CPA Practice Advisor - 13

PRO TAX PREPARATION SYSTEMS: REVIEW
GoSystem Tax RS from Thomson Reuters
GoSystem Tax RS from Thomson Reuters
is part of the CS Professional Suite of
applications designed for accounting
professionals and corporate tax departments alike. GoSystem Tax RS is well

suited for firms preparing multitiered
consolidated corporate returns, life
insurance returns, and tax equalization
returns, though the program handles
individual returns as well.

GoSystem Tax RS pricing is
customized for each firm, starting at
around $4,000 annually for a singleuser system.

UltraTax CS from Thomson Reuters
https://tax.thomsonreuters.com/cs-professional-suite/ultratax-cs/
UltraTax CS from Thomson Reuters,
is part of the CS Professional Suite of
applications. UltraTax CS is well-suited
for larger accounting firms that process
both individual and complex business
returns. UltraTax CS can be used as a
stand-alone tax compliance application
but offers more extended functionality
when used with other CS Professional

Suite applications. UltraTax CS can
be deployed as an on-site application,
accessed as a hosted solution or as a
SaaS application.
UltraTax CS does not offer a mobile
app at this time, but mobile apps are
available from both NetClient CS and
Practice CS, enabling clients to access
tax returns, financial statements, and

Canopy Tax

Users also have the option to create and assign a custom
status if desired.
Due to be released in Summer 2019, Canopy will
also be introducing their new Tax Prep module. The
new Tax Prep module will integrate with other Canopy modules to form a complete practice management application.
Tax Prep, like other Canopy modules, features an intuitive
user interface, with users able to access hot keys when
preparing returns. Tax Prep will also feature a tax organizer,
e-filing capability for both federal and state forms, and eSign
capability for Form 8879. Users will be able to track the
status of all e-filed forms, and as an online application,
accountants will be able to access the application from
anywhere.
Along with the above modules, Canopy also includes
a Client Portal, complete document management capabil-

Estate & Gift Tax 706 Preparer from Bloomberg Tax
www.bloombergtaxtech.com
Bloomberg Tax offers numerous tools and resources
designed for tax professionals who are required to file
estate and gift tax returns for their clients. The Estate and
Gift Tax Planner Solutions available include Estate & Gift
Tax 706 Preparer, and Estate & Gift Tax 709 Preparer, both
designed to save preparer time while offering accurate
form preparation tools.
Both solutions are designed to be installed on-site on a
desktop or network, and both products feature resources
such as streamlined data entry capability, automated
application help options, and spell check capability, and

can prepare estate plans and presentations for clients, no
matter how complex the estate may be.
Bloomberg Tax Estate and Gift Tax 706 Preparer
automates IRS Form 706 preparation, including amended
returns. IRS forms and schedules supported in the application include IRS Form 706, Form 8971, and Forms 706-CE,
56, 712, 2848, 4768, 8275, 8275-R, and 8822.
The product will automatically perform complex
computations and calculations including federal estate tax
and state death taxes, GST Tax, and allows for community
property treatment of all assets; automatically blocking
out one-half of the value for accurate calculation. The

2019
OVERALL
RATING

$3,000 for a singer user system

Read the full review
for this product online at:
www.CPAPracticeAdvisor.com/
21081488

ity, and a Contact Management feature. The document
management feature offers an unlimited amount of storage,
and both firms and clients can securely share documents
via the portal, with users able to grant access to their clients
as needed. Users can be notified instantly when a client
uploads a needed file, with clients able to access tax forms,
invoices and other documents via the portal as well, and
the Contact Management feature allows firms to easily
manage all client data from a single location.
Canopy's New Notices module is $899 per user, per
year; the Tax Resolution module is $1,399 per user, per
year; and the Practice Management module is $999 per
user, per year. Pricing for the new Tax Prep module, due
out this summer, has not yet been released. All modules
include Contact Management, Client Portal, and Secure
File Transfer capability.
Interrelated Calculations Wizard can perform complex
calculations, including Zero Federal Tax, Zero Federal and
State Tax, and Interrelated Marital and Charitable deduction
calculations.
Estate and Gift Tax 706 Preparer can also calculate
charitable deductions for Split Interest Charitable Trusts,
including CLAT, CRAT, CLUT, CRUT, and pooled income
funds. The product is designed to reduce the amount of
data entry required during the form preparation process
by posting all form entries in the appropriate place in the
return. The product will also automatically bypass irrelevant
fields, and can automatically add any required schedules
as needed.

Read the full review for this product online at: www.CPAPracticeAdvisor.com/21081504

JUNE 2019 ■

www.CPAPracticeAdvisor.com

RELATED APPLICATIONS

www.canopytax.com
Canopy offers a completely integrated tax and practice
management platform designed for accounting firms of
any size. Modules currently available from Canopy include
Practice Management, Tax Resolution, and the new Notices
module. The Notices module allows accountants to quickly
answer questions regarding any notices received from the
IRS. Step by step instructions are provided for each notice,
with the product containing a series of resolution templates
designed to provide answers quickly. Letter templates are
also available, allows firms to respond to notices quickly.
Users can access the status of each notice received
from the Management Dashboard, with users able to
choose from an array of status options including In Progress, Review, On Hold, Completed, and Waiting on Client.

other documents using their smart
phones and tablets.
Available as a stand-alone application, UltraTax CS is best used in
conjunction with other CS Professional
Suite applications. UltraTax CS pricing
is typically based on number of users
and deployment options chosen, with
pricing generally starting around

Read the full review
for this product online at:
www.CPAPracticeAdvisor.com/
21081484

ADVANCED WORKFLOW SYSTEMS

https://tax.thomsonreuters.com/cs-professional-suite/gosystem-tax-rs/

2019
OVERALL
RATING

https://tax.thomsonreuters.com/cs-professional-suite/gosystem-tax-rs/ http://www.CPAPracticeAdvisor.com/21081484 https://tax.thomsonreuters.com/cs-professional-suite/ultratax-cs/ http://www.CPAPracticeAdvisor.com/21081488 http://www.canopytax.com http://www.bloombergtaxtech.com http://www.CPAPracticeAdvisor.com/21081504 http://www.CPAPracticeAdvisor.com

CPA Practice Advisor

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