Today's Technology for Tomorrow's Firm.
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24 April 2016 • www.CPAPracticeAdvisor.com TRADITIONAL WORKFLOW PROFESSIONAL TAX PREPARATION SYSTEMS BNA 706 Preparer & 709 Preparer Bloomberg BNA ofers a variety of tax and fnancial information tools and resources, as well as sofware and online services for estate tax compliance, gif tax compliance, and estate planning – BNA 706 Preparer and BNA 709 Preparer. Te programs are both avail- able online or as traditional programs, and include the most comprehensive primary source materials and guidance. Te company also ofers solutions for corporate tax analysis, sales and use taxation, and fxed asset management. BNA 706 PREPARER Te system's interface ofers good user customization options, with data entry screens that are form replicas and entry felds that are easy and fast to navigate. Te return viewing panel allows quick navigation to all pages, and makes it easy to add, open or remove schedules. Data is routed to other areas of the return as necessary. Estate tax templates can be tailored by users and setings can be saved for future returns. BNA 706 Preparer allows users to calculate for the current and following tax year, even if the next year's forms have yet to be released. W hen completing a return, the program ofers various printing options, including previewing the full return, generating blank forms and schedules, and creating print set templates that allow users to set up combinations of schedules, forms and reports. Te system automatically performs calculations and it includes special tools for entry of state, charitable and marital/charitable interrelated calculations. It also allows for special alternate valuation treatment, with the ability to show/hide alternate valuations. BNA 706 Preparer includes Sec. 7520 interest rates, which can be updated automatically via a web- based feature. Te system also includes automated backup tools to prevent data loss. 706 Preparer supports stocks, bonds, dividends, and Schedule B interest. Assets can be linked to deductions on Schedules M and O. Te system includes alerts that notify the preparer of missing or erroneous data, and includes links to the source of the problem. BEST FIT Intuit Tax Online is a best ft for very small frms and sole practitio- ners, ofering a cloud-based system that can be used to prepare returns for all taxable entities. STRENGTHS • Completely web-based system ofers convenience of any time access and no maintenance • Intuitive interface and quick startup functions • Free mobi le app en ha nces system, giv ing iPhone users access to client communications, returns and e-fle status • A ll-inclusive, per-return pricing based on volume SUMMARY & PRICING Intuit Tax Online offers fairly comprehensive professional tax compliance options, designed for sole practitioners or very small frms focused primarily on 1040 clients. Te completely web-based solution is easy to use and provides workfow tools that can increase productivity. Pricing is based on the number of returns purchased in advance, with discounts for higher volumes. For 1040 returns, users can prepurchase anywhere from one to more than 300 returns. A package of 100 returns costs $14.95 per return. For business flings, the cost of prepurchasing 20 returns is $39.95 per return. Tese costs include e-fling of federal and all associated states. www.TaxPro.Intuit.com BEST FIT Mid-sized and smaller accounting and tax frms processing primarily 1040s but with some business entities. STRENGTHS • Ofers fast and easy-to-learn data entry screens • Strong direct integration with Quick Books and import-export processes w it h t h i rd pa r t y sofware • Bank refund products, pay-by- ref und and partnership w ith A merican Ex press for ref und debit cards • Newly-added data collection and e-signature tools SUMMARY & PRICING ProSeries provides an atractively- priced and strong , mid-level professional tax compliance system, with advanced integration and data collection tools that can streamline preparation workfow. Te system is available in several bundles, the most comprehensive of which is ProSeries Professional 1040 Complete. Priced at $1,748, it supports any number of users and includes unlimited federal and state 1040 processing. Business returns can be added as needed or bundled as an unlimited option. Te Basic Unlimited version includes unlim- ited federal and state returns for four states, and is priced at $1,037. www.ProSeries.Intuit. com BEST FIT TaxAct is best-suited to small tax- focused frms and sole preparers, with mostly 1040 clients with less complex returns. However, TaxAct does ofer business entity returns, as well. STRENGTHS • Central client list gives easy access • Economical system for prepar- ers stepping up from consumer programs • Very user-friendly interface and return processing functions • Online tools give preparers access to frm reports, client returns, fle sharing, and docu- ment management SUMMARY & PRICING Te TaxAct Preparer's Editions are a very economical option for prepar- ers wanting the benefts of a system designed to manage a tax practice, with streamlined overviews of cli- ent data, client return status, frm reporting, document management and secure client portals, along with bank return products. Te most atractive packages include the 1040 Bundle for $589 per year, which includes 1040, all states and unlimited e-fling. Te Complete Bundle, priced at $1,099, includes those, plus 1041, 1065, 1120, 1120s and 990 preparation. A lower-tier, per-return pricing model is also available. www.TaxAct.com Intuit - Intuit Tax Online Intuit - ProSeries Tax TaxAct Professional Read the full review and see expanded ratings for this product online at: www.CPAPracticeAdvisor.com/12192259 Read the full review and see expanded ratings for this product online at: www.CPAPracticeAdvisor.com/12192234 Read the full review and see expanded ratings for this product online at: www.CPAPracticeAdvisor.com/12192267 4.25 4.5 4.25 2016 OVERALL RATING 2016 OVERALL RATING 2016 OVERALL RATING CONTINUED ONLINE AT: www.CPAPracticeAdvisor.com/12192263 www.BNASoftware.com