Where do you and/or your clients go for help when seeking information for filing a Form 1041 return for an estate or trust? The IRS Web site? The answer is "Yes" if you have patience and a sense of humor. Visitors to the site are confronted with a PDF file containing 44 pages of instructions! They discover that such a return could entail completing Schedules A,B,D,G,I, and J, as well as K-1s for each person receiving distributions. Users also might conclude that the 44 pages of instructions were insufficient for the task at hand.
For even the most seasoned tax preparation professionals, preparing and filing Form 1041 returns can be complex and time-consuming. Fortunately, the applications described in the following reviews feature an extensive range of functions and capabilities that enable tax preparers to work smarter, faster and with much less paper.
All of these applications incorporate features that help preparers determine what schedules and forms must be completed and submitted for a particular Form 1041 return. One application offers a list of questions that prompts the preparer to compile the necessary information, while another offers a series of online worksheet forms that address all of the filing requirements for a particular return. These applications also direct preparers to the tax return requirements of individual states.
Saving time and improving accuracy are two of the most important reasons for using packaged software. Personal and financial information entered on a worksheet, form or schedule is automatically transferred to the appropriate lines or spaces on other documents--eliminating the time and tedium associated with manually reentering data. Because calculations are likewise performed automatically, the opportunities for simple mathematical errors also are reduced.
Schedules, worksheets or forms can be reviewed by clicking on links or opening electronic files, rather than sorting through stacks of paper. Other efficiencies are gained through online note forms, calendars and appointment books, as well as having the capabilities to print client invoices, letters and labels.
These applications also enable users to capitalize on the speed and easy access to information on the Internet. Although certainly nothing new, e-filing capabilities are included in many of the packages. Client e-mail messages can be easily composed and sent with related files attached. Links to company Web sites provide tax preparation support, IRS updates and application information.
Which application might work best for your firm? That depends on a variety of factors, including the types of tax preparation services typically required by your clients, the general capabilities or functions you value most, and your preferences regarding computing styles and software vendors.
Built-In Custom Spreadsheets can be Created from a Hot Key for any Form, Schedule or Worksheet
ATX TotalTax Office Prepares 1041 Returns With Spreadsheet Format
ATXForms is one of the "babies" in the tax software business. Founded in 1992 by Glynn and Steve Willett, ATX has always produced software using a Windows interface. It is well designed, as evidenced by its stated growth to 40,000 professional users. TotalTax Office combines ATX's popular MAX and Saber packages, as well as Kleinrock's TaxExpert and ZillionForms, with more than 10,100 tax forms, including school district applications, in one package.
Simple to install, you're up and running in a matter of minutes. Included on the auto-running CD-ROM are several tutorial videos narrated by "Maxwell," ATX's online help "mascot" (think Microsoft Word's paperclip or Einstein). While Max well currently talks you through preparing Form 1040 or an 1120S, the company indicates that he will be out of a job in the 2004 version, although the same level of guidance and assistance will be provided. (However, the information applies, in general, to all ATX programs.) Numerous on-line "Quick Tutors" also help with particular tasks. With the most recent version, online help is now field-specific, which saves some time. Also available online are the actual IRS instructions (in Acrobat format). According to ATX's Web site, Web classes will be offered soon for those interested in learning more about the software.
Accountants love spreadsheets, a feature ATX has used effectively in the program. Built-in custom spreadsheets, a power-user feature, can be created for any form, schedule or worksheet. Once the worksheet is created, Start Link/Finish Link, a built-in feature, is used to link individual cells to lines on forms where information is compiled and distributed from one form to another. When compared to the custom spreadsheets of other tax packages, ATX worksheets are more flexible, but also require more work to use them effectively. Accountants who do not enjoy spending a lot of time developing worksheets and links may find the package too time-consuming to justify the savings in dollars.
Data is generally entered directly into on-screen IRS forms. If you prefer interview-type input, you won't find it for the fiduciary module--it is only available for Forms 1040, 1065, 1120 and 1120S. Fields with associated schedules or worksheets are bordered in maroon; clicking the rabbit icon "jumps" you to a screen for entering supporting data. As you add forms, schedules and worksheets, a new tab is created at the top, under the tool bar. Changing from one to another is as simple as a mouse click.
You can buy ATX products individually or bundle them in just about any way imaginable. ATX offers as much or as little as you need in the way of features--and all for pretty reasonable prices, too. Options include Saber PRS11, with access to all Saber forms and the ability to print 11 free returns; and TotalTax Office Plus, which includes MAX, Kleinrock's TaxExpert (with line-by-line integration within MAX), plus special editions for California, New York and Employment research, as well as unlimited e-file and Web organizer.
ATX also offers accounting software (Total Accounting Office). While general ledger data currently must be entered manually into the tax software, ATX says that an automated data transfer from Total Accounting Office to tax forms will be available this year.
Updates are available directly from the www.atxinc.com or from CD-ROMs mailed from the company. ATX supports data conversion from Intuit's ProSeries, MicroVision, Drake, Lacerte, IntelliTax. TaxWise, TaxWorks and others (see knowledge based area on the company's support page for a complete list).
The company also offers an add-on feature called WebSite Builder that allows its customers to seamlessly link their Web sites to client-centered content pages, or obtain a complete turnkey customized Web site with continuously updated financial content. This simple Web presence solution delivers benefits to ATX's customers' clients beyond what customers can effectively provide. ATX describes its online Financial Guidance Center as a "necessity for keeping current clients loyal and generating new clients."
