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

S Corporations (1120S)The basics of data entry for an S corporation (1120S) return are the same as for a 1040return. Field- and screen-level help, shortcut keys, and navigation throughout dataentry all function as they do in the 1040. See the Drake Software User’s Manual: TaxYear 2011 for the basics of using the program.What’s New in Drake for S CorporationsELEC Screen ChangesOwnership ChangesDrake programs its tax software according to the latest IRS rules and regulations. The2011 program reflects all changes to credits and deductions, including discontinuations.For details on the new regulations for the 2011 tax year, see the IRS instructionsfor Form 1120S.The ELEC screen has been revised for easier, more efficient selection of various electionsavailable to corporations. For more information on choosing elections in Drake,see “Elections” on page 34.New in 2011, all ownership change information is entered on the OWN screen, whichis accessible from the General tab of the Data Entry Menu. For more information,see “Ownership Changes” on page 19.Income and Deduction ScreensThe data entry screens for income and deductions have been revised for easier dataentry.Only three screens are now required in order to calculate taxable income for a return:• INC — Includes all items of income reported on Form 1120S, page 1, lines 1bthrough 5, that do not require a separate form schedule (Form 1125-A) or addi-Tax Year 2011 1