CALIFORNIA INITIAL RELEASE Release date: January 2015 All packages are included in this shipment. California Individual, Corporation (100), S Corporation (100S), Partnerships (including CA 565 and CA 568), and Fiduciary (541) are approved for e-file. Forms Delay: • CA will delay the release of Schedules CA (540) and CA (540NR) due to late release of the federal forms and federal legislation. Once the federal 1040 and Schedule A are final, CA plans to release the final versions of their forms. New Forms: • CA 3554, New Employment Credit • CA 3840, California Like-Kind Exchanges (used to report property in California exchanged for property outside of California) Modified Forms: • 3805Z, Enterprise Zone Deduction worksheets have been revised (see “Tax Law Changes”). • 3807, Local Agency Military Base Recovery Area Deduction and Credit Summary worksheets have been revised (see “Tax Law Changes”). Removed Forms: • 540-V - Payments for e-filed returns are reported on Form 3582 • 3527, New Jobs Credit New Features: • Information on CA screen ES, used to set up Automatic Withdrawal of Estimated Payments, is now available on federal screen ES. This information must be transmitted with the original return and cannot be set up after the tax return has been e-filed and accepted. Tax Law Changes: • Voluntary contributions are now allowed to the following funds: o California Senior Legislature Fund o Habitat for Humanity Fund o California Sexual Violence Victim Services Fund Spanish Support: Si le gustaría hablar con alguien en Español, llame al (828) 349-5500, y trataremos de conectarle con uno de nuestros agentes de apoyo que hablan Español. Note: If you received a damaged or bad CD, contact Drake Software Support at (828) 524-8020; by fax at (828) 349-5718; or by e-mail at [email protected]. Include your name, company name, and EFIN with your request. Tax Law Changes (continued): • All Geographically Targeted Economic Development Area Tax Incentives have been repealed (Enterprise Zones, Local Agency Military Base Recovery Areas, Targeted Tax Areas, and Manufacturing Enhancement Areas); carryfoward information is still available. • Business returns prepared by tax software are now required to be e-filed. Exceptions will be made for reasonable causes, including items not supported by software vendors. An online-only waiver will be available from the state and can be completed up to 15 days after a return is filed. Standard Deductions Filing Status Single or Married/RDP Filing Separately Married/RDP Filing Jointly, Head of Household, or Qualifying Widow(er) The minimum standard deduction for dependents Deduction Amt $3,992 $7,984 $1,000 Reduction in itemized deductions Filing Status Single or Married/RDP Filing Separately Head of Household Married/RDP Filing Jointly or Qualifying Widow(er) AGI Threshold $176,413 $264,623 $352,830 Exemption credits Filing Status Married/RDP Filing Jointly or Qualifying Widow(er) Single, Married/RDP Filing Separately, or Head of Household Dependent Blind Age 65 or older Exemption Amt $216 $108 $333 $108 $108 For a free demo, call our Sales Department Drake Software • 235 East Palmer Street • Franklin, NC 28734 • 800.890.9500 • Fax: 828.369.9928 [email protected] • DrakeSoftware.com