getting started with drake tax
TRANSCRIPT
Getting Started with Drake Tax
Best Practices for Success
• Setup Drake account• Install Drake Tax• Setup Drake Tax• Prepare tax returns• Convert data• Attend training• Get familiar with resources
Drake Account Setup
The first thing you need to do, is set up your Drake Account. This means creating a user login and password to use at Drake websites. Setting up your account will give you access to a wealth of tool and the ability to make changes to your account information.
The initial account setup should be performed by the account “owner,” who will set up the administrator account. First go to DrakeSoftware.com, then click “Sign in to Support.” Then enter the temporary EFIN and e-file password found on your Order Confirmation email, then click Sign In.
NOTE: You will be prompted to enter the credentials a second time before you can proceed.
The temporary place holder EFIN and e-File password are found on your Order Confirmation email. Be sure to keep this information in a secure place.
Next, enter a user name for the admin account, then click Submit.
On the next screen, provide information to verify your account, then click Submit.
After verifying your account, select the method you would like to use to receive your temporary two-factor code. You will then receive a verification code that must be entered to proceed.
Next add information about the admin user including a password and security questions that can be used in the case of a forgotten password. When all the information is complete, click Submit. Then you will be prompted to login again with your new credentials.
EFIN Registration
Before you can begin to e-file with Drake Tax, you must register any valid IRS EFIN you plan to use. You must provide a copy of your e-File Application Summary from the IRS e-Services website.
When you are ready to submit a copy of your IRS e-File Application Summary (showing the status of Completed), go to DrakeSoftware.com, then click Sign in to Support.
After you are signed in:
1. Click on Account in the left margin, then select Account Info to see Account information2. Select Manage EFINs from the menu bar upload an EFIN Summary3. Type the EFIN you wish to register into the EFIN to register with Drake Software field in Step 14. Click Select File to browse for the e-File Application Summary (in PDF format)5. Click Submit to send the document to Drake for validation
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EFIN Registration FAQS
How do I access my e-File Application Summary from IRS e-Services?
1. Sign in to your IRS e-Services account by going to www.irs.gov.2. Click Tax Pros at the top right of the screen.3. Click Access E-Services under e-Services.4. Scroll to e-Services Applications and click E-file Provider Services.5. Under e-file Application, click the Access e-File Application button.6. Enter your username and click Login.7. Verify your site image and site phrase, then enter your password and click Submit.8. Enter the security code that is sent to your mobile device and click Continue.9. Review the Online Security Information, and click Continue.10. Select your organization, then click Submit.11. On the External Services Authorization Management page, click the blue eye icon in the
View/Edit column.12. In the EFIN section (near the bottom of the screen), verify the EFIN status is “Active.”13. At the top of the page below the Application Status, click Print. under Application Status, click
“Print” to save a copy of your Application Summary to PDF. Be sure to save the document to alocation where you can find it later.
Can I verify my EFIN using the letter mailed to me by the IRS?
Unfortunately, no. The e-File Application Summary from your e-Services account is required.
Can I have more than one EFIN associated with my account?
Yes! You must register each EFIN you plan to use.
How will I know when my EFIN is registered?
Once we have verified your EFIN, we will send you an email. If there are any issues, we will contact you.
Who can I call if I need help?
• Drake Compliance Department at (866) 273-9032• IRS e-Services Helpline at (866) 255-0654• IRS Secure Access Helpline at (888) 841-4648
Helpful Drake Knowledge Base articles:
• How to get an EFIN/Become an IRS e-File Provider• EFIN Registration or Change• Secure Access for IRS e-Services
Install Drake Tax
It is important to install Drake Tax and become familiar with the program as soon as you can. We recommend installing Drake on your computers or network just as you intend to use it during tax season.
For more information about network setup, refer to the Drake Tax User’s Manual or Drake Knowledge Base Article 11851: Network Setup for Drake Tax.
Drake Tax Versions
Evaluation/Demo
• Available April through November• Activation available to current year release available for $300• Activation available after next year’s program is released (December) (no cost for customers)
Pre-Season Release (December)
• Available early December prior to tax season• Generate preseason documents for your customer• Get started on program setup
Full Release (January)
• Released early January• Requires download from Download Center• Activates e-Filing and bank products• State programs available• Subsequent updates delivered within the program
Download Drake Tax
Download Drake Tax from the Drake Software Download Center by following these steps:
1. Go to DrakeSoftware.com and click Sign In.2. From the sidebar, select Downloads > Drake Tax.3. From the Tax Year drop list, select the tax year for the program to download. Toward the
bottom of the page, click the Download button.4. Open the downloaded file and click Yes to begin installation.
