Drake Software User's Manual Supplement: S Corporations (1120S)

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Table of ContentsDrake Software User’s Manual Supplement: S CorporationsThis page intentionally left blank.vi Tax Year 2010
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 2010 for the basics of using the program.What’s New in Drake for S CorporationsDrake programs its tax software according to the latest IRS rules and regulations. The2010 program reflects all changes to credits and deductions, including discontinuations.For details on the new regulations for the 2010 tax year, see the IRS instructionsfor Form 1120S.Data Entry and CalculationThis year’s changes to data entry and calculation are summarized below:• Improved Calculation Results Window — The Calculation Results windownow features more EF message links. (An EF message link takes you directly tothe screen that is causing the EF message.)• Multiple Forms 8027 Available — Returns can now include multiple instancesof Form 8027, Employer’s Annual Information Return of Tip Income & AllocatedTips.• Depreciation on Installment Sales and Like-Kind Exchanges — For a solditem on the 4562 (Depreciation Detail) screen, three new options are available inthe Property type drop list (located in the If sold section of the screen). Selectingone of these options (listed below) prevents the program from automatically carryingthe sale information to Form 4797.– IN — Installment sale, section 1245 property (Form 6252)– IS — Installment sale, section 1250 property (Form 6252)– LK — Like-kind exchange (Form 8824)• Section 179 Expensing for Qualified Real Property — In accordance with theSmall Business Jobs Act of 2010, a taxpayer may elect, under section 179, toTax Year 2010 1
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Page 12 and 13: Header InformationDrake Software Us
Page 14 and 15: Income and DeductionsDrake Software
Page 16 and 17: Income and DeductionsDrake Software
Page 18 and 19: Tax and PaymentsDrake Software User
Page 20 and 21: Electronic Funds Withdrawal (Direct
Page 22 and 23: Amending a ReturnDrake Software Use
Page 24 and 25: Schedule K: Shareholders’ Pro Rat
Page 26 and 27: Schedule K-1 for 1120S (Shareholder
Page 28 and 29: Schedule K-1 for 1120S (Shareholder
Page 30 and 31: Schedule L: Balance Sheet Per Books
Page 32 and 33: Schedules M-1, M-3 (Reconciliation
Page 34 and 35: Schedule M-2 (Analysis of Accounts)
Page 36 and 37: Rental ActivitiesDrake Software Use
Page 38 and 39: Credits and AdjustmentsDrake Softwa
Page 40 and 41: Electronic FilingDrake Software Use
Page 42 and 43: Binary AttachmentsDrake Software Us
Page 44 and 45: Binary AttachmentsDrake Software Us
Page 46 and 47: Importing Trial Balance Information
Page 56 and 57: Form 3115, Application for Change i
Page 58 and 59:
Form 3115, Application for Change i
Page 60 and 61:
Page 62 and 63:
Page 64 and 65:
Page 66 and 67:
Trial Balance Import: General Proce
Page 68 and 69:
IndexDrake Software User’s Manual
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IndexDrake Software User’s Manual
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Drake Software User's Manual Supplement: S Corporations (1120S)

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