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18394: 2024.01.25 - Drake23 Updates


Drake Tax Update Notes

2024.01.25 - Drake23 Updates

 

Arizona Update 4

  • S Corporation and Partnership Packages:
    • The PTE tax rate has been updated from 2.98% to 2.5% for Schedules K-1 regarding distributed PTE credits.

Federal Program Update 8

  • General program update.

General Program Update 1

  • Users are now able to successfully backup their files automatically.

1041 Program Update 7

  • Form 8868 has been updated to the final version.
  • Form 8911 has been approved, and the watermark has been removed.

Georgia Update 4

  • Individual Package
    • GA 2D barcode specifications have been updated.

1040 Program Update 11

  • EF Messages have been added to the program, preventing rejects "F5695-037" and "F5695-015-01."
  • Form 1040-SS has been approved, and the watermark has been removed.
  • Section 179 auto limits have been updated for depreciation.
  • Form 8911 has been approved, and the watermark has been removed.

Kentucky Update 3

  • S Corporation and Partnership Packages:
    • KY screen CR has been redesigned to automatically calculate distributive share income subject to income tax on Form 740-PTET-CR for each partner or shareholder selected on the screen.
  • S Corporation and Partnership Packages:
    • The names and addresses of partners, shareholders, and pass-through entities are now printed in the correct locations on KY Form 740-PTET-CR.
  • Individual, Corporation, S Corporation, and Partnership Packages:
    • An update prevents reject "I3-66" regarding KY Form OL-3.
  • Individual Package:
    • The banner has been removed from Lexington Form 211-22.

Minnesota Update 6

  • Individual Package
    • EF Message 0040 is now generated when "APT" or "UNIT" is entered in the "Apt. #" field on federal screen 1, preventing reject "0046."
    • An update prevents information on non-dependents who live with the taxpayer less than half the year from flowing to Form MN1DQC.

Mississippi Update 2

  • Individual Package:
    • The maximum credit amounts for the following codes have been updated:
      • Code 34 - Qualifying Charitable Contribution Credit Approved by DOR
      • Code 35 - Qualifying Foster Care Charitable Credit Approved by DOR
    • MS Form 80-401 is now produced as expected when data has been entered on more than one MS screen CRED.
  • Fiduciary Package:
    • MS Form 80-401 has been updated to the latest version.
    • MS Other Income Attachment is only produced when intended.
  • Individual, Corporation, S Corporation, Partnership, and Fiduciary Packages:
    • Data entered on MS screen 401 is now produced as intended on MS Form 83-401.

1065 Program Update 7

  • Section 179 auto limits have been updated for depreciation.
  • Form 8911 has been approved, and the watermark has been removed.

General Program Update 11

  • User can now use the up/down arrows on the File Open/Create dialog.

1120 Program Update 8

  • The intended payment method is now displayed on the Calculation Results window.
  • An EF Message is now produced when line 29, Schedule K, of Form 1120 indicates that Form 4626 should be attached.
  • Section 179 auto limits have been updated for depreciation.
  • Form 8911 has been approved, and the watermark has been removed.

1120S Program Update 9

  • Section 179 auto limits have been updated for depreciation.
  • Form 8911 has been approved, and the watermark has been removed.

990 Program Update 7

  • Form 8911 has been approved, and the watermark has been removed.

Virginia Update 4

  • S Corporation and Partnership
    • The estimated payment due dates and amounts for Form 502PTET are now displayed in the Client Results letter, as expected.

Wisconsin Update 2

  • Individual Package:
    • The data entered on WI screen LR1 now flows as intended to the Legal Residence (Domicile) Questionnaire (WI WK_DOM).
  • S Corporation Package:
    • Print alignment has been adjusted for page 4 of WI Form 5S.
    • The amount entered on line "Amount of overpayment to apply to 2024" with "WI" selected from the "St/City" drop list on federal screen ES now flows as intended to line 21 of WI Form 5S.
  • S Corporation, Partnership, and Fiduciary Packages:
    • The intended check boxes are now marked on WI Schedule AR when a selection is made on WI screen PWX.
  • Individual, Corporation, S Corporation, Partnership, and Fiduciary Packages:
    • Print alignment has been adjusted for Part II of WI Schedule DC.

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