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

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Filing an ExtensionDrake Software User’s Manual SupplementRequired InformationIf the return is e-filed on or before the due date, the requested payment date cannot belater than the due date. If the return is transmitted after the due date, the requested paymentdate cannot be later than the current date.A Withdrawal selection (item 1 in Figure 6) is required if the program is to direct taxauthorities to withdraw funds from the taxpayer’s account.Figure 6: Required fields on PMT screen: withdrawal selection (1);account information (2); specified return (3)The name of the financial institution, routing number (RTN), account number, andaccount type are required. As with the DD screen, the RTN, Account number, andType of account data must be entered twice (item 2 in Figure 6).Finally, the PMT screen must indicate the return to which the payment data applies(item 3 in Figure 6). Put a check mark in the box of the applicable return type.Withdrawal from Multiple AccountsOnly one account can be designated for direct debit of funds for payment of federal orstate taxes. To have state amounts withdrawn from an account other than the accountindicated for federal payments, complete the fields in the State Account sections ofthe PMT screen.NOTENeither the federal nor the state balance due can be paid from morethan one account.Filing an ExtensionCalendar year returns are due on March 15, 2012. By filing Form 7004, an S corporationcan extend the deadline six months to September 15. Fiscal year returns are dueon the 15th day of the third month after the end of their year. Form 7004 extends thedeadline six months.To file an 1120S extension, use either of the following options:• Go to the 7004 screen in Drake and select Generate an extension. Complete anyother applicable fields on the screen.14 Tax Year 2011
Drake Software User’s Manual SupplementSigning the ReturnSigning the Return• Go to the PRNT screen and select Prepare Form 7004 based on screen 1 data.Electronic (PIN) signatures are required for e-filed returns. If e-filing a return, completeall fields on the PIN screen. A return cannot be e-filed if the PIN screen is notcompleted, including the title and signature (name) of the officer signing the return.An 1120S return must be signed and dated by one of the following individuals:• The corporation’s president, vice president, treasurer, assistant treasurer, or chiefaccounting officer• Any other corporate officer, such as a tax officer, who is authorized to signIf the return is prepared by a paid preparer, the preparer must complete the requiredinformation and sign the return in the space provided. If it is prepared by an employeeor officer of the corporation, select NONE in the Firm # and Preparer # fields onscreen 1.To have the preparer’s name and address information displayed on the printed return:• If the return preparer and ERO (entered in Setup > ERO) are the same:– Go to Setup > Preparer(s) and ensure that the Alternative Electronic Signaturebox is marked for the preparer.– Complete the PIN screen for the return.• If the return preparer and ERO are not the same:– Go to the PRNT screen for the return and complete the field labeled PIN forpreparer’s alternative electronic signature. The PIN entered should matchthe one entered for the preparer in Setup > Preparer(s). (For more information,press F1 in this field.)NOTESetup > ERO must still be completed for e-filing. See the IRS instructionsfor further details on signature requirements.Amending a ReturnAmended 1120S can be e-filed using Drake Software.CAUTIONWhen you amend a return in Drake, the amended informationreplaces the original in the data file. Before amending a return, youshould archive the original to avoid losing previously submitted data.For more information on archiving returns, see “Archive Manager” inChapter 6, “Return Results,” of the Drake Software User’s Manual:Tax Year 2011.To file an amended 1120S return:1. Go to screen 1 and select Amended return in section H.2. Make changes as applicable to forms and schedules.Tax Year 2011 15
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