18287: 2023.09.09 - Drake22 Updates

Federal Program Update 40

• General program update.

1041 Program Update 33

• An override field for line 11 of Form 8978 has been added to screen 8978.

1040 Program Updates 44

• Keywords for TheTaxBook link on screen FEC have been updated. 
• The interest rate for the fourth quarter of 2023 has been added to the Interest and Penalty Calculation worksheet ("Wks Penalty" in View/Print mode).
• An override field for line 11 of Form 8978 has been added to screen 8978.

1120 Program Update 32

• A refund is now produced on line 34 of Form 1120-C only when applicable.
• An override field for line 11 of Form 8978 has been added to screen 8978.
• Interest rates used for the computation of the underpayment penalty on Form 2220 have been increased for the calendar quarter beginning October 1, 2023. The rates are:
  • 8% for underpayments 
  • 10% for large corporate underpayments

1120S Program Update 36

• The intended estimated payment due date of April 15 is now produced on Form 2220. This update reverts changes from a patch released on August 29, 2023, that incorrectly changed the due date to March 15. 
• Interest rates used for the computation of the underpayment penalty on Form 2220 have been increased for the calendar quarter beginning October 1, 2023. The rates are: 
  • 8% for underpayments
  • 10% for large corporate underpayments