Changing 1040 Software Vendors
If clients are the heart of tax season then 1040 tax software is the circulatory system. It regulates the speed and efficiency of necessary material throughout the system. If the software is a hindrance then a healthy clientele is all for naught. 1040 software vendors each diagnose these hindrances in speed and efficiency and come up with their own solutions.
“Every minute counts, especially during tax season, so being able to import as much client data as possible is crucial,” said JoAnn Kintzel, President of TaxACT.
Some place importance on the process as a whole. Such as Scott Fleszar, VP of Strategic Marketing for Thompson Reuters who thinks a good workflow can help shave precious seconds off a return’s completion time.
“This speeds every step of the tax prep process, frees the tax professional from tedious manual data entry work, time consuming administrative tasks, and inefficient paper files, said Fleszar. The human element can also be important with 1040 software. A practitioner does not want to feel abandoned once a software package has been purchased. Wes Parker, owner of AW Parker, PC has experienced this helpless situation before when dealing with ProSeries from Intuit.
“I left them years ago due to the increased pricing and the decrease in customer service, said Parker. “I recently received a promotional flier wanting me back. When I called to inquire, I was transferred three times and on hold for about ten minutes. I suddenly realized why I had left them before. I hung up and threw the flier in the garbage. Time to change to someone who will appreciate your business.”
Only the upcoming tax season will tell if these new solutions stand up to the challenge and which ones will need to be revamped next year.
Reviews
Cloud & Document Management
Drake Software
- Drake Hosted features a cloudbased SaaS model using Citrix technology, where the full desktop software program is installed and hosted in the Drake Cloud.
- Users can access Drake Hosted from work, home or on the road.
- Drake engineers install, host, manage, maintain, update and backup everything in a secure environment for Drake Hosted.
- Users can use local peripherals like printers and scanners on Drake Hosted as if the software is on a local server.
- Drake Zero, the web-based 1040 prep software, requires no installation.
- Drake Zero uses same core calculation engine as the desktop software.
- Drake Zero can be accessed from anywhere.
What Users Say
“I use Drake because it’s one price, and it’s done,” said Patrick Musgrave in Indianapolis, Indiana. “Anytime I call support they answer the phone in seconds, then answer my question and we move on. Just what I need at the height of tax season.”
Drake Software | Drake Software
drakesoftware.com | 800-890-9500
Utility Tracks Down Client Data
Intuit Lacerte
- Features automated calculations and diagnostics to help ensure accurate returns.
- SmartMap technology enables the transfer of QuickBooks trial balance data.
- The Missing Client Data Utility tracks down client data.
- The Schedule D Import Wizard can transfer client brokerage statements into Lacerte.
- Like-Kind-Exchange Wizard helps users input 1031 exchange transactions quickly.
- Tax analysis and planning tools help firms reduce the risk of audit for clients and reduce their tax liability.
- Personal Income (1040) Tax and Fiduciary (1041) Tax Organizers to help clients collect the documents and information users need.
What Users Say
“Intuit Lacerte features new columns for e-file returns that allow the user to quickly view information and guide them through the tax process. Users are also allowed to organize, view and edit electronic documents.”
Intuit Lacerte | Intuit
accountants.intuit.com | 877-683-3280
Review System Uses Color Coded Tick Marks
ProSystem fx Tax
- Features automatic calculations, overrides and optimizations for every federal and state return.
- The diagnostic system tests for omissions and inconsistencies, then finds related input.
- Features state programs for all entities, including full multi-state capabilities.
- Features a client and tax return management system that provides a complete status of returns and staff responsibilities.
- Features navigation panels, popup menus and “forms-stepping” features that allow users to navigate through a return.
- Features depreciation and depletion capability for both individual and business returns.
- Features an on-screen review system with color-coded tick marks, field and global notes, lists, overrides and estimates.
“We have been using ProSystem fx Tax and Computax before that since 1979,” said Paul Charles in Garden City, New York. “There is no other tax package as comprehensive and complete as ProSystem fx. It gets better every year. My firm couldn’t get through a year without it.”
ProSystem fx Tax | CCH, a Wolters Kluwer business
cchgroup.com | 800-739-9998
Group Dispositions Like-Kind Wizard
TaxWorks
- Users have access to diagnostic audits that bring common errors to their attention or prevent e-file rejects before they happen.
- The fixed asset manager can track fixed asset and nonconforming state depreciation. Book/tax and AMT depreciation differences are tracked and carried to M-1 or AMT related forms.
- Email password protected PDF copies of the return to the client or other parties.
- Archive returns in ArkWorks or save PDF copies to their file system for other archival programs.
- Import K-1s generated from 1065, 1120S, or 1041 systems into 1040 or other entities returns.
- Use a barcode reader to import K-1 information from printed Schedule K-1s with 2-D Barcodes.
- Support for electronic signature pads, if the taxpayer is in the office, they can sign the return electronically.
What Users Say
“The thing that I am really really impressed with TaxWorks is the auditing of the tax return,” said Danny Griff in Kemmerer, Wyoming. “It is very very in depth at making sure you are putting out a return and catching everything on it. I’ve looked at every software and no one is as in-depth.
TaxWorks | RedGear Technologies
taxworks.com | 800-230-2322
7 Benefits Including FAFSA Filing
TaxACT Preparer’s Edition
- Users charged on a “per form” basis can fill in the cost of each form, and the information will transfer to the return’s invoice.
- TaxACT also features a new state charge-by-form template.
- E-filing with TaxACT is available for all federal returns, income-taxing states that support e-filing and select 1065, 1120S & 1120 states.
- Compute loan payments or the future value of savings deposits and print their amortization and accumulation schedules.
- Customize export queries of the client list to comma-separated values (CSV) or tab-delimited (.txt) formatted files. Users can then integrate client contact data into software reporting tools.
- Print a worksheet with the tax information required for the Free Application for Federal Student Aid (FAFSA).
- TaxACT identifies potential “hot spots” that may catch the IRS’s eye. Users can show clients exactly where they stand compared to the rest of the taxpaying public.
What Users
“Thank you for such a wonderful product,” said D. Guillory of Duluth, GA. “Your company has enabled me to grow my tax business by providing me with a great product at the most reasonable price available.”
TaxACT – Preparer’s Edition | 2nd Story Software
prep.taxact.com | 800-573-4287
Tax Subject Index for Entries
UltraTax CS
- Provides several drop-down lists or field views of commonly repeated entries, such as business codes for specific fields.
- Users create their own custom field views of commonly used information, such as names of local banks or charitable organizations.
- Users can scan bar codes on 1065, 1120S, and 1041 Schedule K-1s, and barcodes on W-2s.
- Within secure, private client portals, your clients can access and complete their organizers online 24/7. Users can then import client data directly without re-keying.
- Users can receive alerts to share data such as demographic, W-2, 1099R, K-1, and Form 8615 Kiddie Tax data. Users can transfer account balances directly into Write-Up CS.
- Users can provide their clients with access to their 1040, 1120, 1065, 1041, 990, 706, 709, and 5500 tax returns by posting them directly to NetClient CS Portals.
- Diagnostics allows users to monitor selected values while entering data or in review, and automatically calculate these values.
What Users Say
“The UltraTax CS program is superefficient and the support is outstanding,” said Hector Carlos of HJC Tax Services in Alhambra, California.
UltraTax CS | Thompson Reuters
cs.thompsonreuters.com | 800-890-9500
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