Federal Tax Compliance & State Tax Compliance

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ONESOURCE Income Tax is an integrated and complete tax management solution for corporate enterprises with global operations that need comprehensive tax compliance capabilities to automate federal and state tax compliance processes for corporate returns.

ONESOURCE Income Tax provides complete return processing capabilities for federal single company and consolidated returns, single company state returns, state combined/consolidated returns, and many city/local returns.

Comprehensive Functionality

Prepare federal, state, and local income tax returns including separate, combined/consolidated, and unitary returns. Simplify the determination of the U.S. tax benefits derived from international operations with the calculations for foreign earnings and profits and deemed paid credits. ONESOURCE Income Tax gives you more than 2,500 federal, state, and local forms including:

  • 1120
  • 1120-F
  • 1120-L
  • 1120-PC
  • 1120-C
  • 1120-REIT
  • 1120-RIC
  • 1120S
  • 1065
  • 5471
  • 8858
  • 8865

Choose The Platform That Best Fits Your Business Needs

ONESOURCE Income Tax offers both a web-based solution that' s hosted at the Thomson Reuters' Data Center, and an in-house (client/server) solution. The features remain the same no matter which platform you choose.

With a web-hosted solution, you leverage the power of the Internet to experience lower costs of ownership. The architecture enables data conferencing, interfaces with other software packages, and message alerts, all of which enhance your company' s workflow, processes, and efficiencies with no software maintenance or data storage costs.

ONESOURCE Income Tax for Insurance

ONESOURCE Income Tax automates the process of reconciling your statutory financial data with IRS code and U.S. Treasury regulations. The system also automates compliance with the unique laws of each state and many cities. Plus, it gives you the flexibility to maintain your company' s unique position on certain tax issues.

ONESOURCE Income Tax for Insurance Companies includes the forms and schedules needed to prepare 1120-PC and 1120-L forms. It automates computations including all carryovers, limitations, and tax credits. There' s never a need for side calculations or for supplemental software. If you want to review items on the return, you can hyperlink to supporting detail from almost any line on the return.

ONESOURCE Income Tax for Partnerships

ONESOURCE Income Tax 1065 automates federal, state, and many local partnership return processing. It automatically and seamlessly flows data from component to component, improving tax department productivity while reducing errors.

Import data directly from your accounting systems, saving countless hours of data entry time. To make return preparation even easier, calculated and summarized trial balance amounts flow automatically to federal, state, and local forms.

ONESOURCE Income Tax for S Corporations

  • Calculate weighted average shares-per-day for up to 24 periods – calculates both cumulative shares and ownership percentages per period per shareholder.
  • Compute pro-rata allocations to shareholders for any Schedule K item by dollar amounts or specified percentages, including residual and piggyback allocations.
  • Provide provision for computation of built-in gains tax, passive income tax, and capital gains tax, including 1120 taxable income limitations.
  • Includes state Schedule K-1 equivalents, qualified subchapter S subsidiaries (QSSS) with parent return, and shareholder basis tracking.