Drake Tax - 1120-S: EF Messages 0535 and 0702

How to correct EF Message 0535 or 0702

EF Message 0535 occurs because the start of the tax year precedes the S election effective date (Item A on screen 1).

• If the S election effective date is wrong, correct it so that it equals or precedes the start of the tax year; or

• if you intend a short-year return, modify the Fiscal year begins field on screen 1 so that it falls after the S election effective date.

EF Message 0702 occurs because the Date incorporated (Item E) is after the S election effective date. Change whichever date is incorrect, so that the date of incorporation is equal to or precedes the S election effective date.