Had one user with the same problem, "RAS Universal Printing. Print job failed (0x00000004)"
Found that when this user connected to the RDS server via Parallels client, "Devices & Printers" did not show his local printer, yet running "Printer Management" showed his local printer and a 2nd object with the same name plus "(Copy 1)" appended to its name.
Ran regedit.exe in the RDS server session logged in as the user, looked under the HKEY_CURREN_USER/Printers key. Found several entries under various subkeys there that showed both the original local printer and a 2nd copy with "(Copy 1)" appended to the name. I deleted all of the "(Copy 1)" entries from all the subkeys where it occurred.
Logged the user out of the Parallels session and then logged back in via Parallels
At that point the user's local printer was not only available (and appeared in Devices & Printers) it was also flagged as the default printer. Sending a print job to it resulted in a successful print out.