TotalTax's visually pleasing Windows interface, and features like Start Link, plus ATX's association with Kleinrock's for tax research, make it easy to slash through a 1041. If you like entering data directly onto IRS forms and appreciate the benefits of integrating with accounting software, give TotalTax serious consideration.
ATX
www.atxinc.com
877-728-9776
By Alfred Charles Giovetti, CPA, ABA, ATA
ProSystem fx Gives Users the Ability to Custom Design the Tax Preparation Toolbar
Dynamic link with Microsoft Excel allows for the import and export of Schedule K-1 information
While Commerce Clearing House (CCH) expanded its ProSystem fx tax software into a complete professional office system, over the last several years, the star of the system is still ProSystem fx Tax, a powerful, flexible tax program designed for any professional, from the small sole proprietor to the largest multi-member firm.
The ProSystem fx Fiduciary Tax Return Service comes with an extensive instruction guide and several online tutorials. The system comes on a CD-ROM, plus a 3-inch floppy "permission diskette," which is necessary for installation. You can click a "Show Me" icon, and a multi-media presentation walks you through the installation process (should the installation confuse you). Unlike most tax packages, ProSystem fx converts your data from your previous tax software in-house--a data conversion CD is sent with the software eliminating the need to send your data by mail to a third party.
In the 2003 filing season, ProSystem fx introduced the Worksheet View to input data into the program, supplementing the interview style, input method. CCH believes that the new interface is easier to use and learn than the available systems. Worksheets, which should not be confused with spreadsheets, link to multiple fields in multiple forms. The links allow you to input the data once into a system organized by category, topics and sections rather than forms, thereby reducing the number of input screens. As with any input data, the actual forms still need to be manually reviewed to make sure the information is presented correctly.
ProSystem fx contains all the features you expect in a fiduciary package--all types of estates and trusts, allocation of deductions to the different classes of income, distribution of income based on amounts or a percentage, and several others. Unique to this product, however, is the ability to integrate with CCH's tax research through either the CD-ROM or Internet version. This integration is context-sensitive--pertinent tax research can be accessed while in ProSystem fx.
Tax research is not the only integration available. Since ProSystem fx is part of a complete office system, the program seamlessly integrates with all of CCH's other modules. In addition to the ability to import capital gain information from GainsKeeper, a dynamic link with Microsoft Excel allows for the import and export of Schedule K-1 information.
CCH has a Web site specifically for ProSystem fx, enabling users to download upgrades, news and other information. Like the tax research CD-ROM, the Web site can be accessed from within ProSystem fx. Also, as with most professional packages, ProSystem fx grants a limited license for each module of the tax software to allow per-return processing, if your office does not prepare that many fiduciary returns.
Another neat feature of ProSystem fx is the ability to custom design the tax preparation toolbar, so that the buttons you use most appear on the screen. Under "Options," click "Customize Toolbar." Your configuration will not change, as long as you have checked "User Sign On" in the installation screen.
In addition to providing all of the state programs, ProSystem fx includes non-resident returns for most states. Many state forms are accessed from the same screen as the federal forms, so there's no exiting the federal module to get to the state. CCH also offers reasonably priced guide books on specific fiduciary information for each supported state. Also, if you're using the ProSystem fx individual tax module, the beneficiary K-1 data will export directly from the fiduciary system to your client's personal return--a nice, time-saving feature.
CCH offers a professional, full-featured, easy-to-use package with ProSystem fx. The ability to access CCH's tax research CD-ROM, and the integration with CCH's myriad other products, makes this a package worth investigating.
CCH Incorporated
www.tax.cchgroup.com
800-739-9998
By Alfred Charles Giovetti, CPA, ABA, ATA
"We use it to process all of our tax returns. We are able to integrate the processes of closing our clients' year and adjusting their entries with preparing their tax returns." --Tony Wendeln Murray Wells Wendeln and Robinson CPAs Piqua and Troy, Ohio
Client Status System Tracks Progress on Returns, Allows 50 Custom Events
FileCabinet Solution opens a door to paperless office
Since 1979, Creative Solutions, Inc., has always tried to put itself at the cutting edge of technology, to give its customers the best, most "creative solution" to any tax or accounting situation. The 1997 merger of Creative Solutions with Thomson Tax and Accounting (including RIA and PPC, among others) provides customers a full range of not only tax and accounting software, but research materials as well.
New for 2004, UltraTax offers deeper integration with RIA Checkpoint's Line-Finder product. Users will be taken to tax form sensitive Help, based on their location in UltraTax. There are also some minor state enhancements. All state beneficiary reports are now "fully supported." The other minor additions include adding the Indiana Personal Property Tax returns, Massachusetts State electronic filing, and Virginia 1065.
The UltraTax CD-ROM includes not only the 1041 software, but the 1040, 1065, 1120, 990, 706/709 and 5500 series, in addition to all state and local programs, and a tax planner. Currently, a separate 3-inch floppy licensing disk is included, and must be installed first, before installing the rest of the program. However, beginning with the 2004 filing season, the license diskette will be replaced by prompting the user to go online and download the license(s) from CSI Connect during the installation process.
All of the UltraTax modules integrate with Creative Solutions Accounting and the Depreciation Solution fixed asset manager. Ending balances and other pertinent data from these packages transfer directly to the appropriate forms and schedules of all UltraTax programs. In addition, FileCabinet Solution gives users a door to the paperless office. The UltraTax fiduciary module includes more than 50 calculating and non-calculating forms and schedules. The program handles multiples of 14 of those forms and schedules, in addition to the 250 beneficiaries per return, and numerous depreciable assets, rental properties, and asset sales. All states and localities are supported, including property tax for Georgia, Kentucky, Michigan, Ohio, Texas, and, new for 2004, Indiana.
