18283: 2023.09.01 - Drake22 Updates

Federal Program Update 39

• S Corporation Package:
  • Amounts entered on screen 8283 with a "Property Type" of "B1 - QCC qualified farmer/rancher" now flow as intended to the following items:
    • Box 12, code G, "Other deductions," of Schedule K-1 subject to the 100% AGI limitation.
    • Line 12a, "Charitable contributions," on Schedule K subject to the 100% AGI limitation. 
  • Amounts entered on screen 8283 with a "Property Type" of "B2 - QCC nonqualified farmer/rancher" now flow as intended to the following items: 
    • Box 12, code C, "Other deductions," of Schedule K-1 subject to the 50% AGI limitation.
    • Line 12a, "Charitable contributions," on Schedule K subject to the 50% AGI limitation.
• Partnership Package: 
  • Amounts entered on screen 8283 with a "Property Type" of "B1 - QCC qualified farmer/rancher" now flow as intended to the following items: 
    • Box 13, code G, "Other deductions," of Schedule K-1 subject to the 100% AGI limitation. - Line 13a, "Charitable contributions," on Schedule K subject to the 100% AGI limitation.
  • Amounts entered on screen 8283 with a "Property Type" of "B2 - QCC nonqualified farmer/rancher" now flow as intended to the following items: 
    • Box 13, code C, "Other deductions," of Schedule K-1 subject to the 50% AGI limitation.
    • Line 13a, "Charitable contributions," on Schedule K subject to the 50% AGI limitation.

709 Program Update 5

• Donee and gift information displayed on Schedule A, Part 1, of Form 709 is no longer repeated on the 709 Overflow Sheet ("Form 709 - Attachment" in View/Print mode).

1120 Program Update 31

• First-quarter and second-quarter underpayment interest rates for Form 2220 have been corrected for noncorporations, corporations, and large corporations. Prior to this update, first-quarter and second-quarter underpayments were calculated using an interest rate of 6%, which could have resulted in a higher penalty than expected. Returns subject to a first- or second-quarter 2022 underpayment penalty should be reviewed for accuracy and, if necessary, recalculated and retransmitted as an amended return.

1120S Program Update 35

• First-quarter and second-quarter underpayment interest rates for Form 2220 have been corrected for noncorporations, corporations, and large corporations. Prior to this update, first-quarter and second-quarter underpayments were calculated using an interest rate of 6%, which could have resulted in a higher penalty than expected. Returns subject to a first- or second-quarter 2022 underpayment penalty should be reviewed for accuracy and, if necessary, recalculated and retransmitted as an amended return.

Utah Update 19

• Partnership Package:
  • The intended date is now produced on line I, "Enter Date," of UT Schedule K-1 when more than one partner has the same ID number.
• Corporation, S Corporation, and Partnership Packages: 
  • The intended amount is now calculated on line 10, "Apportionment Fraction," of UT Schedule J.