CORPTAX® REIT (Real Estate Investment Trust) is the first integrated REIT tax software that automates the REIT tax compliance and planning process and integrates with the suite of CORPTAX software products. The system includes all of the necessary REIT tax compliance and asset/income testing calculations, saving you time and eliminating errors often encountered with manual processes.
Below is a list of a few key benefits of our REIT tax compliance and planning software. Click here for a full list of product benefits and features.
Automates the Entire REIT Compliance Process
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. The asset/income tests are built on the premise that the REIT owns multiple properties, directly or indirectly, via lower-tier entities such as partnership interests. The asset tests can be run using fair market values or book values with dual accounts provided for both. Option switches allow you to alternate the set of values and run various tax scenarios. Multi-tier input rows provide for entry of ownership ratios of lower-tier entities, which generate net REIT asset values. Rows can be added for additional tiering.
The system can also be integrated with CORPTAX U.S. Compliance which includes Federal & State return processing, providing a complete tax compliance and planning system. For partnerships, CORPTAX REIT can be customized to do all of the K-1 rollups required for tiered structures.
Streamlines the Review Process
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 you to review the detail for any line on the return, including calculations, supporting statements and workpapers. For each account, you can access the history of every entry, date stamped and coded with the initials of the tax professional who created the item. To simplify the audit process, users can review prior-year data and maintain a complete chronological trail of all tax adjustments over multiple years.
Integrates With Third-Party Tools
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.
