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About State FilingDrake Software User’s ManualAbout State FilingMost states accept e-filed returns and some require it—or have regulations that determineat what point a tax professional can or must begin e-filing. (Mandates don’tapply to taxpayers e-filing their own returns.) Some states with mandates have theirown application process for EROs and tax preparers who offer bank products. Theseprocesses and the rules and regulations pertaining to e-filing vary from state to state.The FAQ screen in data entry includes links to state e-filing information (Figure 7-14).Figure 7-14: Three sources for EF information from the FAQ screen for North CarolinaInformation on individual state requirements are available at Support.DrakeSoftware.com.For more Drake resources, see Chapter 10, “Resources and Support.”200 Tax Year 2008
8 BankingThis year, Drake is working in conjunction with four banks to provide taxpayersaccess to bank-product options:• Chase • Santa Barbara Bank & Trust (SBBT)• Republic Bank & Trust (RB) • River City Bank (RCB)NEW FOR2008River City Bank is a new Drake banking partner in 2008. Also new in 2008,the TRAC screen in Drake allows tracking of prior-year bank products. (See“Return Tracking” on page 163.)About Bank ProductsThis chapter covers requirements for you and your customers, processes for setting upyour software for offering bank products, and data entry for bank products. It alsoexplains what bank products are and provides valuable information you’ll want toreview in addition to the brochures provided by your bank.Tax Preparer RequirementsNEW FOR2008If tax return information will be disclosed to parties outside of the taxpreparer’s firm, IRS Regulation 7216 requires that you obtain clients’signed consents for the use and disclosure of their tax information.IRS Reg. 7216 provides guidance to tax preparers regarding the use and disclosure oftheir clients’ tax information to parties outside of the tax preparer’s firm. The Consentto Use of Tax Information must be signed and dated by the taxpayer (and spouse, ifTax Year 2008 201
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CopyrightDrake Software User’s Ma
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Table of ContentsDrake Software Use
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Table of ContentsDrake Software Use
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What’s New in Drake for 2008Drake
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What’s New in Drake for 2008Drake
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Contacting Drake SupportDrake Softw
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InstallationDrake Software User’s
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Running Drake on a NetworkDrake Sof
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Running Drake on a NetworkDrake Sof
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Software SetupDrake Software User
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Making Changes on the FlyDrake Soft
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Logging In and OutDrake Software Us
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Creating and Opening ReturnsDrake S
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Data EntryDrake Software User’s M
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About State ReturnsDrake Software U
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Prior-Year UpdatesDrake Software Us
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Prior-Year UpdatesDrake Software Us
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Organizers and ProformasDrake Softw
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SchedulerDrake Software User’s Ma
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E-filing PreparationDrake Software
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Taxpayer DemographicsDrake Software
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ExemptionsDrake Software User’s M
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Personal Service Income (W-2, 1099-
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Passive and Investment Income (1099
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Passive and Investment Income (1099
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Self-Employment Income (Schedule C)
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Sales of AssetsDrake Software User
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Retirement Income (1099-R, etc.)Dra
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Supplemental IncomeDrake Software U
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Farm IncomeDrake Software User’s
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Social Security and Railroad Benefi
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Educator ExpensesDrake Software Use
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Self-Employment AdjustmentsDrake So
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PenaltiesDrake Software User’s Ma
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Domestic Production Activities Dedu
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Alternative Minimum TaxDrake Softwa
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Elderly/Disabled CreditDrake Softwa
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Retirement Savings Contributions Cr
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Household Employment TaxesDrake Sof
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Estimated TaxesDrake Software User
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Estimated TaxesDrake Software User
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Earned Income Credit (EIC)Drake Sof
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Additional Child Tax Credit and Com
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Recovery Rebate CreditDrake Softwar
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Electronic Funds Withdrawal (Direct
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Third Party DesigneeDrake Software
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DepreciationDrake Software User’s
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Auto ExpensesDrake Software User’
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Auto ExpensesDrake Software User’
Page 158 and 159: Office in HomeDrake Software User
Page 160 and 161: Net Operating LossesDrake Software
Page 162 and 163: Special ReturnsDrake Software User
Page 164 and 165: Requests, Claims, and Other FormsDr
Page 166 and 167: Requests, Claims, and Other FormsDr
Page 168 and 169: Special Features in Data EntryDrake
Page 174 and 175: Calculation ResultsDrake Software U
Page 176 and 177: Viewing and Printing a ReturnDrake
Page 182 and 183: Setting Up View/Print OptionsDrake
Page 184 and 185: Archive ManagerDrake Software User
Page 186 and 187: Archive ManagerDrake Software User
Page 188 and 189: Preparing to E-FileDrake Software U
Page 190 and 191: E-filing a ReturnDrake Software Use
Page 196 and 197: EF Override Options in Data EntryDr
Page 198 and 199: EF Override Options in Data EntryDr
Page 200 and 201: EF DatabaseDrake Software User’s
Page 202 and 203: Online EF DatabaseDrake Software Us
Page 210 and 211: About Bank ProductsDrake Software U
Page 216 and 217: Preparing to Offer Bank ProductsDra
Page 218 and 219: Bank Product TransmissionDrake Soft
Page 220 and 221: Processing the Loan CheckDrake Soft
Page 222 and 223: Troubleshooting Check PrintingDrake
Page 224 and 225: Cancellations, Tracking, & Post-Sea
Page 226 and 227: About Client StatusesDrake Software
Page 228 and 229: Customizing the DisplayDrake Softwa
Page 230 and 231: CSM ReportsDrake Software User’s
Page 232 and 233: Admin-only FeaturesDrake Software U
Page 234 and 235: Online SupportDrake Software User
Page 242 and 243: Software SupportDrake Software User
Page 244 and 245: Interactive SupportDrake Software U
Page 250 and 251: Fax Cover Letter for SupportDrake S
Page 252 and 253: Install UpdatesDrake Software User
Page 254 and 255: Download FontsDrake Software User
Page 256 and 257: File MaintenanceDrake Software User
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File MaintenanceDrake Software User
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LettersDrake Software User’s Manu
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AmortizationDrake Software User’s
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Install State ProgramsDrake Softwar
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Quick EstimatorDrake Software User
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Report ManagerDrake Software User
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Setting Up a ReportDrake Software U
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Setting Up a ReportDrake Software U
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Filter ManagerDrake Software User
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Filter ManagerDrake Software User
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Report ViewerDrake Software User’
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Fixed Asset ManagerDrake Software U
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Hash TotalsDrake Software User’s
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Document ManagerDrake Software User
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Tax PlannerDrake Software User’s
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Client Write-UpDrake Software User
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Trial Balance ImportDrake Software
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Binary AttachmentsDrake Software Us
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Binary AttachmentsDrake Software Us
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Appendix A: Preseason ChecklistDrak
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Appendix A: Preseason ChecklistDrak
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PROCESS: E-FILING FEDERAL RETURNSCo
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Appendix C: KeywordsDrake Software
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Appendix D: Acronyms & Abbreviation
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Appendix D: Acronyms & Abbreviation
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Appendix E: State E-filing Mandates
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Prepare to use TrialBalance ImportC
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Index2008 Drake Softwarebank name d
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Index2008 Drake Softwarechanging 18
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Index2008 Drake Softwareestimating
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Index2008 Drake SoftwareForm 8867 (
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Index2008 Drake Softwareand moving
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Index2008 Drake SoftwareReal-Time L
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Index2008 Drake SoftwareSSN, see So
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