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16887: 2020.09.09 - Drake19 Updates


Drake19 Update Notes

2020.09.09 - Drake19 Updates

 

Federal Update 46

  • The due date displayed on the filing instructions for Form 8879, IRS e-file Signature Authorization, has been updated to reflect the extended due date when a return extension has been filed. Prior to this update, the filing instructions displayed the original due date instead of the extended due date.

1041 Program Update 43

  • General program updates.

North Carolina Update 13

  • EF Messages 2061 and 4652 no longer prevent NC Form D-400, Individual Income Tax Return, from being e-filed when federal Form 1040-X, Amended U.S. Individual Income Tax Return, is attached to the return. - Due to NC decoupling from the federal CARES Act provisions listed below, adjustments will automatically be calculated on line 5 of NC Form D-400 Sch S, Supplemental Schedule, for applicable returns:
  • Net Operating Losses (NOL): CARES Act repealed the taxable income limitation for NOLs created after tax year 2017. This includes the revisions allowing NOLs to be carried back five years.
  • Limitations on Business Interest: The interest expense limitation has increased from 30% to 50%.
  • Excess Loss Limitations IRC-461: Modifications allowing excess losses to be deducted for non-corporation filers.
  • Amounts for NOL and Business Loss Limitation addbacks to be deducted in future years are located on NC screen CARR, Carryover.
  • Worksheet NCSATT, NC Schedule S Other Additions/Subtractions, has been added to itemize multiple adjustments on NC Schedule S, lines 5 and 14.
  • A check box to "Suppress CARES Act adjustments" has been added to the bottom of NC screen 1 to aid in the preparation of amended returns. 
  • NC has decoupled from the federal Tuition and Fees deduction. This amount will now be included on line 5 of NC Form D-400 Sch S, Supplemental Schedule, for applicable returns.

General Update 59

  • Reports now use 1040SR and 1040NR return type names.
  • Return type reports now filterable by 990 extensions.

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