Deloitte & Touche Tax Technologies LLC Launches Fully Integrated CORPTax® REIT Compliance and Planning System
DEERFIELD, ILL. (December 2, 2001) CORPTax® REIT (Real Estate Investment Trust) compliance and planning system, the market's only integrated tax software system to automate the REIT compliance and planning process, has been released by Deloitte & Touche Tax Technologies. The system includes all of the necessary REIT compliance and asset/income testing calculations, saving users time and eliminating errors often encountered with manual processes. In addition, CORPTax REIT integrates with the entire suite of CORPTax products, allowing users to perform the complete spectrum of corporate and partnership tax compliance and planning responsibilities.
CORPTax REIT automates the asset and income tests required for tax-advantaged corporations to qualify for REIT status, saving companies hundreds of hours manually calculating the data. For partnerships, CORPTax REIT can be customized to perform all of the K-1 rollups required for tiered structures.
CORPTax REIT streamlines the review process with the ability to make adjustments while viewing tax forms on screen. The system's complete audit trail allows users to review the detail for any line on the return, including calculations, supporting statements and workpapers. The system also allows users to create custom tax logic without compromising the integrity of the original programs. By using the system's flexible return portfolio, supporting materials created outside of CORPTax REIT can be easily organized, including schedules, tax forms and other documents. CORPTax REIT also simplifies the trial balance import routine with its powerful and easy-to-use General Ledger Interface by mapping source data to the system's chart-of-accounts, regardless of the number or variety of data sources.
A unique feature of CORPTax REIT is its ability to integrate with third-party tools for easy access to data. Numbers calculated outside the system can be transferred into CORPTax REIT's database for non-tax purposes and to update third-party financial systems. ERP systems can also be customized while implementing CORPTax REIT to ensure the necessary information is available to seamlessly perform the calculations required for the various qualification criteria.
For GAAP purposes, taxable REITs must perform global tax provision. CORPTax REIT fully integrates with CORPTax Global Provision to provide a simple, comprehensive method of complying with FAS 109 requirements. For organizations with multiple locations, CORPTax REIT can be integrated with Global Data Xchange (GDX), the Web-enabled data collection tool from Deloitte & Touche Tax Technologies.
About Deloitte & Touche Tax Technologies
Deloitte & Touche Tax Technologies, a subsidiary of Deloitte & Touche, develops, implements, supports, and provides education for specialty corporate tax software products under the brand name CORPTax Software. For more than 25 years, CORPTax Software has had a significant impact in the corporate tax software marketplace, allowing companies to automate, calculate and prepare their corporate consolidated tax returns and provisions in a streamlined, cost-effective manner. Deloitte & Touche Tax Technologies employs over 350 tax and technology professionals and has an impressive client list that totals over 1,200 companies, including more than half of the Fortune 500. The company is headquartered in Deerfield, Illinois, with two additional regional offices in Dallas, Texas and Woodland Hills, California. For more information, please visit Deloitte & Touche Tax Technologies' web site at www.corptax.com.
About Deloitte & Touche
Deloitte & Touche, one of the nation's leading professional services firms, provides assurance and advisory, tax, and management consulting services through nearly 30,000 people in more than 100 U.S. cities. The firm is dedicated to helping our clients and our people excel. Known as an employer of choice for innovative human resources programs, Deloitte & Touche has been recognized as one of the "100 Best Companies to Work For in America" by Fortune magazine for four consecutive years. Deloitte & Touche refers to Deloitte & Touche LLP and its related entities. Deloitte & Touche is the U.S. national practice of Deloitte Touche Tohmatsu. Deloitte Touche Tohmatsu is a Swiss Verein, and each of its national practices is a separate and independent legal entity. For more information, please visit Deloitte & Touche's web site at www.us.deloitte.com.
