Drake Software User's Manual Tax Year 2011 Supplement: S ...

More documents

Recommendations

Info

Estimated TaxesDrake Software User’s Manual SupplementSchedule DUse screen D to enter data for Parts I and II of Schedule D (Form 1120S), CapitalGains and Losses and Built-in Gains. Use the DTAX screen for Part III of Schedule D(Form 1120S). For information on using the Schedule D import feature in Drake, see“Schedule D Imports” in Chapter 5 of the Drake Software User’s Manual: Tax Year2011.2011 Estimated TaxThe 1120S does not have a federal estimated tax voucher. Estimated tax payments arerequired only in certain situations. An S corporation must make electronic deposits ofemployment, excise, and corporate income taxes using the Electronic Federal TaxPayments System (EFTPS).Use the ES screen to enter estimated tax payments made for tax year 2011 and estimatedamounts for tax year 2012. Future year amounts appear on the ES_SUM worksheetgenerated with the return.Payments with ExtensionsTax Paid on FuelsEstimated TaxesTo make a payment with an extension request, enter the amount being paid on the7004 screen. If an extension was previously requested and a payment was made then,enter the amount paid on screen 4, line 23b.Use screen 4136 to enter information for Form 4136, Credit for Federal Tax Paid onFuels. Note that this screen actually consists of two screens, with lines 1 through 8f onthe first screen. Press PAGE UP or PAGE DOWN to go from screen to screen.Use the ES screen to enter federal and state estimated taxes paid in 2011. If the returnwas updated in Drake from 2010, this information is carried over. Note that this informationwill be overridden by any entry in the Current-year estimated tax paymentsfield on screen 4.Estimated Payments for 2012Use the ES screen for 2012 estimated payments. To enter the amount to be credited,used the OP to 2012 field. Note that this information will be overridden by any entryin the Amount to be credited to next year’s estimated tax field on screen 4.Underpayment of Estimated TaxFor underpayment of estimated tax, complete all applicable fields on screen 2220.12 Tax Year 2011
Drake Software User’s Manual SupplementDirect Deposit of RefundsDirect Deposit of RefundsThe IRS requires that Form 8050, Direct Deposit of Corporate Tax Refund, be submittedwith an e-filed return in order for a corporate refund to be directly deposited. Tocomplete this form in Drake, use the DD screen (Figure 5).When filling out the DD screen:Figure 5: Federal section of DD screen (also 8050 screen)• If the federal refund is to go to the account listed, select Yes for the FederalAccount selection; otherwise, select No. (Default is Yes.)• If a state refund is to go to the account listed, select the state abbreviation from theState/city selection drop list.• Enter the name of the financial institution, the routing number (RTN), the accountnumber, and the type of account (Checking or Savings).• Re-enter the RTN, account number and type of account to verify.If receiving refunds from different state tax authorities, use the State Account boxeson the DD screen to indicate where other state refunds should be deposited.International ACH TransactionsIn 2009, state taxing agencies added foreign account questions to their forms to complywith NACHA rules regarding International ACH transactions (IAT); however,processing IAT is not yet supported by any federal or state tax authority. If you were toindicate that the account was outside the U.S., the state tax authority would automaticallyignore the account information and either issue a refund via paper check, or contactthe taxpayer requesting the payment of a balance due via check or domestic bankaccount. If you indicate that an account is located outside of the U.S., Drake Softwaregenerates a message page instructing you to choose an account located in the U.S.For more information, see Screen Help on the DD screen and PMT screens.Electronic Funds Withdrawal (Direct Debit)Use the PMT screen, accessible from the General tab, to indicate that the balance duefor an e-filed return should be withdrawn (direct-debited) from an account.Program Defaults and OverridesBy default, the program indicates that the entire balance due (the “Amount owed” sectionof Form 1120S) is to be withdrawn on the return due date. To indicate otherwise,complete the Requested payment date override field for the applicable payment.Tax Year 2011 13
Page 3 and 4: Drake SoftwareUser’s ManualTax Ye
Page 5 and 6: Drake Software User’s Manual Supp
Page 9 and 10: S Corporations (1120S)The basics of
Page 19: Drake Software User’s Manual Supp
Page 71 and 72:
Drake Software User’s Manual Supp
Page 73 and 74:
Page 75 and 76:
Adjustment LocationAdjustments Work
Page 77 and 78:
Adjustment LocationAdjustments Work
Page 79 and 80:
Page 81 and 82:
Overrides WorksheetOverride Locatio
Page 83 and 84:
Overrides WorksheetOverride Locatio
Page 85 and 86:
Page 87 and 88:
show all

Drake Software User's Manual Tax Year 2011 Supplement: S ...

Create successful ePaper yourself

Delete template?

Save as template?