Today's Technology for Tomorrow's Firm.
Issue link: https://cpapracticeadvisor.epubxp.com/i/643338
8 February 2016 • www.CPAPracticeAdvisor.com Specialty Systems & Tax Prep Tools Insight: Some professionals need ad v a nc e d tool s t h at m ay not be available (or as in-depth) in standard professiona l t a x prep prog ra m s , particularly when it comes to state and local taxes, estate and gif taxa- tion, and other specialties. About 25 percent of t he nea rly 7, 0 0 0 tota l voters in had a preference among specialty tax tools. WINNER: GRUNTWORX (45%) Runners Up: • Bloomberg BNA 709 & 706 Preparer • SurePrep • DynaTax Tax Planning Systems Insight: More and more tax profes- sionals and frms are ofering proac- tive ta x planning engagements for their clients. With recent major tax law changes (such as the A fordable Care Act and the new PATH Act), c l ient s a re u nder s t a nd abl y con- cerned and confused about their tax liability position, and tax planning c a n h e l p s a v e m o n e y a n d c a l m ner ves, seting the ta x pro up as a hero. A lthough most professional tax systems include basic planning f unctions, more detailed scenario pl a n n i ng m ay requ i re adv a nced functions that forecast many years in the future and with greater con- trol over variables About 60 percent of ou r voters t h is yea r selec ted a product in this category WINNER: DRAKE TAX PLANNER (52%) Tax & Accounting Research Systems Insight: Te new PATH Act (which made more than a dozen "extenders" permanent) and the ongoing efects o f t h e A C A /O b a m a C a r e h a s required new forms and reporting by both businesses and individuals. Tax research systems are an integral component of any tax-focused frm, particularly those with diverse and c omple x c l ient s . W h i le some of these systems integrate directly with prepa r at ion s y s tem s , ot her s a re sta nd-a lone models. Just over 85 p e r c e n t o f o u r v o t e r s t h i s y e a r selected a preference in this cate- gory, with the top votes going to: WINNER: THETAXBOOK Runners Up: • QuickFinder Tax Handbooks • Tomson Reuters Checkpoint (RIA) • Wolters Kluwer CCH Accounting Research Manager • Intuit Tax Research & TaxAlmanac. org • Parker Tax Pro Library • Tax Talk Today • Bloomberg BNA Financial • TaxSpeaker 1099/W-2 Compliance Insight: For bu si nesses and tax professionals who have dozens, hundreds or t hou s a nd s of W-2 s a nd 1099s to prepare at the end of each year, the process can be a headache. If they turn to their accountant or tax pro, then you've got the joy of this tedious compli- a nc e t a s k . For t u n a t e l y, there are many programs that can help automate not only printing, but also mailing and electronic submission to federal and st ate ent it ies . A bout ha l f of t h i s year's voters selected a preference in this category. WINNER: DRAKE CLIENT WRITE-UP Runners Up: • AMS 1099-ETC • Wolters Kluwer CCH SFS ATX and TaxWise • 1099 Pro • Tenenz Laser Link or TFP • AccountantsWorld • Greatland Yearli • Real Business Solutions W2 Mate Sales & Use Tax Insight: Keeping up with state and loca l ta xes ca n be si mple for t he smallest of businesses, but can also q u ic k l y g r o w c u m b e r s ome a nd complex, depending on nexus and many other factors, including sales tax holidays. For businesses that sell to customers across many states, the challenge can be too much to keep up with manually. Tat's where sales ta x compl iance systems come in, helping track and manage compli- ance on a state-by-state basis, or for all of the 8,000 or so taxing jurisdic- tions across the country. About 40 percent of this year's voters had a preference in this category, with the majorit y say ing they use the web- sites of state ta x ing authorities to report sales taxes. For those who use a technology solution, the following products ranked best: WINNER: CFS TAX SOFTWARE Runners Up: • Tomson Reuters ONESource Indirect Tax • eFileSalesTax.com • Avalara AvaTax or Trustfle Sales & Use Tax Exemption Certifcate Management Insight: W hile this is somewhat of a s p e c i a lt y to o, it i s c r it ic a l f or wholesalers or other businesses that sel l for resa le or to organizations t hat a re ta x exempt. A bout eig ht perc ent of ou r voter s c l a i me d a preference among these systems for their clients with exemption certif- cate management needs. WINNER: THOMSON REUTERS ONESOURCE EXEMPTION CERTIFICATE MGMT. Runners Up: • Avalara AvaTax CertCapture • Vertex Inc. Exemption Certifcate Manager • Sovos (formerly Imaging Science Services) TaxWare Certifcate Management Write-Up Insight: A s more businesses and their accountants move to the cloud, write-up continues to evolve into a more proactive client ser v ice that keeps accountants more engaged in client accounting processes. (Note, c l o u d - b a s e d s m a l l b u s i n e s s accounting systems are in a separate category below.) Te most popular among this year's voters: WINNER: INTUIT QUICKBOOKS ACCOUNTANT Runners Up: • Drake Client Write-Up • Tomson Reuters Accounting CS • PC Sofware Accounting Inc. • AccountantsWorld Accounting Power Audit Engagement Tools Insight: W hile A&A; stereotype is o f l a r g e b u s i ne s s e s , e v e n s m a l l organizations and nonprofts need audit ser v ices, and they are of ten provided by small accounting frms in their communit y. Engagement management systems are designed t o s t r e a m l i n e t h e s e f u n c t i o n s , increase productiv it y, streng then managerial oversight, and enforce controls. About 10 percent of this year's voters selected a preference in this category: WINNER: THOMSON REUTERS PPC SMART AUDIT SUITE Runners Up: • Audit Confrmations • Wolters Kluwer CCH Knowledge- Based Audit • CaseWare IDEA • Capital Confrmation Drake Tax Planner – 52% Intuit Lacerte Tax Planner – 14% Thomson Reuters Planner CS – 12% Bloomberg BNA Income Tax Planner – 6% Wolters Kluwer CCH ProSystem fx Planning– 5% PPC Individual Business Tax Planning Libraries – 3.5% Other – 7.5% TAX PLANNING SYSTEMS FOLLOW US ON TWITTER (@CPAPRACADVISOR) AND FACEBOOK (/CPAPRACTICEADVISOR)!