User's Manual - Drake Software

Drake Software User’s Manual
Obtain Circular 230 — Beginning January 1, 2011, all tax preparers must comply with the standards
of conduct set by Treasury Department Circular 230 (revised October, 2010). Under these
standards, current regulations that apply to attorneys, CPAs, EAs, and other specified tax professionals
now apply to all tax preparers, including unenrolled preparers. This circular is available on
the Drake CD and at www.irs.gov/pub/irs-pdf/pcir230.pdf
Obtain Other IRS publications — Order from the IRS or print from www.irs.com.
Contact the States
Obtain state applications — Some states require e-file applications and many states now enforce
e-file mandates. Contact those states early to apply. State data is available on the Federal/State
Facts page at the Drake Support site.
Check state requirements for bank products — Check with your state for special applications to
offer bank products. Contact applicable states that could require different forms.
Check for state e-filing mandates — Mandates vary from state to state; see Appendix E.
Check state requirements for business returns — E-filing requirements vary.
Contact Drake
Notify Drake of changes — Inform us of changes to your firm’s EFIN, phone number, address,
contact person, e-mail address, etc. e-Mail accounting@drakesoftware.com, call (828) 349-5900,
or make changes online at the Drake Support site.
Prepare to Offer Banking Options
Choose your bank — Complete a bank application at the Drake Support site.
Decide which disbursement methods to use — For example, EPS Financial offers e-Collect
Basic, Deluxe, and Elite. Also, the E1 Visa® Prepaid Card can be used in conjunction with banks
other than EPS.
Complete other required applications — Complete any application or contract that your chosen
bank may require in addition to the bank application at the Drake Support site.
Order check and/or card stock.
Test-print check — After installing the software, test-print a check.
Set bank fees and complete Firm Setup in the software.
Review Equipment/Staff Needs
Learn about tax law changes — Do online research; visit and study the IRS Web site and state
tax departments sites.
A-2 Tax Year 2012