Benefits

Title

Benefit Details

Automates the Entire Tax Process with a Single-System Approach

A single data entry is shared by federal, state and local calculations, eliminating errors and reducing duplicate data entry. With this single-system approach, CORPTAX supports the entire spectrum of corporate tax responsibilities - compliance, tax provisions, estimates, extensions, audits and planning.

Integrates Tax Planning

Because CORPTAX U.S. Compliance is a multiyear system, you can store multiple years of data to perform numerous planning and analysis functions, including forecasting, multiyear comparison reports and "what-if" scenarios. By utilizing the system's planning tools, you can create over 9,900 different what-if scenarios, plus thousands of combinations of scenarios, and instantly view the results of alternative tax strategies.

Prepares 'Return Ready' Provisions

CORPTAX U.S. Compliance integrates provision and compliance data allowing you to easily leverage your provision data as the starting point for your compliance effort. The system provides all the functionality to easily comply with U.S. GAAP or IFRS financial statement reporting requirements, including multiple tax rates and currencies, and segregating across taxpayers and tax jurisdictions. You can also prepare full interim provisions (monthly or quarterly) or use the information from previous federal and state returns for an effective tax rate calculation.

Streamlines the Review Process

Within each return, you can perform a number of functions. The system's complete audit trail facilitates review of any line on the return, including calculations, supporting statements and workpapers. For each account, you can access the history of all entries, date stamped and coded with the name of the tax professional who created them. Adjustments can be made while viewing tax forms on screen. Additionally you can tickmark amounts you have reviewed, and view variances between the ticked and current amounts.

Integrates with Third-Party Tools

A unique feature of CORPTAX is its ability to integrate with third-party tools for easy access to data, including Enterprise Resource Planning (ERP). CORPTAX's unique Post Amounts feature allows you to transfer numbers calculated outside the system into U.S. Compliance database for non-tax purposes and update other third-party systems.

Creates User-Specific Calculations and Reports

In addition to the wide selection of calculations delivered with the system, CORPTAX allows you to configure your federal, state, city or tax provision calculations to your specific industry and reporting needs.

Increases Automation

CORPTAX U.S. Compliance includes a wide array of standard workpapers, methodologies and processes, dramatically reducing the need for your tax department to perform these tasks.