklahoma Affordable Housing Tax Credit (OklahomaAffordableHousing) is being recaptured or an Oklahoma installment payment (OklahomalnstallmentPayment) is being made." 
    • An update prevents reject DRKPARSE with the element 'QualifyingCapital' when the capital gain credit calculation is zero dollars ($0).

Utah Update 8

  • Individual Package:
    • Form TC-131, Statement of Person Claiming Refund Due a Deceased Taxpayer, will now be required when both the taxpayer and the spouse are deceased. This update prevents reject 40_18_212, "TC-131 : Data Error : Form must be filed since both taxpayers are deceased and a refund is being sent." 
    • Capital gains or losses attributed to Utah may now exceed the federal total amount on Form TC-40B, Non and Part-year Resident Schedule 
    • An EF message prevents reject DRKPARSE with the element 'ToDate' for invalid dates. 
    • The amount paid with the state extension flowing to the state return as “Paid” has been corrected for those instances when a state extension has been generated and additional changes to income were made after the “Extension was previously filed; ready to file regular return” check box has been marked on screen STX2 (“Amount Paid with State Extension” tab of the STEX screen).
  • Corporation Package:
    • Part 3 of Form TC-20, Schedule J - Apportionment Schedule, will no longer be printed for optional apportionment taxpayers who complete part 1 or part 2. This update prevents reject 20S_18_122, "Schedule A line 10 : Calculation Error : If no sch J, then Line 13 is 1.000000. If Sch J is filed verify that you are using the correct Apportionment Fraction for the NAICS code on Sch J Line 7."
    • Screen K1 is now required when pass-through withholding is present as a refundable credit. The update prevents update 20_18_050: "Schedule A line 28a-d Code : Calculation Error : At least one Sch K1 is required since Ref Crdt Code 43-row 1."
  • Fiduciary Package:
    • An EF message prevents reject 41_18_027: "TC-41 line 15 : Calculation Error : TAX CALCULATION Multiply line 14 by .0495 (4.95 percent)." 
    • A qualified funeral trust must now be paper-filed if the tax calculation override field is used on UT screen 1.

West Virginia  Update 17

  • Individual Package
    • Education expenses will now flow to line 15, and IRA contributions will now flow to line 21, of WV Schedule A, Nonresidents/Part-Year Residents Schedule of Income, as expected. Prior to this update, those amounts were reversed.
    • A field has been added to WV screen M, line 44, to allow an amount to be entered on WV Schedule M, Modifications to Adjusted Gross Income, line 44, without marking a checkbox.

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