18281: 2023.08.30 - Drake22 Updates

Federal Program Update 38

• Returns with "863(b)" selected from the "Country code or other source of income" drop list on screen II1 can now be e-filed as expected. (S Corporation and Partnership packages).
• "Final K-3" is now marked on Schedule K-3 when "Final K-1" is selected on screen K1E (S Corporation package).

1065 Program Update 36

• General program update.

New Jersey Update 22

• Individual Package:
  • The expected interest rates are now calculated on lines 2 - 4, column G, page 3, of NJ Form NJ-2210.

Federal Program Update 52

• Corporation Package:
  • Tax year 2021 "Regular Capital Losses" reported and disallowed in Drake Tax 2021 are now carried forward correctly to screen LOSS in Drake Tax 2022. Prior to this change, the first digit of disallowed 2021 capital losses carried forward to Drake Tax 2022 was truncated. Returns with regular capital loss carryovers from 2021 should be reviewed for accuracy.

1120 Program Update 30

• The intended due date is now produced on Form 2220 for returns with a June 30 year-end date.
• When the "Date balance of tax paid" entered on screen 2220 is prior to the due date of the return, the penalty is now calculated with respect to the appropriate year-end date.

1120S Program Update 34

• The intended due date is now produced on Form 2220 for returns with a June 30 year-end date.
• The intended due date of March 15 is now produced on Form 2220 for 1120-S returns.
• When the "Date balance of tax paid" entered on screen 2220 is prior to the due date of the return, the penalty is now calculated with respect to the appropriate year-end date.