17480: 2022.01.08 - Drake21 Updates

Federal Program Update 2

• In accordance with Revenue Procedure 2021-48, Statement PPP (RP2021-48) has been added to the program to allow the reporting of information relating to the treatment of tax-exempt income resulting from the forgiveness of a PPP loan. This statement can be produced by completing screen PPP2, "Paycheck Protection Program loans," accessible from the "Miscellaneous" tab of the Data Entry Menu.
  

California Update 1

• Individual, Corporation, S Corporation, Partnership, and Fiduciary Packages:
  • The following forms have been approved by the Franchise Tax Board for printing:
    • Form 3523 - Research Credit
    • Schedule C (100S) - S Corporation Tax Credits
    • Schedule H (100S) - S Corporation Dividend Income Deduction
    • Schedule K-1 (100S) - Shareholder's Share of Income, Deductions, Credits, etc.
    • Schedule X - California Explanation of Amended Return Changes
      
• Individual Package:
  • Program updates prevent reject SCHCA-SLASH-NR-044.
  • Program updates prevent e-file reject F540-SLASH-2EZ-1010 for CA residents under the age of 18.
  • Updated EF Messages prevent e-file reject F540-SLASH-2EZ-1000 for CA returns for residents with a mailing address outside CA without a completed CA screen ADDR to identify their Principal Residence address inside CA.
  • California Nonrefundable Renter's Credit has been updated based on the latest information provided by the state.
  • Updated EF Messages prevent rejects identified by the state caused by its current e-file specifications.
    
• Partnership Package:
  • Schedule K-1(568) has been updated. The explanation of the computations now appears at the bottom of the form and not the top.
    

1041 Program Update 2

• General program update.
  

Florida Update 1

• Corporation and S-Corporation packages:
  • General programming update will now allow E-File.
    

1040 Program Update 4

• Drop lists on the K-1 screens have been updated to match the latest instructions released by IRS.
• A Return Note has been added to assist with entering qualifications for the refundable Child Tax Credit.
• The Client Organizer has been updated to indicate whether or not the taxpayer, spouse, or dependent had an Identity Protection PIN in the prior year. Prior to this update, these fields were blank.
• The year "2020" has been added to the drop list for line 6a, "If you have previously filed Form 2555, enter the last year you filed Form 2555," on federal screen 2555.
  

Maine Update 2

• Individual, Corporation, S Corporation, and Partnership Packages:
  • The following have been updated to the latest version and enabled for printing:
    • Form 2220ME, Underpayment of Estimated Tax by Corporations of Financial Institutions
    • Phaseout of Personal Exemption Deduction Amount Worksheet (Form 1040ME, line 18)
    • Schedule 1040C-ME, Worksheet for Composite Filing of Maine Income Tax for Nonresident Owners
      
• Corporation, S Corporation, and Partnership Packages:
  • An update prevents reject "STATE-005" for Form 941P-ME, Pass-Through Entity Return of Maine Income Tax Withheld from Members.

Missouri Update 1

• Individual, Corporation, S Corporation, Partnership, and Fiduciary Packages:
  • The following forms have been approved and enabled for printing:
    
    • 948, Assessor Certification
    • E-1, City of St. Louis Individual Earnings Tax Return
    • E-1CR, City of St. Louis Credit for Income Taxes Paid to Other States or Political Subdivisions
    • E-1R, City of St. Louis Individual Earnings Tax Refund Request
    • E-8 (E-234), Application for Extension of Time to File Business Earnings Tax Refund
    • MO-851, Affiliations Schedule
    • MO-CR, Credit for Income Taxes Paid to Other States or Political Subdivisions
    • MO-SSC, Public Safety Officer Surviving Spouse Credit
      

1065 Program Update 2

• Worksheet Wks PCAR, Capital Account Reconciliation, has been updated to report a summary of all items listed on Schedule K-1, Part II, item L, "Partner's Capital Account Analysis."
  

General Program Update 1

• A statement for "Tax-Exempt Income from PPP Loan Forgiveness" has been added to Setup > Pricing, item number 1008, in the 1040, 1120, 1120S, 1065, 1041, and 990 packages.
• The option to "Always include dependent and estimate information" on Summary and Comprehensive Organizers has been added to Last Year Data > Organizers.
• The statement "Computation for Tipped Employee Wages" for Form 8846 has been added to Setup > Pricing, item number 1802, in the 990 package.

1120 Program Update 2

• Form 1120, line 26, Statement 05, "Other Deductions," will now include all entries and amounts, as expected. Prior to this update, some entries for Statement 05 were printed on an overflow statement.

1120S Program Update 2

• General program update.
  

990 Program Update 2

• General program update.
  

Virginia Update 1

• The following forms have been approved for printing by the Virginia Department of Revenue:
  • VA760CG, Individual Income Tax Return
  • Schedule A/CG, Itemized Deductions
  • Schedule ADJ/CG, Schedule of Adjustments
  • Schedule CR/CG, Credit Computation Schedule
  • Schedule FED/CG, Schedule C and/or Schedule F Information
  • Schedule INC/CG, Virginia Withholding
  • Schedule OSC/CG, Other State Tax Credit Computation
  • Schedule VAC/CG, Virginia Contributions Schedule
  • 760C - 2021, Underpayment of Virginia Estimated Tax by Individuals, Estates and Trusts