UltraTax automatically calculates passive activity loss limits, miscellaneous deduction limits, alternative minimum tax and the credit for a prior year's minimum tax. Expenses are automatically allocated between tax-exempt and taxable income. UltraTax also makes the appropriate calculations for charitable remainder trusts, as well as first- and second-tier beneficiaries. Income can be allocated based on amount, percentage or a combination of the two. A variety of worksheets and reports print to give detailed information on any aspect of a return. If a 1041 beneficiary is a 1040 client, the K-1 data automatically transfers to that client's individual return, saving input time.
Online, context-sensitive help can be used to solve any problems encountered. The program also comes with a guide to walk users through a typical return. Support from CSI's staff (made up mostly of accountants, like us) is available toll-free during regular business hours. Additional assistance is available through training seminars offered at various locations across the country, as well as 24-hour fax-back help. An online support knowledge-base and e-mail support are found on the Web site. Product updates and information bulletins are also downloadable from the Web site and can be accessed from within the program, as well as available through email subscriptions.
As with most high-end tax software, Creative Solutions offers a service it calls UltraTax/Per-Return-Pricing. You receive a license to the entire package and can input data into any module, but you only pay for the returns you print by downloading a PRP code from the company that is accessible through CSI-Connect (within the program). Firms doing a limited number of fiduciary returns will benefit from this cost-cutting feature.
The Client status system tracks your progress on returns, allowing for the tracking of 50 custom events--40 more than last year's version. With dozens of forms and schedules, the integration with other Creative Solutions' software, and Per-Return-Pricing, UltraTax does indeed offer an economical and "creative solution" to 1041 processing.
Creative Solutions, Inc.
www.creativesolutions.thomson.com
800-968-8900
By Alfred Charles Giovetti, CPA, ABA, ATA
"With UltraTax, we keep our clients and our bottom line healthy. UltraTax is user-friendly; it kicks out the information we need without a lot of extra work." --Mike Tribble Yeo and Yeo, PC Saginaw, Michigan
Billing Rates can be Established, and Tax Solution Provides a Calendar for Scheduling Appointments
Choices include bankruptcy estates, simple or complex trusts, or pooled income funds.
Drake Enterprises, Ltd., Franklin, N.C., has developed tax preparation software for 27 years. Drake Software's Tax Program is designed to provide tax preparation professionals with the resources they need to prepare Form 1041 returns.
A table of all completed or partially-completed returns is displayed by clicking on the Open icon in the tool bar of Tax Solution's introductory screen. Each file is identified by name and either an Employer Identification Number (EIN) or Social Security number (SSN). Work on a new Form 1041 return is initiated from the displayed table.
A SSN is entered for a new client, and the user is asked to select the type of return to prepare. After choosing the Fiduciary option, a screen appears requesting information regarding the decedent and the type of entity established. Choices include bankruptcy estates, simple or complex trusts, or pooled income funds. Users are also asked to enter the number of Schedule K-1 forms to attach, as well as any state or federal taxes that were paid the previous year on Form 2210.
Once that information has been entered, the Data Entry Selection screen serves as the primary work area for compiling a Form 1041 return. Four general categories--General, Assets/Sales, Credits and Other--are listed at the top of that screen. Menus of related topics are displayed by clicking on any one of the category headers. For example, topics in the Assets/Sales category include capital gains or losses, depreciation, investment interest expense and installment sale income. The Credits category, likewise, features a full menu of potential tax credits.
Each topic listed serves as a link that opens related worksheets. Once the requested information is entered on that worksheet, it can be transferred automatically to the appropriate form or schedules. Users can import tax data from previous years, as well as from popular programs such as QuickBooks or other applications.
Drake Software's Tax Program also meets state filing requirements, with federal return information automatically entered into the appropriate lines for state returns. After entering all required information, the Calculate function determines the proper dollar amounts for various
lines within the return. Clicking on the View icon in the Data Entry Selection screen's tool bar enables review/preview copies of all forms and schedules just like they appear on paper. The user can then print copies of that return, as well as submit the return via electronic filing.
In addition to its tax preparation capabilities, Tax Solution offers a variety of tools for communicating with clients and managing workloads. For example, files can be stored in PDF format. Ranges of standard and custom report options are available, and users can generate letters, postcards, envelopes and mailing labels. Billing rates can be established, and Tax Solution provides a calendar for scheduling appointments.
A tool bar icons provides a direct link to Drake's Web site, where users can obtain updates and other information. An extensive range of tutorial topics, as well as general help information, can be found within the Help pull-down menu. Fax and e-mail support are available. Phone support is available Monday through Friday, 8 a.m. to 10 p.m. EST, and 8 a.m. to 5 p.m. on Saturdays. An additional hour of phone support--until 6 p.m.--is offered on Saturdays from early December to April 15.
Professional Tax Solution is a comprehensive application providing tax preparation professionals with all of the functions and tools they need to complete Form 1041 returns. The toolbars and menus minimize the amount of time new users need to familiarize themselves with this application.
