2020.09.11 - Drake19 Updates
Colorado Update 24
- Individual Package:
- Return Note 84 is now generated instead of EF Messages 162, 163, 164, and 166 for taxpayers filing CO Form DR 0104, Individual Income Tax Return, as part-year residents or nonresidents. Prior to this update, those EF Messages would have been prevented e-file for applicable CO returns as a result of CO decoupling from the federal CARES Act
Maine Update 34
- Partnership Package:
- If the box "Ownership Interest on Schedule K-1" is marked on ME screen 1 and data has been entered in either column "FEIN" or "Name" on ME screen TIER, the entered FEINs and names now flow to box 4, "Lower tier entity information," of Form 1099ME, Maine Pass-through Withholding.
- Information entered on federal screen K1P now flows to boxes c, "Name, address and ZIP code," d, "Type of entity," and e, "Entity federal identification number," of Form 1099ME, Maine Pass-through Withholding.
- Values calculated in box 2, "Main income tax withheld by lower tier entities," of Form 1099ME, Maine Pass-through Withholding, now flow to line 1, "Pass-through entity withholding for this year," of Form 941P-ME, Pass-Through Entity Return.
- Corporation Package:
- The following ME worksheet has been added to compute income differences between federal and Maine income where Maine has not conformed to new federal tax laws, such as the CARES Act:
- 2019 Additional Worksheet to Report Certain 'Other' Modifications to Maine Income Related to Federal Tax Law Changes Enacted After December 31, 2019."
- Since Maine has not conformed to federal tax law changes within the CARES Act and limits business interest expense to 30% of adjusted taxable income, worksheet ME8990WK, â€oePre-CARES Act Limitation on Business Interest Expense Under Section 163(j)," has been added to compute the limitation on business interest expense for Maine when the "Elect 50% limit" box has been marked on federal screen 8990.
- S Corporation and Partnership Packages:
- An update now prevents the following parse error:
- "The 'FirstName' element is invalid - The value is invalid according to its datatype 'String' - The Pattern constraint failed."
1065 Program Update 48
General Update 60
- A rounding issue occurring in the "Depreciation Basis" column of a "Book" depreciation report, generated using the Fixed Asset Manager, has been resolved.
1120 Program Update 44
1120S Program Update 44