ONESOURCE INCOME TAX - UNITED STATES

INTEGRATED PROVISION AND RETURN

The combination of ONESOURCE Tax Provision and ONESOURCE Income Tax provides instantaneous one-to-one, one-to-many and many-to-one data transfers.

The integration of ONESOURCE Tax Provision and ONESOURCE Income Tax not only enables you to leverage shared data to ease your compliance needs but you can also:

  • Automate your return to provision true-up,
  • Save time on your return
  • Accommodate different charts of accounts, entities and adjustments.

 

No other software vendor has this level of data integration between their return and provision solutions!

Provision Return Integration

                        
Figure 1 - Accommodate Different Charts of Accounts, Entities, and Adjustments

We understand that the return and the provision are calculated according to different levels of detail, which is why one-to-one data transfer fails to provide true return and provision integration. With one-to-many, many-to-one, and one-to-one data transfer, ONESOURCE allows for you to easily translate between the level of detail required on the provision and that required on the return.


BENEFITS OF INTEGRATED PROVISION AND RETURN

  • True Automation. Feed book tax differences from ONESOURCE Tax Provision to your return software. Automate your process by using one of our built-in import templates for the major return form vendors, or have us design a custom import file for other systems.
  • Trial Balance Mapping. Map ONESOURCE Tax Provision adjustments to trial balance accounts. Every adjustment can be mapped up with P&L, balance sheet, and retained earnings accounts, enabling you to manage your target return software's trial balance.
  • Accommodate Different Charts of Accounts, Entities, and Adjustments. Translate between the level of detail and nomenclature required for the provision and that required on the return. Account for provision items such as eliminations companies and topside adjustments while feeding over the appropriate chart of accounts, entities, and adjustments to your return.
  • Save Time on Your Return. For IRS filers, start your return with your 1120 Page 1, Schedule M1/M3 already populated with provision data. For T-2 filers, send account balances directly to the Schedule 1.
  • Eliminate Redundant Processes. Once you've done your provision, why go through the effort of recreating your book tax differences in another system? ONESOURCE Tax Provision's Export to Return functionality saves you time by re-using your book tax differences.
  • State Rates and Apportionment Percentages. Import state rate and apportionment data from your return system to generate appropriately apportioned state specific provision reports.

 

Request a demo of the integration between ONESOURCE Income Tax and ONESOURCE Tax Provision.