Drake Enterprises, Ltd.
www.drakesoftware.com
800-890-9500
By Richard Buse
"Drake Software connects me and my clients to the IRS. I've used it since 1991 and they provide excellent support, one price, and no surprises. If you can't get something to work with a client you simply eMail Drake the problem and they'll get right back to you. They keep the software up-to-date; if you go back and look at an old 1041, you can see how their changes make a vast difference." --Moose Huffman Pioneer Accounting & Taxes Inc. Jacksonville, Florida
Long Fiduciary Names Shrunk to Fit the Space Rather than Truncated
Overrides are Shown in Red on the Screen, Making them Easier to Notice, and Correct.
Intuit is among the giants of the tax and accounting software industry. With TurboTax and ProSeries, as well as Quicken and QuickBooks, many consider it to be the company when it comes to computerized accounting.
So what makes Intuit products--specifically, ProSeries--so appealing? For one thing, it is easy to learn and use. The Windows version is available on CDROM and loads in minutes. Although the included Business Forms Guide contains only three pages specific to the fiduciary package and no index, you don't really need them; the intuitive interface is self-explanatory. If you get stuck, the online, context-sensitive help, helps answer questions regardless whether it is software- or IRS-related. Additional in-product help is available: Quick Answers, Hot Topics, Line-sensitive Help, Government Instructions and more can be purchased through Intuit's Web site, directly accessed from the program. While the vendor no longer offers a NASBA-certified case study on its CD, some of its Webinars qualify for CPE.
Intuit also offers a wide variety of opportunities for users to learn the software. Through a teleseminar, an Intuit specialist personally walks you through using the software over the phone, at a time convenient for you. Or, if you prefer, online seminars are accessible from the Web site. ProSeries offers users the ever-popular pay-per-return option, handy for firms that prepare a limited number of estates and trusts.
The fiduciary module allows for up to 1,000 beneficiaries--enough for most estates and trusts. The fiduciary and beneficiary letters can be customized. Amounts can be easily allocated to beneficiaries in any way desired.
ProSeries' unlimited override capability is a plus. Any data entered in a form and carried to another form can be overridden to fit your parameters. Some, however, may not like the unlimited override because it may contribute to a higher incidence of error. Overrides can compromise audit trails, therefore making errors more difficult to detect. However, overrides are shown in red on the screen, making them easier to notice, and correct, if necessary. Enhanced diagnostics help identify data errors and omissions. With the latest version, state diagnostic checks are enhanced to keep better track of errors in the state return (or omitted items), matching the diagnostics in the federal module. A Final Review provides a listing of all overrides that preparers can print along with a copy of the return.
QuickEntry is not available in the 1041 package. However, a handy feature that is included is "shrink-the-font-to-fit-the-line." I don't know what Intuit calls it, but that's what it does. Suppose, for example, your fiduciary name and title that go on the same line, are longer than the visible field. ProSeries "wraps" it, and then shrinks the font to fit the space--a really useful feature. Now why don't all programs do that?
More federal data is processed automatically to state returns (although only 18 States are offered), saving time on preparation. The program also produces a State tax summary, in addition to a federal summary. Up to five years of tax history can be shown in the tax summaries, rather than the two or three in most programs.
ProSeries continues to be a favorite among tax practitioners--not surprising given its easy-to-use interface and flexibility. While the unlimited override capability might cause some to pause, other features make it worth investigating.
Intuit
www.proseries.com
800-934-1040
By Alfred Charles Giovetti, CPA, ABA, ATA
"We've been using Intuit since 1987. It is hard for me to imagine doing what we do today without their aid. The quality of the software is outstanding and their support system is always available to us, particularly during the peak season." --Richard Smith Quality Tax and Financial Services, Inc. Spring Valley, California
Lacerte's Tax Program Maintains Intuitive Feel
Automated Features Save Time and Greatly Reduce Opportunities for Errors
Lacerte Software Corporation of Plano, Texas, has developed tax software for more than 20 years. Its Tax Program, designed to provide the functions and capabilities needed to complete complex Form 1041 returns, reflects this experience. Lacerte is a subsidiary of Intuit, Inc. of Mountain View, Calif.
Each one of Tax Program's four screens--Clients. Detail, Forms and Diagnostics--features a menu bar and a comprehensive tool bar. Point-and-click computing makes it easy for users to locate and use Tax Program functions.
The Client screen is used for opening existing returns and creating new files. Starting a 1041 return for a new client, if the user is not already in the 1041 program, requires the user to click on the Client menu and then select the Fiduciary option from the Tax Type sub menu. However, once in the 1041 program, a client can be added from the Client menu by selecting Add Client or pressing CTRL+A. The Tax Program then requests the individual's identification information. Fiduciary information, such as the type of entity, or whether there are multi-state or nonresident beneficiaries, is also required.
The Detail screen contains other necessary information. Menu selections include Beneficiary/Grantor Information, Payments and Penalties, Income, Deductions, Credits, Taxes, Schedule K-1, State, and Charitable Returns.
Each menu selection provides worksheets for compiling needed information. For example, the Payments and Penalties menu offers a worksheet for entering 1041 estimated tax payments, while the Beneficiary/Grantor selection allows users to establish distribution percentages and choose from Schedule K-1 distribution options.
Information entered for one selection is automatically transferred to appropriate lines in other worksheets. That data also is transferred to the correct lines on the required forms and schedules, including state returns. Tax Program performs all required calculations, and data can be imported from QuickBooks and other applications.
The Forms Screen presents the 1041 form, tax schedules and any other required documents. The Diagnostics screen provides alerts for missing information or other possible errors.
Currently Lacerte does not have e-filing capabilities for the 1041. The package is priced so that customers either purchase the 1041 product on an unrestricted basis or as a Remote Entry Processing (REP) service where they pay per return. This method allows users with insufficient volumes to rationalize purchasing the unlimited package for access to the software.
