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News Letter 7 - September 1993
Inter-Est, Version 2.00The current release is Release 08. The changes and additions to Version 2.00 since it was released are:
These new features have been added to Version 2.00:
Federal Tax Table ChangeCongress passed the Revenue Reconciliation Bill of 1993 which made the 1992 estate tax rates permanent. This change was retroactive to Jan. 1, 1993. Our tax tables have been corrected for this change.
When you do not select the Complex Option, Inter-Est now does not charge residue with computed interest. This is a change from the older version that did charge residue. This change was made because of Rev. Rul. 93-48, I.R.B. 1993-25, July 19, 1993. You can still do these computations the old way, but you will need to select Complex to do so.
An additional program file is being used. The use of "est2.prn" to store print strings saves around 30K of memory that can be used by Inter-Est. This will allow it to run on more computers.
The marital deduction computation was changed so a negative residue computation will not be applied to reduce the marital deduction. This is the way it is done on the charitable deduction and Version 1.10.
We have been working on the problem of a possible system lock-up using Inter-Est. We have not completely eliminated the problem, but we have inproved the stability of Inter-Est and will continue to work on the problem.
Where there was a §6166 interest computation and an interest payment was entered as paid at the due date and a suspense account option was selected, the amount was placed in the suspense account, but never used. This has been corrected.
There was an error in the computation of these interest factors where the period crossed the end of a calendar year. This has been corrected.
There was an early error in the computation of state interest where the §6166 option was selected for federal but not the state. This error has been corrected.
There was a small error in the allocation of tax payments for interim or deficiency payments. This was corrected.
The computation for §6660 penalty assumed that the interest would start running on the due date. An additional flag was added to allow you to move the starting date for the running of interest on this penalty where there was an extension of time to file. A similar change was also made for §6662 and §663 penalties.
Corrected a problem with the computation of the denominator of the complex fraction where New York was picked as the second or third state. Inter-Est automatically adds the Additional Federal Estate Tax to Schedule JK&L during the computation. This amount was used as the base for the computation of the New York debts and expenses. The computation has been changed to back out the Additional Federal Estate Tax from the Federal JK&L when it is used to compute the New York deductions.
Starting in 1993 and going through 1996, Massachusetts will slowly increase the exemption. Then starting in 1997 Massachusetts will become a pickup tax state. Support has been added to the Massachusetts computation for these provisions through 1996. After 1996 you should use the standard pickup tax state provisions. Inter-Est, Version 1.10SWe have not worked extensively on Version 1.10, but we are keeping it current. The following changes have been made to Version 1.10:
Version 1.10 has been updated with new tax tables just like Version 2.00.
Version 1.10 has been changed to allow for Rev. Rul. 93-48, I.R.B. 1993-25, July 19, 1993, just like Version 2.00. As with Version 2.00, you can still do these computation the old way, but you will need to select Complex to do so. PRE 1.00KPRE has been updated with the new tax tables also. RARSome of you might have noticed the Inter-Est Version 2.00 does not include a copy of PRE. This is because we have not completed a version of PRE with an interface similar to that of Inter-Est Version 2.00. PRE is basically a version of an IRS RAR (Revenue Agent Report) writing program with the writing features removed and some additional computational items added. We are currently working on a new RAR program for use by IRS Estate Tax Attorneys. At present we plan to furnish a version of this RAR program instead of a separate new version of PRE. The non-IRS version of the RAR program will be just like the IRS version except that the non-IRS version will be modified so that it will not be able to duplicate the look and feel of the IRS report exactly. This program will be available in 1994. New IRS Laptop ComputersBecause many new computers acquired by the IRS have the new SECUREcard/200 security software, there have been many question about what programs would run on these computers The IRS System Design Section has recommended that our programs be approved to run on the new IRS computers. Maintenance and SupportIf you are having trouble with a computation using Inter-Est, please call us. We provide support to all our users. Previous NewsLetter Home Page Top of Page Next NewsLetter
Cammack Computations Co. P. O. Box 725, Cleburne, TX 76033 Voice: 1 (800) 594-5826 Email: cammack@inter-est.com Price Information |
