ONESOURCE INCOME TAX
Thomson Reuters is a pioneer in tax compliance and tax filing technology. We were the first to develop a software solution for income tax reporting, first to develop e-filing technology, and the first to release a web-based compliance solution. It's no wonder we're the most used corporate income tax software on the market today with compliance solutions for federal, state, local, international, insurance, partnerships, and S Corps.
ONESOURCE Income Tax, hosted in our highly secure Thomson Reuters Data Center, is easy to learn, easy to use and, doesn't require a full-time, dedicated administrator and extensive custom calculations. Straight forward, simple, yet powerful. Isn't that what you want for your tax department?
ONESOURCE Income Tax gives you more than 2,500 federal, state and local forms including:
The web-based ONESOURCE Income Tax reduces the overall cost of ownership - no application, database or servers required. In addition, you're always current with the latest version because we handle all of the software updates, so you don't have to wait for your IT department to receive, prioritize, or install updates.
Unique to ONESOURCE Income Tax is Working Trial Balance, which enables you to review prior- and current-year balances in a spreadsheet format starting with imported book (G/L) information, adjustments tax information at both the separate entity/division and the consolidated level of the return process. The context-sensitive links to adjustments provide an efficient audit trail in a familiar workpaper format.
ONESOURCE Income Tax also enables more than one tax professional to work on an income tax return at the same time (i.e., federal forms and schedules can be completed at the same time that state forms and schedules are being prepared). This creates a greater level of efficiency, process control and saves time for the reviewer.
The security within ONESOURCE Income Tax allows the system administrator to assign rights, permissions and define a user's password parameters and length of time until expiration. The built-in security enables the tax department to assign responsibilities around their requirements: by group permissions (i.e., states, international), company and jurisdiction. This gives the system administrator complete control over how to divide responsibilities within the software.
ONESOURCE Income Tax doesn't require a full-time administrator to manage the system and define calculations for state compliance. It offers these calculations as part of the system, which helps increase efficiency.
The consolidation and e-file process in ONESOURCE Income Tax has a step-by-step wizard that walks users through the process. In addition, up-to-date online product guides are available.
INTEGRATED COMPLIANCE SOLUTIONS
One of the real advantages of making the web-based ONESOURCE Income Tax a part of your tax department is the level of integration with other ONESOURCE products. In particular, the integration with ONESOURCE Tax Provision, ONESOURCE Workflow Manager, ONESOURCE Data Query, and ONESOURCE State Apportionment brings tremendous value and efficiencies that lead directly to significant savings of time, money, and resources.
Thomson Reuters is the only vendor that can provide the depth of integration available in the ONESOURCE suite of products, all of which can be licensed individually or combined for maximum effectiveness and value.
STATE INCOME TAX COMPLIANCE SOLUTIONS
ONESOURCE Income Tax provides the most comprehensive set of state tax compliance tools and features currently available, covering your needs from planning through compliance and audit.
STATE PLANNING SOLUTIONS
ONESOURCE State Analytics - The most robust state tax planning tool available.
- Designed for multiyear, multistate planning, audit analysis, and tax forecasting
- Offers robust calculations, including iterative and comparative modeling
- Provides more accuracy and complexity than Microsoft® Excel spreadsheets
- Eliminates the need to re-key base data
- Increases efficiency with built-in intelligence
ONESOURCE State Apportionment planning - An online planning tool that enables you to quickly model "what-if" scenarios for:
- Filing methodology
- Legislative changes
- Rate changes
- Apportionment changes
STATE RETURN PREPARATION AND REVIEW SOLUTIONS
Apportionment-Tax Accounting System - A powerful, flexible tool that gives you the ability to customize your apportionment calculations.
- User-defined subcategories, logic charts, and forms cross-reference
- Easy import using predefined templates and easy visual review
- Provides flexibility for multiple lines of business
ONESOURCE State Apportionment provides:
- Handling of complex reporting structures and partnerships
- Complete audit trail
- Point-in-time data
- Easy review of factors
- Full complement of reports
- Powerful and flexible import engine
State Taxable Income Workpapers
- Manage state modifications and apportioned income adjustments
- Quickly input your state additions and subtractions
- Review your state return data across entities or across states
- Export large amounts of state data at one time
- Custom adjustments can be generated and dragged-and-dropped to the applicable line on the state income tax form, providing an audit trail
- Enables you to retrieve ONESOURCE Income Tax data for multiple entities and time periods to aid in efficient executive decision support
- Provides easy access to information needed to troubleshoot your tax return during the return preparation process
- Provides internal controls required by your audit committee such as audit trails and reports across entities and states
- A single location to review and set state compute and print options
- Provides an easy way to set options consistently for all entities
- Tracks detailed NOL usage with both detailed and summary reports available
ONESOURCE INCOME TAX - INTERNATIONAL
The International module of ONESOURCE Income Tax is a comprehensive system that simplifies the computation of U.S. tax benefits derived from international operations. Several integrated tax calculation areas lead you through the tax return process, determining foreign earnings and profits, deemed paid credits, and the benefits of the Foreign Tax Credit. Combine it with our International Data Management solution for even more benefits!
Multinational corporations across the country using the International module of ONESOURCE Income Tax are benefiting from:
- Currency translation: converts currencies automatically and transfers the correct balance to the return, i.e., Foreign to another Foreign, Foreign to USD, from USD to Foreign. This is especially useful for check-the-box divisions that file a Form 8858.
- Automatic transfers of balances and adjustments to Form 5471, Schedules C, F, H, E, I, and J.
- Calculation of Subpart F and transfer of data to Schedule I and J as needed.
- A similar look and feel for navigation with ONESOURCE Income Tax, which reduces the learning curve when working in both components.
- Automates Form 1118 by transferring information from the foreign entities and automatically creates Tax Adjustments for Gross-Up Dividends, Deemed Paid Credits, and automatically sources foreign income and country codes the foreign balances.
ONESOURCE INCOME TAX - 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. In addition, 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.
- Loss reserve discount calculations and deferred acquisition costs are automatically computed, saving time and tracking outside the system.
- The Insurance module of ONESOURCE Income Tax offers two methods to import source data: NAIC interface and trial balance import, providing a method that is consistent with the way you prepare your insurance income tax returns.
INCOME TAX COMPLIANCE FOR PARTNERSHIPS
ONESOURCE Income Tax 1065 automates federal, state, and many local partnership returns processing. It automatically 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.
- Form 1065, Schedule K-1 information automatically flows to Form 1120, page 1 as well as the partnership's portion of State A&A; information automatically flows to the corporate partner to calculate the apportionment percentages for the corporate income tax return.
- Form 1065, Schedule K-1 information automatically flows to other Form 1065, Schedule K-1(s).
- The aforementioned two features save time in tracking multiple changes between the partnership and partner.
- Apportion income and expense, either by the default methods in ONESOURCE Income Tax or any user-defined method, eliminating the need for spreadsheet calculations outside the system.
INCOME TAX COMPLIANCE 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.
- Add shareholder footnotes, eliminating the extra step of generating this information outside the system.