Drake Software Evaluation Guide

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1 3 0 | B u s i n e s s R e t u r n 2 0 0 8 D R A K E S O F T W A R EThere are no estimated tax vouchers for corporations. Instead, file form 8109 Federal TaxDeposit Coupon deposit via the Electronic Federal Tax Payment System (EFTPS).In Drake, for estimated taxes due for the next tax year, type W into the selector field and pressENTER. On line 1, enter the taxable income expected for the tax year. Enter any otherapplicable information for the rest of the 1120W screen. See Figure 81 below.FieldsTaxable income expected forthe tax year175000Tax credits 3700Other taxes 4500DataFigure 81: Form 1120W, Corporation Estimated TaxA WK_1120W is generated when the return is viewed.You have just completed a corporate return in Drake. Review the forms, calculations, and anyEF MESSAGES or NOTES pages in View mode.Drake Software Evaluation GuideCopyrighted Material
2 0 0 8 D R A K E S O F T W A R E B u s i n e s s R e t u r n | 1 3 1REVIEWReview the return for accuracy. Click View at the top of the screen to open View/Print mode.(If you indicated in Setup > Options that the Calculation Results screen be displayed beforeView mode, click Continue on the Calculation Results screen to open View mode.)Click form 1120 from the category tree view. Review the 1120, the Statements, and the listedschedules to check expenses. Compare these to the 1065 income statements on the followingpages.Click form 1120.PG5. Use this page to see if the return is in balance. Line 15 -Total assetsshould be the same as line 28 -Total liabilities and shareholders’ equity. Line 8 of the M-2should equal line 25 end-of-year Retained earnings Unappropriated. See Figure 82 onpage 132.Copyrighted MaterialDrake Software Evaluation Guide
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