In addition to tax preparation and filing functions, Tax Program provides a variety of organizational and productivity tools. Twenty user defined status codes can be created to track the progress of tax returns. Current status is displayed on-screen and a client log tracks actions for files over the life of the files. The client view can be sorted to quickly display returns of a specified status, and built-in reporting generates reports by status and by assigned preparer.
Client letters, invoices and mailing labels also can be generated. In addition, Tax Program includes an appointment book, calendar and calculator to schedule and complete activities.
The Help menu provides a diverse range of informational topics, including FAQs, and also provides a link to the Lacerte Web site for updates and other current information. Seminars, Webinars and self-study tutorials also are available, and users can earn CPE credits for Lacerte educational offerings.
Lacerte allows support e-mail to be initiated by its users and sent directly to Lacerte's e-mail support team. An e-mail management screen within the program logs the e-mail activity between Lacerte and its users.
Tax Program provides users with all of the schedules, forms and worksheets needed to complete 1041 returns. Automated features save time and greatly reduce the opportunity for errors. The software maintains an intuitive feel that makes the application easy to learn and easy to use. The menu selections and tool bar functions enable new users to perform functions without having to frequently consult manuals or online help resources.
With its support e-mail management functions and links to Lacerte's Web site where a multitude of support--such as FAQs, support bulletins, links to various governmental agencies, the Tax Program capitalizes on the speed and convenience associated with Internet access. This application delivers terrific value.
Lacerte Software Corporation
www.lacertesoftware.com
800-765-7777
By Richard Buse
"We use Lacerte for everything so it makes it easy to integrate the 1041 return into the 1040. We find it very easy use." --Jeff Butler Kessler Orlean Silver & Company, PC Deerfield, Illinois
Data Entry is Forms-Based, Making it Easy to see the Finished Product as Information is Entered
Diagnostics specifically warn of electronic filing issues, and allow a direct link to problem areas
TaxWise has been in the software business since 1985, making it another one of the senior tax software companies. More than 45,000 tax professionals use TaxWise Individual and Professional, a number that calls for a closer look at this popular program. As you might suspect, since it has been around a while, TaxWise started out as a DOS application. While the Windows version was introduced in 1997, the package still allows users access to most, if not all, of the original DOS keystrokes, speeding up data entry.
The TaxWise CD-ROM installs quickly and easily into your Windows environment. New users also may install the prior year program in addition to installing the current year program. Other installation options include Internet Explorer 6.x and Adobe Acrobat 6.0. Information is included concerning PC Software's client write-up system that integrates with all TaxWise products. TaxWise requires a system running Windows 2000/2003 or XP Professional, but I had no problem installing it on my Windows Me system.
Once the installation completes, the program asks if you want to run it. Selecting "yes" displays the setup options screen where you can enter company information, set up the printer, enter e-file information and select your own color settings for page backgrounds, labels and headings.
Virtually all forms and schedules necessary to complete a fiduciary return are supported in TaxWise, as well as all states. Data entry is forms-based, making it easy to see the finished product as information is entered. As forms are added to the return, they appear in a tree format in the left-hand section of the screen. If the default settings for the colors are not changed, red fields indicate required information. Red fields not used for a return (e.g., state of residence) are deactivated by pressing the F3 key on the field, at which time the field's color changes to blue. Data can be entered directly into any green field, as these are non-calculating fields. Calculated entries are shown in yellow. The F9 key is used to access supporting forms for these entries.
TaxWise is a strong promoter of the IRS's e-file program, as evidenced by the fact that diagnostics and error-checking in the program are geared toward readying a return for e-filing. Diagnostics specifically warn of electronic filing issues, and allow a direct link to problem areas. The instructions refer to "getting the red out" in preparation for e-filing.
TaxWise's web site offers a wide variety of information and training options for the software, as well as e-filing. The software itself also includes its own online training guide. Simply click the Help drop-down menu, and select TaxWise Training. A standard Windows help tree appears allowing you to view (and print) the instructions for preparing any type of return. The instructions include sample client information for completion. There's even a short multiple choice quiz at the end to see how well you learned the topic (it does not currently qualify for CPE credit although the vendor says "it is scheduled for 2005"). Standard program help can also be accessed by pressing the F1 key.
TaxWise also incorporates the Pay-per-Return option that is popular with tax software vendors and users. A menu item in the utility program orders individual software by Internet or modem as you need it, and another menu item in the main program allows the retrieval of software from TaxWise and its installation on your system. This feature saves the expense of the full-blown package for only a few fiduciary returns.
After review, it looks as if this program's users really know something. TaxWise is a colorful, easy-to-use package with lots of features to help complete any fiduciary return. It excels in the area of electronic filing.
TaxWise
www.taxwise.com
800-755-9473
By Alfred Charles Giovetti, CPA, ABA, ATA
"TaxWise Business is easy to use. I've tried 3 or 4 other company's software and TaxWise was definitely the most user-friendly." --Luann Wagnon Luann M. Wagnon Richardson, Texas
A Fixed Asset Manager Integrates with all tax TaxWorks Modules
TaxWorks offers "Per Unit Processing," an option to purchase the full program at a reduced price and pay a low fee for each return processed.
TaxWorks is produced by Laser Systems, a company that began producing computer applications more than 30 years ago. It is a privately owned company based in Kaysville, Utah. Upgrades to the software are made based on suggestions from whom the company feels are the best authorities on how well the product performs: its users. The company is also an accountant's dream--all growth is financed by revenue, and the company has no debt or outside investors. That alone could be enough for some accountants to support this company!
