Anything But Basics 1040
The adjustments for the 1040 are on a section of Schedule 1 called?
Adjustments to Income
The Drake Documents is an electronic file storage program used to?
Organize and manage electronic documents
Drake Software is currently partnered with five banks. What are these banks.
❏EPS Financial
❏Republic Bank & Trust
❏Santa Barbara Tax Products Group (TPG)
❏Refundo
❏Refund Advantage
A K-1P is distributed to each partner to report on what form?
Form 1040
What is a E ACK?
This ACK indicates that the Imperfect Return Indicator was selected for this return and it has been processed and accepted.
All the deductions are totaled on line?
14
Drake recommends at least how many gigabytes of space be available for document storage?
3-5 Gigabytes
There are 3 types of fees involved with bank products. What are these fees?
❏Preparer fees
❏Bank fees
❏Drake fees
In a C-Corp any profits made by the company are divided between who?
any investors in the company
What is an Acknowledgement?
Electronic receipt returned by the IRS for each return in a successful transmission
Any non-refundable credits are applied to?
Tax owed
In order for a scanner to work with Drake Documents it must be?
TWAIN compliant
The banking information has its own tab on what screen in the Drake Software?
the Firm Setup screen
In the tax industry a business is typically defined as?
a Sole Proprietor, Partnership or Corporation.
The Online EF Database (OLDB) is available to customers that have what?
a Drake web-application user account (used to access the Support website) with added OLDB permissions.
Form 1040-NR is used for those who have to file taxes but are considered?
Non-residents of the United States
Drake Documents offers two different cabinets that can be accessed. What are these Cabinets?
the Working Cabinet and the Archive Cabinet.
What are the benefits of Bank Products?
❏Allows the tax preparer to collect their fees
❏Allows a taxpayer to pay their fees without having to pay upfront
❏Refund checks can be conveniently printed in tax preparer’s office or from the bank website.
❏Possibility of loading the refund onto a prepaid debit card for the taxpayer
S corps are also considered as?
Pass-Thru entities
What is a (B) ACK?
This ACK is indicative of general formatting issues
What is a "Paid Preparer"?
The preparer who is being paid to create the return.
If the preparer is in a folder that contains documents, then they can right click on the document and get?
Another sub-menu
Clients can research more about which bank works best for them on?
the Support Website under Products (Bank Partners)
There are Two types of tax year options in Drake Software. What are they?
Calendar Year and Fiscal Year
Processing ACKS triggers all of the following:
ACK Reports
ACK Posting
EF Database
ESUM Screen
CSM/PCM
9325 Emails