18239: 2023.07.13 - Drake22 Updates

Iowa Update 39

• Corporation Package:
  • An update prevents reject "DRKPARSE" on element "PartnershipGrossReceipts" regarding Form IA 1120.
  • An update prevents reject "DRKPARSE" on element "ScheduleC2" regarding Form IA 1120.
  • EF Message 0063 is now produced when a "Tax period ended" date is missing on IA screen F, preventing reject "DRKPARSE" on element "TotalNOLLossIncurred."
• Fiduciary Package:
  • Data in column C, "Amount of credit received from PTE," of IA Schedule CC now flows as intended to line 41, "Composite return credit," of Form IA 1041.
  • An update prevents reject "DRKPARSE" on element "DesigneeForTaxDisclosure" regarding Form IA 1041.
• Individual, Corporation, S Corporation, Partnership, and Fiduciary Packages: 
  • An update prevents reject "DRKPARSE" on element "BusinessNameLine1Txt."

1040 Program Update 40 

• EF Message 6071 is now produced as intended in the "EF Messages" section of the Calculation Results window. 
• Amounts entered on screen K1S in box 16 for codes "AA" (Other income) and "BB" (Other increases to basis) are now incorporated correctly into the calculation of Form 7203. Returns with code "AA" or "BB" in box 16 and losses from S corp. K-1s limited due to insufficient basis should be reviewed for accuracy.

Kentucky Update 23

• Fiduciary Package:
  • The amount on line 11A, "Excess deductions," of federal Schedule K-1 now flows as intended to line 9a, "Excess deductions," on KY Form 741 Schedule (K-1).

Maryland Update 24

• Individual, Corporation, S Corporation, Partnership, and Fiduciary Packages:
  • MD screen K1 has been updated, preventing EF Message 0036 from being produced in error.
• S Corporation Package:
  • MD Forms 1 and 2 have been updated to the latest version.

Pennsylvania Update 24

• Individual and Partnership Packages:
  • The following lines on Philadelphia Net Profit Tax returns are now limited to overpayment amounts that are over 50% of the current-year tax due:
    • 21a, "Refunded" 
    • 21b, "Applied, up to the tax due, to the 2022 Business Income & Receipts Tax Return"
    • 21c, "Applied to the 2023 Net Profits Tax"
• S Corporation Package:
  • References have been updated for EF Message 2230.
• S Corporation and Partnership Packages: 
  • "Part 1 Tax Type" data entered for codes "A2" and "A3" on PA screen 1190 now flows as intended to PA Form REV-1190.
• Corporation and S Corporation Packages:
  • PA Form REV-857 is now produced as expected when "CN - PA - Corporate Net Income Tax" is selected from the "Type" drop list on federal screen ES.
• Fiduciary Package:
  • Line 9, "Nonresident beneficiary distributable income percentage totals from other sheets," column B, on Section IV of Schedule N (Form PA-41) now equals the percentage on line 10A, "Total nonresident beneficiaries' distributable income percentage," Section II.