CPA Practice Advisor - 10

REVIEW: PRO TAX PREPARATION SYSTEMS

By Mary Girsch-Bock

A Solid Tax Compliance System Is Essential

by

Mary Girsch-Bock

SAY WHAT YOU will about the Tax Cuts and Jobs Act (TCJA),
but its passage certainly helped convince CPAs and tax
professionals that having a solid tax compliance system is
essential. The TCJA included the most sweeping changes
in the U.S. Tax Code in more than 30 years, including the
elimination of the personal exemption, a new cap on
property and personal income tax deductions, and the
elimination of moving expenses, just to name a few. Tax
brackets changed across the board, and new regulations
also included significant changes for sole proprietors who
file a Schedule C, with changes for LLCs, Partnerships, and
Corporations.

two categories: Advanced Workflow
and Traditional Workflow. Many
smaller firms consistently rely on
traditional workflow systems while
larger firms require the advanced
features found in these applications.
We have also provided a chart that
provides our readers with a quick
summary of features found in each
of the reviews products.
The products reviewed in this
issue are:

And it's not over yet. With many
taxpayers filing for an extension, and
with the tax bill weighing in at more
than 1,000 pages, the 2018 tax year is
still presenting challenges for tax firms
nationwide. That's why it's impossible
to overstate the importance of having a
solid tax compliance solution in place.
Let's face it, even the most experienced CPA would be hard-pressed
to be familiar with every detail of the
current U.S. Tax Code. But if they're
not familiar with every detail, they
need access to those details in order
to do their job properly, which can
often entail filing hundreds or even
thousands of tax returns for their
clients annually.
However, these tax compliance
systems do much more than offer form

■■ CCH Axcess Tax from Wolters Kluwer
■■ CCH ProSystem fx Tax from Wolters
Kluwer
■■ Intuit - Lacerte Tax
■■ Thomson Reuters - GoSystem Tax RS
■■ Thomson Reuters - UltraTax CS

ADVANCED WORKFLOW SYSTEMS
CCH Axcess Tax from Wolters Kluwer
CCH ProSystem fx from Wolters Kluwer
Intuit Lacerte Tax
Thomson Reuters GoSystem RS
Thomson Reuters Ultra Tax CS
TRADITIONAL WORKFLOW SYSTEMS
ATX from Wolters Kluwer
Drake Tax
Intuit ProConnect
Intuit ProSeries
My TAXPrep Office
TaxSlayer Pro
TaxAct Professional
TaxWise from Wolters Kluwer

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*Only 1040's 	
**Limited

10

JUNE 2019 ■

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Mary Girsch-Bock is a freelance writer
specializing in business and technology
issues and is the author of a book, several
HR handbooks, training manuals, and
other publications. She can be reached at
mary.girschbock@cpapracticeadvisor.com

TR A
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SUP NING &
POR
T OP
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PA P
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WO R R L E S S
K FL
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POR
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AVA A L
IL A B
LE

L INE
AVA BY L INE
IL A B
L E HEL P

IONS

■■ ATX from Wolters Kluwer
■■ Drake Tax
■■ Intuit ProConnect Tax Online
■■ Intuit ProSeries Tax
■■ MyTaxPrep Office
■■ Tax Slayer

ADVANCED WORKFLOW
SYSTEMS

IN T E
V EN GR AT ES
D
WIT
A PP OR
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L IC A
T ION
S
IN T E
T HIRGR AT ES
A PP D-PA RT W IT H
L IC A Y
T ION
S

TRADITIONAL WORKFLOW
SYSTEMS

■■ Bloomberg 706 & 709
■■ Canopy Tax
■■ Taxfyle
Throughout the review process, we
looked at numerous system features
and functions including cloud/remote
access, the ability to support multiple
tax preparers simultaneously, e-filing
availability, and the ability to import
data from other applications. We also
looked at the availability of diagnostic
tools to help firms locate and correct
any potential issues prior to filing. With
all of the changes posed by the TCJA,
having the tools and resources at your
fingertips is more important than ever,
for both your firm and your clients. If
your firm is in the market for a new
Tax Compliance application, this issue
is a good place to begin your search. ■

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preparation shortcuts. In many cases,
they offer line-by-line assistance,
while offering complete integration
with frequently used tax applications.
They can also offer advance research
options in order to handle more complex tax issues. For the sake of both
convenience and security, many of the
products included in the review also
offer a secure portal, where clients
and CPA firms can securely share the
necessary documents needed in order
to prepare taxes in a timely fashion.
As in the past, we have divided
the Tax Compliance reviews into

■■ TaxAct Professional
■■ TaxWise from Wolters Kluwer

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