Install Drake Tax
1. From the Drake Software Installation screen, select the location where you want to installDrake Tax. Select any states that you will like to install (if applicable), then click Next.
2. Read and accept the Drake Software License Agreement. To install the demo, select EvaluationVersion (Demo), otherwise, select Licensed Version and enter your account number and serialnumber. Click Next.
3. Read the security messaging on the following four screens, click Next to proceed.4. Review the information at the top of the screen and if it is correct, click Install.
Setup Drake Tax
Initial Login
When you open and log in to Drake Tax for the first time, you are asked to enter your account number and serial number again. Then you must set up a password and security questions for the Administrator (Admin).
TIP! Keep the Admin password secure and do not share it with other staff. Each individual who uses Drake Tax should have his or her username and password to the program (setup from Setup > Preparers.)
Setup Assistant – Quick Setup
The Setup Assistant makes it easy to first-time users to enter basic information for program setup. It opens automatically the first time you log in to Drake Tax.
Electronic Filing & Account Information (ERO)
Enter your Drake Account Number, EFIN, and E-file Password, then click Save. This information can be found on your order confirmation email and also by signing in to DrakeSoftware.com.
Firm Information
Enter information about your tax preparation firm. Be sure to enter your EFIN and click Confirm. If your EFIN has been registered with Drake Software, a green check mark will appear on the screen. If you haven’t verified your EFIN with Drake yet, you can do this at a later date.
For help with EFIN registration, contact Drake Software Compliance at (866) 273-9032.
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Preparer Information
From the Setup Assistant, enter information for your first preparer. You can edit or add more preparers later by going to Setup > Preparers. After entering the preparer information, when the preparer logs in he or she will setup a password.
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Additional Setup
After completing the items on the Setup Assistant, you will be presented with other options and settings you may want to customize. All the setup items in the setup assistant can be access from the home screen of Drake Tax from the Setup menu.
Prepare Returns
Get started using Drake Tax as soon as you can to become familiar with the program functionality. Some ways you can get started using Drake Tax before tax season include:
• Re-Creating Returns• Drake Practice Returns• Complete Returns on Extension (if you have an active version of the current year program)
Practice Returns
Use the Drake practice returns to become familiar with the basics of return preparation and e-filing in Drake Tax. These returns provide hands-on practice by providing taxpayer scenarios and completed tax returns to use to check your results.
To access the Practice Return, go to DrakeSoftware.com and sign in. From the menu on the left side of the screen, select Training > Practice Returns.
Navigating Drake Tax
Home Screen
Each time you log into Drake Tax you will be presented with the Home Screen, which features:
1. Menu bar — Access the program’s menus.2. Toolbar — Quickly perform various program functions.3. Recent Returns — Lists the last nine returns that were opened by the logged-in preparer.4. Appointments — Shows the logged-in preparer’s schedule for the current date when using the
Drake Scheduler.5. Alerts & Notifications — The Alerts & Notifications section features important
announcements, dates, and reminders and informs you of Drake Software systems statuses.6. Status bar7. Preparer Notes — Use this section to write brief notes, visible only to the preparer who wrote
them, that remain in this section until they are deleted.8. Personal Client Manager (PCM) — The PCM is a personalized version of the Client Status
Manager (CSM), allowing the logged-in preparer to easily manage client records, which can besorted by name, return type, status, transmission date, and more.
9. Enable Privacy — Preparers can use the Enable Privacy feature in the Home window by clickingthe Enable Privacy button. This feature hides the Recent Returns list, PCM, Appointments, andPreparer Notes section.
Creating and Opening Returns
From the Home screen, click Open/Create on the toolbar. When you enter an ID number (SSN or EIN) in the Open/Create a Return window, the program searches both current- and prior-year files. If the return exists in the current program, it will open. If a client record is not present in the current year, but is found in the prior-year files, you will be given the option to update the record. If the return does not exist, you will be prompted to create a return.
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Data Entry
The Data Entry Menu is displayed when you open a return. It consists of the following:
1. Data entry toolbar2. Data entry tabs3. Data entry screen codes4. Data entry screens (blue indicates they contain data)5. Searchable selector Field
Return Calculation
View return calculation results as often as needed from data entry by clicking the Calculate button from the toolbar or by pressing CTRL+C. The calculation screen gives a summary of the returns being prepared for the taxpayer including total income, taxable income, total tax, refund or balance due, payment method and EF eligibility of the return. Any EF messages and return notes are also presented on this screen. If pricing is setup in Drake Tax, fee information will also display.
To close the calculation screen and return to data entry click continue, press Esc, or click the “X” in the upper right corner.
