2021.10.04 - Drake20 Updates

 Federal Program Update 37

•  An amount is now generated as intended in column (h), Part I, of Form 965-A, Individual Report of Net 965 Tax Liability, when "No" is marked in column (g).

1040 Program Update 57

• Amortization and depreciation deductions now flow to page 2 of Schedule E as expected. Prior to this update, if a 4562 screen was linked to a K1 screen, and the return included multiple K1 screens-some containing "0" (zero) in the "F" field-the 4562 deduction was not always calculated.

New Jersey Update 22

• Corporation Package:
  • A check box for indicating a member of an affiliated group has been added to NJ screen AG to meet the NJ requirement that the minimum tax for a corporate member of an affiliated group is $2,000. If the affiliated group box is marked, a minimum tax of $2,000 is now calculated for a NJ corporation that is a member of an affiliated group.
• Corporation and S Corporation Packages: 
  • When an S corporation elects to be changed to a C corporation, amended CBT-100, New Jersey Corporation Business Tax, returns will no longer receive a default "B" ack when transmitted.