New features for 2004 include support for District of Columbia and Rhode Island, six new state forms, increased printer compatibility, two dimensional bar codes to forms K-1, and Maryland returns that allow the government to scan information. There were also some other minor improvements. Unfortunately, TaxWorks still cannot file the 1041 electronically.
TaxWorks comes on a CD-ROM, and the program loads minimally if you want to save hard drive space by running from the CD-ROM. The program requires installing at least one federal module on the hard drive. However, you may want to install the entire program to achieve performance benefits. The program runs slower from the CD. The software also can be upgraded via the Web from within the program.
A 227-page, spiral-bound, indexed reference manual is included with the package, with information on installing and running the program. A tutorial shows the basic operation of the program using a 1040 and 1065 (but not 1041) return as an example.
TaxWorks allows data entry through one of two interactive methods--interview or data sheet. In the interview method, data is entered on facsimiles of the tax forms on the computer screen. The data sheet method lets you record your clients' information, and then hands the data sheets to the office data entry personnel, freeing you up for other tasks. A diagnostic report is accessible at any point during the input process and allows any potential problems to be fixed as they come about.
TaxWorks includes several features found in every professional package. A Fixed Asset Manager program fully integrates with all tax modules. Regular and AMT depreciation are computed using up to 23 methods for any kind of property. All calculations are carried to the appropriate forms automatically, and are made on-screen, so that they can be reviewed prior to processing. Other features include a tax practice manager, laser forms, electronic filing (but not for Form 1041), financial reports, real-time calculations, network compatibility, and a paperless office function.
The company does everything it can to make TaxWorks easy to use. Prior to tax season, the company offers training seminars to bring users up to date on the current software, and to get comments and suggestions. Technical support is free, and is available through multiple phone and fax lines, 24 hours a day. The company's annually updated Web site is also a source for support.
TaxWorks is another program that offers "Per Unit Processing," an option to purchase the full program at a reduced price and pay a low fee for each return processed. This is especially useful if your firm only does occasional fiduciary returns. Virtually every form is supported in the TaxWorks program, as well as 42 states, including two for Florida (tangible and intangible). Multiple states can be prepared for a single client, if necessary. TaxWorks sports impressive support for up to 10,000 K-1 forms.
TaxWorks is another serviceable program that gets the job done without a lot of bells and whistles. Its easy-to-use, intuitive interface and free support alone make it a package worth investigating further.
TaxWorks
www.taxworks.com
800-230-2322
By Alfred Charles Giovetti, CPA, ABA, ATA
"It is a quality product with reasonable pricing. They include all the bells and whistles in the base price. We've been using them for 20 years. We have looked at other products, but we didn't feel that their features added that much and their pricing was always higher." --George Graff Hafen Buckner Everett & Graff, PC St. George, Utah 1041 Comparison Chart CCH Tax and Vendor name: ATX Accounting Product name: Saber 1041 ProSystem fx Tax Vendor/Product web site: www.atxinc.com www.tax.cchgroup.com Phone number: 877-728-9776 800-739-9998 1041 Tax Software Checklist I. Program Features Web based No Yes Number of regularly scheduled 2-3 8 package program updates per year Number of concurrent users unlimited w/network version Number of users Unlimited Integrated modules available Yes Yes (Y/N) Conversion package available Yes Yes Cost of conversion package Free Included Batch processing Yes Yes Heads-down data entry No Yes Import data Yes Yes Customizable reports Yes Yes Customizable organizers Yes No Customizable scheduling No Yes programs II. Technical Support: Toll Free Support Number Yes Yes Regular support hours (CST) 7-9 M-F; 8-4 8-7 M-F Saturday Tax Season support hours (CST) 7-11 MF; 8-4 Sat. M-F 8:30-9:30; Sat 9-8; Sun. 10-6 24 hour April 12-15 Number of support staff during 200+ 450+ tax season III. System Utilities: User group security Yes Yes Menu option security Yes Yes Menu level security Yes Yes Hard copy user manual included Optional--$25 Yes Soft copy user manual included Yes Yes IV. Input Information: Switch input methods during No Yes data entry Skip fields based on prior Yes Yes input Maximum dollar value (in 10 13 digits) Computation information Yes Yes Calculates form as data is Yes No entered Calculates return as data is Yes No entered Due-date tracking available Yes Yes Interview/interactive entry Yes Yes Batch/input sheet entry Yes Yes Proforma entry No Yes V. Output information: Batch calculation available Yes Yes Organizers No No Input sheets No Yes Are filing instructions Yes Yes customizable VI. General Features Billing by Time Yes Yes Export to Time and Billing Yes Yes packages If so, which ones ProSystem fx Practice Operating systems supported Windows (any Windows 98 2nd version) Edition, NT Workstation Version 4.0, Millennium, 2000 Professional, XP Professional, MDAC version 2.6 Network Features Yes Yes Price for network support same as regular Included in network licensing Supported networks Microsoft Windows Server 2003, 2000 Server, NT Server 4.0, Novell Netware 5.1 or higher, Linux (kernel 2.4.2 or higher Samba 2.2.3a or higher) Toll-Free support Yes Yes VII. Pricing/Availability Information: Application delivered on disks No No Application delivered on CD Yes Yes Application downloaded from Updates available Yes the web via the web 1041, federal one-user $170-up to 3 users $1,675 Renewal 10% early renewal Call for details 1041, federal five-user $255 for 4+ users $2,275 Renewal 10% early renewal Call for details State package From $110 $295-$725 State renewal 10% early renewal Call for details Additional cost to use on add'l 50% $600 Incl. 5 network workstations Call for add'l rates Proforma Included Yes Fixed Assets Included Yes Client manager Included Yes Scheduling No Yes Tickler Included Yes Date conversion Included Yes Converts data from competing Yes Yes products If yes, which ones Most major Most major VIII. Printing: Print server option Yes Yes Batch print collation Yes Yes Multiple printer support for Yes Yes labels, returns and letters Prints outside documents (i.e. Yes Yes Word file) in print set PDF file creation Yes Yes Print to document management Yes Yes program Print to fax Yes Yes Integrated print to email Yes Yes IX. Web Features: Download initial program No No Frequently asked questions Yes Yes Package tracking Yes Yes Online preparation/hosted No Yes software Online electronic filing Yes Yes Online billing review No Yes Discussion groups Yes No Online Organizer No No Vendor name: Creative Solutions Drake Software Product name: UltraTax Drake Software Vendor/Product web site: www.Creative www.drake Solutions. software.com Thomsom.com Phone number: 800-968-8900 800-890-9500 1041 Tax Software Checklist I. Program Features Web based Yes No Number of regularly scheduled 6 4 package program updates per year Number of concurrent users Unlimited Unlimited Number of users 9,000 16,658 Integrated modules available Yes Yes (Y/N) Conversion package available Yes No Cost of conversion package Free Batch processing Yes Yes Heads-down data entry Yes Yes Import data Yes Yes Customizable reports Yes Yes Customizable organizers 1040 Only No Customizable scheduling Yes Yes programs II. Technical Support: Toll Free Support Number Yes No Regular support hours (CST) 8-7 M-F 7-8 (M-F); 7-4 (Sat) Tax Season support hours (CST) M-F 8-9, Sat 8-5, 7-9 (M-F); 7-5 (Sat) Sun. 9-5 Number of support staff during 150 209 tax season III. System Utilities: User group security Yes No Menu option security Yes Yes Menu level security Yes Yes Hard copy user manual included Yes Yes Soft copy user manual included Yes Yes IV. Input Information: Switch input methods during Yes Yes data entry Skip fields based on prior Yes Yes input Maximum dollar value (in 10 10 digits) Computation information Yes Yes Calculates form as data is Yes No entered Calculates return as data is Yes No, Can be accessed entered Due-date tracking available Yes Yes Interview/interactive entry Yes Yes Batch/input sheet entry Yes Yes Proforma entry Yes Yes V. Output information: Batch calculation available Yes Yes Organizers 1040 Only Yes Input sheets Yes Yes Are filing instructions Yes Yes customizable VI. General Features Billing by Time Yes Yes Export to Time and Billing Yes No packages If so, which ones Creative Solutions Practice Operating systems supported Windows 98, 2000, Windows 98 & later & XP most Windows 95 Network Features Yes NWClient Price for network support $400 for 1st 4, No additional charge $100 each add'l 4 Supported networks Novell 5.1 or Novell, P2P higher, Win 2000, Citrix MetaFrame (yr 1.8 or XP) Toll-Free support Yes No VII. Pricing/Availability Information: Application delivered on disks Yes Upon request Application delivered on CD Yes Yes Application downloaded from Yes Updates only the web 1041, federal one-user $1,175 $995-$1395 Full Package; $495-$545 Pay Per- Return Renewal $875 As Above 1041, federal five-user $1,650 As Above Renewal $1,350 As Above State package $200-$400 N/C State renewal $200-$400 Included Additional cost to use on $475 for 1st 4 Included network users $100 for each add'l set of 4 users Proforma Yes Included Fixed Assets Yes Yes Client manager Yes Yes Scheduling Yes Included Tickler Yes Yes Data conversion Yes No Converts data from competing Yes products If yes, which ones CCH Profx, Lacerte VIII. Printing: Print server option Yes Yes Batch print collation Yes Yes Multiple printer support for Yes Yes labels, returns and letters Prints outside documents (i.e. No Yes Word file) in print set PDF file creation Static copy w/File Yes Cabinet Solution DMS Print to document management No No program Print to fax No Yes Integrated print to email Yes No IX. Web Features: Download initial program Yes Special Requests only Frequently asked questions Yes Yes Package tracking Yes Yes Online preparation/hosted Yes Yes software Online electronic filing Yes Yes Online billing review Yes No Discussion groups Yes Yes Online Organizer Yes No Vendor name: Intuit Laser Systems Product name: Lacerte TaxWorks Vendor/Product web site: www.lacerte www.taxworks.com software.com Phone number: 800-765-7777 800-230-2322 1041 Tax Software Checklist I. Program Features Web based No No Number of regularly scheduled 5 7 package program updates per year Number of concurrent users Unlimited N/A Number of users 3,941 N/A Integrated modules available No Yes (Y/N) Conversion package available Yes Yes Cost of conversion package Free Free Batch processing Yes Yes Heads-down data entry Yes Yes Import data Yes Yes Customizable reports Yes Yes Customizable organizers No No Customizable scheduling Yes Yes programs II. Technical Support: Toll Free Support Number Yes Yes Regular support hours (CST) 8-7 M-F 9-6 M-F Tax Season support hours (CST) 8-8 M-F; 9-4 Sat; 8-9, M-F; 8-3 Sat. 12-5 Sun. Number of support staff