18480: 2024.03.18 - Drake23 Updates

1041 Program Update 24

• General program changes.

990 Program Update 24

• The IRS is now accepting form 990-T effective March 17, 2023.
• The IRS is now accepting form 8868 effective March 17, 2023.

Texas Update 5

• Individual, Corporation, S Corporation, Partnership, Fiduciary, and Tax-Exempt Packages:
  • All TX forms, instructions, statements, and worksheets have been approved for printing.
  • Texas forms have been approved and are now available for e-file.

Arizona Update 11

• Individual Package:
  • An update prevents reject "DRKPARSE" on element "FirstName."
  • An update prevents reject "DRKPARSE" on element "RefundableCreditsGrp."
• Partnership and S Corporation Packages:
  • AZ Form 120/165ES is now produced as intended when data is present on federal screen ES.

Federal Program Update 25

• Passive carryforward amounts will now flow to Part IV of Form 3800 as expected.

1041 Program Update 25

• The correct bonus depreciation is now calculated when a "Qualified nonresidential property" option of A, B, or C is selected on screen 4562. Affected returns should be recalculated and reviewed for accuracy.
• Question A on Form 3800 now defaults to "No" for all non-corporation returns.
• Prior-year foreign tax credit carryover amounts are now produced on the Carryover Worksheet (Wks_CARRY) when Form 1116, Foreign Tax Credit, is not present in the return.

Florida Update 5

• Partnership Package:
  • An update prevents reject "DRKPARSE" on element "ProvinceOrStateNm."
• Corporation and S Corporation Package:
  • Redundant FL EF Messages have been removed.

1040 Program Update 30

• An EF Message is now produced when "Prior-year carryover allowed" is selected on screen 8839, but there are no prior-year credit carryforward amounts entered on line 13.
• The correct bonus depreciation is now calculated when a "Qualified nonresidential property" option of A, B, or C is selected on screen 4562. Affected returns should be recalculated and reviewed for accuracy.
• Question A on Form 3800 now defaults to "No" for all non-corporation returns.
• Forms 1040-NR and 1040-SS are now available in Spanish.
• Prior-year foreign tax credit carryover amounts are now produced on the Carryover Worksheet (Wks_CARRY) when Form 1116, Foreign Tax Credit, is not present in the return.
• Return Note 849 and EF Message 997 have been added to assist with e-filing Form 8283.

Montana Update 13

• Individual Package:
  • The intended amount is now calculated on line 3, "Partial interest exemption for taxpayers...," page 5, of MT Form 2 when an amount is present on line 3, "U.S. government interest," and on line 12, "Bond  premium on Treasury obligations," of federal screen INT.
• S Corporation and Partnership Packages:
  • EF Message 0100 is now produced when both "Check this box if partner is a nonresident" and "Owner elects Resident PTET" are selected on MT screen K1, preventing reject "PTE-K1-E10."
  • EF Message 0129 is now produced when there is not a refund present on MT Form PTE, but "Y-Yes" is selected from the "You are requesting a refund with this return" drop list on MT screen 1, preventing reject "FormPTE-E11."
  • An update prevents reject "DRKPARSE" on element "AuthorizedRepName."

1065 Program Update 24

• The correct bonus depreciation is now calculated when a "Qualified nonresidential property" option of A, B, or C is selected on screen 4562. Affected returns should be recalculated and reviewed for accuracy.
• Question A on Form 3800 will now be answered "No" by default for all non-corporation returns.
• Return Note 849 and EF Message 997 have been added to assist with e-filing Form 8283.

North Dakota Update 9

• S Corporation and Partnership Packages:
  • "0.0" is now produced on line 14," Apportionment factor," Schedule FACT, of ND Form 60 when "Zero apportionment - No activity in state" is selected for ND on federal screen APPT.

Nebraska Update 12

• S Corporations and Partnership Packages:
  • The period is no longer produced on line "Name" of NE Schedule K-1N.
• Individual Package:
  • Text on NE screen EB has been updated.
• Corporation and S Corporation Packages:
  • Amounts produced on Part A of NE Form PTC now flow as intended to line 21, "Credit for school district property taxes," and line 22, "Credit for community college property taxes," on NE Form 1065N.

General Program Update 29

• General program update.

1120 Program Update 25

• The correct bonus depreciation is now calculated when a "Qualified nonresidential property" option of A, B, or C is selected on screen 4562. Affected returns should be recalculated and reviewed for accuracy.
• Part I of Form 4626 has been added to the program. Use screen 4626 to complete this form. Returns requiring Parts II - V of Form 4626 are not supported and must be paper filed.
• Return Note 849 and EF Message 997 have been added to assist with e-filing Form 8283.
• An update resolves reject "F8283-345-01."

1120S Program Update 26

• The correct bonus depreciation is now calculated when a "Qualified nonresidential property" option of A, B, or C is selected on screen 4562. Affected returns should be recalculated and reviewed for accuracy.
• Question A on Form 3800 now defaults to "No" for all non-corporation returns.
• Return Note 849 and EF Message 997 have been added to assist with e-filing Form 8283.

990 Program Update 25

• The correct bonus depreciation is now calculated when a "Qualified nonresidential property" option of A, B, or C is selected on screen 4562. Affected returns should be recalculated and reviewed for accuracy.
• Question A on Form 3800 now defaults to "No" for all non-corporation returns.