Viewing and Printing Returns
Go to View mode to review tax return by clicking View/Print from the toolbar in Data Entry or press CTRL+V. View mode displays all the forms, worksheets, and miscellaneous documentation generated for the return. Once in View mode, press the ESC key or CTRL+E, or click the Data Entry button to go back to data entry.
View mode consists of five sections:
1. Toolbar - Icons for performing actions regarding the return2. Form category – Categories of documents generated for the return3. Tree view - Shows all documents in a return; can be expanded or collapsed4. Viewing panel - Displays the selected document or form5. Viewing tool - Allows zooming for the documents and forms in the viewing panel
Data Conversions
When you become a Drake customer, you can bring your client’s prior-year tax returns with you with our free data converter tools and conversion service.
The conversion process will convert as much information as possible that will unchanged for the next tax year, and isn’t intended to recreate prior year tax returns.
To access conversion programs and instructions sign in at DrakeSoftware.com, then select Downloads> Conversions.
Current Data Conversions
ATX™ 1040, 1041, 1065, 1120, 1120-S
Crosslink® 1040
Lacerte® 1040, 1041, 1065, 1120, 1120-S
ProSeries® 1040, 1041, 1065, 1120, 1120-S
ProSystems FX® 1040, 1041, 1065, 1120, 1120-S
TaxAct® 1040
TaxSlayer Pro® 1040
TaxWise® 1040, 1041, 1065, 1120, 1120-S
Turbo Tax® 1040
UltraTax 1040, 1041, 1065, 1120, 1120-S
Conversion Process
1. Download conversion program from Drake Download Center online2. Install conversion program3. Use desktop icon to run conversion utility4. Access returns in Drake Tax
NOTE: For detailed instructions for each conversion, download the program specific conversion instructions from the Drake Download Center.
Questions
If you have any questions concerning the conversion or converted data, please feel free to call the Conversions Support Team at (828) 349-5546.
Training
Access Drake Software training resources at: https://www.drakesoftware.com/training
Classroom Training
https://Support.DrakeSoftware.com/Training
Join us for virtual and in-person classroom-style software training including: • Drake Tax Basics• Drake In-Depth• Drake Admin Duties• Drake Documents and Portals• Drake Accounting Payroll and Bookkeeping
Video Tutorials
https://drakesoftware.com/videos Learn the basics of Drake Software products with these short instructional videos.
Annual Update Schools
https://support.drakesoftware.com/Schools
Update Schools prepare you for tax season by providing the latest tax and industry information and software enhancements. Attending a school also provides a valuable opportunity to network and share ideas with fellow tax professionals, Drake Software representatives, and industry exhibitors. Options available for in-person and virtual sessions with up to eight hours continuing education credits available.
DrakeCPE.com
https://www.DrakeCPE.com/
Stay current and earn continuing education by taking courses on DrakeCPE.com. Drake is an approved CE provider with NASBA, CTEC, and the IRS, and is an approved IRS Annual Federal Tax Refresher Course (AFTR) provider.
Resources
Phone
Drake Tax Customer Support (828)524-8020
Drake Accounting Software Customer Support (828) 349-5908
Drake Compliance Department
Customer Support [email protected]
Accounting (Billing) [email protected]
State Specific Drake Tax Support [email protected]
(Replace XX with state abbreviation)
Drake Accounting Software Support [email protected]
Drake Software Education [email protected]
Chat Support
You may find it more convenient and faster to use Chat from within the Drake Tax Software package to get answers and assistance with your questions. To initiate a Chat session, simply click on the Support button from the Drake Tax Home screen and choose Chat Support.
Drake Knowledge Base
The Drake Software Knowledge Base (KB) is a searchable database of articles submitted by clients, programmers, the IRS, and state revenue departments covering most of the topics that generate
support questions. There are more than 3,200 articles covering many aspects of the Drake Tax program and the tools and programs that go with it, changes in state and federal tax laws, tax-return troubleshooting, tax-law research, bank products, e-file, Drake Portals, GruntWorx, Drake Accounting, and other topics related to your tax preparation practice.
Access the Drake Software Knowledge Base from the Drake Tax Home screen by clicking on the Support button then selecting Knowledge Base or access it online at kb.DrakeSoftware.com.
DrakeSoftware.com
Sign in to the Drake Software Support site for various resources by selecting Support > Documents, including:
• Drake Tax User’s Manual• What’s New• Desk Reference Guide• Quick Reference Guide• State Release documentation• Drake Account Manual• Drake Tax Manual Supplements
o Pay Per Return (PPR)o Corporations (1120)o S Corporations (1120S)o Partnerships (1065)o Fiduciaries (1041)o Estates (706)o Charities (990)