during 60+ tax season III. System Utilities: User group security Yes Menu option security Yes No Menu level security Yes No Hard copy user manual included No Yes Soft copy user manual included Yes No IV. Input Information: Switch input methods during Yes Yes data entry Skip fields based on prior No Yes input Maximum dollar value (in 10 Yes digits) Computation information Real-time Summary Calculator Calculates form as data is In multi-view mode entered Calculates return as data is In multi-view mode Yes entered Due-date tracking available Yes Yes Interview/interactive entry Yes Yes Batch/input sheet entry Yes Yes Proforma entry Yes V. Output information: Batch calculation available Yes Yes Organizers No No Input sheets Yes Yes Are filing instructions No Yes customizable VI. General Features Billing by Time No No Export to Time and Billing No No packages If so, which ones Operating systems supported Windows 98 or Windows 2000 & XP newer. Network Features Yes Yes Price for network support $400 for 1st 4, No $150 each add'l 4 Supported networks Microsoft and Windows Novell. Citrix can be utilized. Toll-Free support Yes Yes VII. Pricing/Availability Information: Application delivered on disks No No Application delivered on CD Yes Yes Application downloaded from Yes No the web 1041, federal one-user $1,035 $495 Renewal $879.75 $420 1041, federal five-user As Above Same Renewal As Above Same State package 1-$315.00; 2-$260; Included 3-$235 State renewal 1-$267.75; 2-$221; Included 3-$199.75 Additional cost to use on $400 for 4 users. N/C network $150 per additional 4 users. Proforma Yes Yes Fixed Assets Yes Yes Client manager Yes Yes Scheduling Yes Yes Tickler No No Data conversion Yes Yes Converts data from competing Yes Yes products If yes, which ones Lacerte, ProSeries, ExacTax VIII. Printing: Print server option Yes No Batch print collation Yes Yes Multiple printer support for No Yes labels, returns and letters Prints outside documents (i.e. No No Word file) in print set PDF file creation Yes Yes Print to document management Yes Yes program Print to fax Yes No Integrated print to email No Yes IX. Web Features: Download initial program Yes No Frequently asked questions Yes Yes Package tracking Yes No Online preparation/hosted No No software Online electronic filing No Will add for next year Online billing review Yes No Discussion groups Yes No Online Organizer No No Vendor name: Intuit TaxWise Product name: Pro Series TaxWise Vendor/Product web site: www.proseries.com www.taxwise.com Phone number: 800-934-1040 800-755-9473 1041 Tax Software Checklist I. Program Features Web based No No Number of regularly scheduled 3 4 package program updates per year Number of concurrent users 90% renewal Number of users 50,000+- 21,131 Integrated modules available Yes Yes (Y/N) Conversion package available Yes Yes Cost of conversion package Free of charge Free Batch processing Yes No Heads-down data entry Yes Yes Import data Yes No Customizable reports No Yes Customizable organizers No Internal to the software Customizable scheduling Yes Internal to the programs software II. Technical Support: Toll Free Support Number Yes Yes Regular support hours (CST) M-Th 9-8; Fri. 9-6 7:30-5 M-F Tax Season support hours (CST) M-Thu. 9-9, Fri M-F: 7:30-11; Sat: 9-8, Sat. 10-5 8:45-5 Number of support staff during 200+ tax season III. System Utilities: User group security No Yes Menu option security No Yes Menu level security No Yes Hard copy user manual included No Yes Soft copy user manual included Yes With CD IV. Input Information: Switch input methods during Yes No data entry Skip fields based on prior Yes No input Maximum dollar value (in 9 10 digits) Computation information Cross References Yes Calculates form as data is Yes Yes entered Calculates return as data is Yes Yes entered Due-date tracking available no Yes Interview/interactive entry No Interactive but no Interview. Batch/input sheet entry Yes No Proforma entry Yes Yes V. Output information: Batch calculation available No No Organizers Yes No Input sheets Yes No Are filing instructions Yes Yes customizable VI. General Features Billing by Time Yes Yes Export to Time and Billing No No packages If so, which ones Operating systems supported Windows NT, 98, ME, 2000, XP Network Features Yes Price for network support $399 Network ready, N/C for networking Supported networks Windows Toll-Free support Yes Available in November VII. Pricing/Availability Information: Application delivered on disks No No Application delivered on CD Yes Yes Application downloaded from Yes No the web 1041, federal one-user One user--$449 $295-1 module; Unlimited; $25 $695--Fed. Business per Return & Specialty Renewal Same As Above 1041, federal five-user Same As Above Renewal As Above State package $249-$349; 1-5-$295; $695--all Unlimited; $13/ Return State renewal Same 1-5-$295; $695--all Additional cost to use on N/C N/C network Proforma Yes Yes Fixed Assets Yes Yes Client manager Yes Yes Scheduling Yes Yes Tickler Yes Data conversion Yes Yes Converts data from competing Yes Yes products If yes, which ones Lacerte and Pro Most major Systems fx VIII. Printing: Print server option Yes Yes Batch print collation No Yes Multiple printer support for Yes Yes labels, returns and letters Prints outside documents (i.e. No No Word file) in print set PDF file creation Yes 3rd party product Print to document management No 3rd party product program Print to fax No Yes Integrated print to email No No IX. Web Features: Download initial program Yes No Frequently asked questions Yes Yes Package tracking No Yes Online preparation/hosted No No software Online electronic filing No Yes Online billing review No Yes Discussion groups Yes No Online Organizer No No
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