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

Making Changes on the FlyDrake Software User’s Manual Supplement• Form 4562 (Depreciation and Amortization)• Next-year depreciation listing• “Inactive return” printed on first page of the 1120S• Preparer and officer signature on printed copy of returnThe following 1120S items can be “suppressed” (kept from being generated) on areturn:• Schedule M-2• WK_M2 (Retained Earnings Reconciliation Worksheet)• Form and worksheet referencesNOTEForm and worksheet references are for the benefit of the preparer andclient but are not required for the tax return. References appear on taxforms to clarify which worksheets (available in View mode) correspondto which calculations, and which forms/screens certain amounts arecarried from.K-1 Items The following K-1 items can be “forced” (forcing the program to generate the item)on a return:• Shareholder’s adjusted basis worksheet (WK_SBAS)• K-1 codes (page 2 of the Schedule K-1)The following K-1 items can be “suppressed” (kept from being generated) on a return:• Related documents: Schedule K-1, K-1 cover letter, K1_ATT worksheet (for K-1statement overflow), and shareholder’s adjusted basis worksheet (WK_SBAS)• Marking of “Amended K-1” box on printed Schedule K-1• K1-DIST worksheetOverriding Other Setup OptionsFiling instructions and envelope coversheets can be either forced or suppressed fromthe PRNT screen to override the global setting in Setup.The PRNT screen also includes options to disable autobalance (see “Autobalance” onpage 26), calculate the Form 2220 penalty, and prepare an extension (Form 7004)based on the data entered on screen 1 (see “Filing an Extension” on page 14).36 Tax Year 2011