Going To A Drake Semiar in Orlando

[TonyP]

I'm planning on attending a Drake Seminar in Orlando on May 16th to get a little more info on what Drake is about. I've been with ATX since 1999 and am leaning towards leaving after the CCH/ATX experience this tax season. Received my ATX renewal notice in the mail yesterday giving me a whopping 10% discount plus adding a $69 processing and sales tax with the bill totaling $1,276.62; checked my payment from last year and it was the same, $1,276.72,.... how ironic, such a deal!! If I could believe that CCH/ATX would be similar to the 2011 version, I might renew, but it doesn't seem that it's going to happen. Got a couple of question about Drake that I'll probably focus upon:

1. Input/folder based vs. form based. ATX is form based, Drake is input/folder based, how much of a learning curve when switching?

2. Conversion of CCH/ATX into Drake, how seamless or cumbersome? I may take a couple of CCH/ATX 2012 tax returns on a flash drive to see how it performs.

3. I have two corporate returns for which I prepare payroll documents (1099MISCs & W-2s), Does Drake have something for those?

4. Saw this in another post by ATXaholics Anonymous: "What ATX has, that is missing from Drake, is missing from virtually every other tax software program - the massive forms that ATX offers. This though is available from several other venders, like SuperForms, Greatland, Laser Librarian, Intuit and CFS (I think CFS actually licenses one of the others though). " Can someone give me an example and list some of the forms that ATX has, that are missing from Drake. If there's some municipal forms, or County Tangible property tax forms, I can live with that; I have only 2 clients that would need those, and I could work around it.

5. Is the CCH/ATX Payer Manager and its contents picked-up in an equivalent manager in Drake?

Thanks in advance for any input on my questions.

/s/ Tony Piech, CPA

Villages, FL

[Guest Taxed]

Tony, I am evaluating Drake as well and I can tell you the following from my experience.

1) I was used to form based entry with CCH products (Taxwise and ATX) and the learning curve to switch to screen based entry is more of an attitude change. Once you master the short cuts it is actually a bit faster. I did my own return in Drake forcing myself to use screen based entry and timed myself. It was a few minutes faster overall. Keep in mind the Drake calculations are super fast! The print manager of Drake is better than both ATX and Taxwise.

2) I converted my ATX clients from 2010 and 2011 to Drake without any problem using their conversion problem. Just have to make sure you open the return once in ATX and run it prior to conversion. Some Sch C details are populated in different areas but that is to be expected. On any conversion you have to pay very careful attention to carryforwards.

3) The included client writeup module does have W2, 1099, 941x forms. You do need a special PIN# from IRS to directly e-file using Drake. They provide good tutorial on that module.

Let us know if you find anything new at the Drake seminar for 2013.

[jklcpa]

I'm already using Drake and I'm planning to go to the seminar in Philly on 5/10. I'm hoping to pick up some tips that I haven't stumbled on or haven't found through the video tutorials (haven't watched all of those).

I like what Taxed said about using the input screen based program being partly an attitude change. I've found that many of the input screens are laid out exactly like the form with the boxes in the same order. For example, if you look at the W-2 input it is the same as an actual W-2 would appear if you take away the form's overlay.

I had no trouble converting to Drake or learning to use it, converted in mid-Feb 2013 and prepared returns without having to look at the manual. I was satisfied with the return and then watched the e-file tutorial prior to filing. I know, I know, not the best way to do things, but I'm simply saying that for me the program was easy to learn. I was feeling pretty comfortable with the whole process after only a couple of returns.

The program is lightning fast, with e-file creation and filing as fast as a click. Print selection is easy, print the whole thing or only pages you request.

[Guest Taxed]

One big flaw (in my opinion) with Taxwise is the inability to print selected forms unless you use the classic print function that is way too cumbersome. The other flaw is no way to import a spreadsheet of stock transactions into the 8949 worksheet. That is really a serious weakness!

[TonyP]

One big flaw (in my opinion) with Taxwise is the inability to print selected forms unless you use the classic print function that is way too cumbersome. The other flaw is no way to import a spreadsheet of stock transactions into the 8949 worksheet. That is really a serious weakness!

I'm not considering Taxwise, which I believe is another CCH product, hopefully Drake has the feature to import CSV or Excel files into the 8949. If it doesn't, that would be a large negative to move towards Drake.

[jklcpa]

I'm not considering Taxwise, which I believe is another CCH product, hopefully Drake has the feature to import CSV or Excel files into the 8949. If it doesn't, that would be a large negative to move towards Drake.

It does! I only had one large enough to consider doing the import. My client's broker doesn't provide an electronic file, so I took the time to set up a file as a template in excel. If your clients don't provide the data in electronic format, the excel file can be reused over again for other clients once you know the columns link up properly with the Drake screen. My particular client had 6 different brokerage accounts. Some accounts were titled in husband's name, some in his grantor trust, and 2 managed accounts...that all had sales activity. Entering into excel was a nice way to make sure all of the totals tied in before they went into the tax program. The first time I did the import I didn't have a column lined up properly with the sequence that Drake wanted and it threw off all the columns and inputs to the right of that column. I deleted the input screen in the program, fixed my error, reopened the input screen and redid the import. It worked beautifully and saved me a substantial amount of time on that return because the two managed accounts were both liquidated on the same date so many of the transactions were on the same date. It was very easy to use the "fill down" feature in excel for that date and for the T/S/J column too.

[Guest Taxed]

Hope you charged the client for this extra effort. I will do 10 trades manually. If more they will be paying for the extra effort.

I am surprised the broker could not provide a download. I have worked with taxpayers who had Ameritrade, scottrade,E-trade, Pershing etc. and they could request or download that??

[jklcpa]

Oh yes, it's a *very* nice fee. The broker is with Wells Fargo and has large enough client base to retain an entire group within Wells Fargo structure. They will not provide any data in spreadsheet or any other electronic format because they fear that someone could manipulate the data and make it look like that's the way they reported it. I've asked every year for many years, but they are adamant about not providing it. This was the first year that all of the data was even complete. Prior years there were the details of the proceeds and then each of the fund managers would provide their analysis, but there were always pieces missing from their summaries that wouldn't completely tie in for things like the fractional shares, return of capital, basis was missing. I'd photocopy their summaries and add the missing parts by hand with adjusted totals and submit that with the return. Still, it was very time consuming. Oh, and one of the managed funds is entirely in foreign investments. It sure made for lots of work for the Form 1116 too. The investments were spread over about 26 countries. This year the wife didn't think I charged her enough and added an almost $200 *tip* along with her payment. Sweet!

[BulldogTom]

I went to a Drake seminar a couple years ago. Very well worth doing. I learned that I liked ATX input better. But it was very informative and I really liked the company, sales people, and their presentation. I just wasn't ready to pull the trigger.

I would very much recommend that anyone who is looking at Drake attend their workshop. It is not a hard sell. It is very informative, and it is like getting the first two hours of training if you do decide to take it.

Tom

Hollister, CA