2009 TaxSation's CorporatePro Software


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2009 TaxSation's CorporatePro Software

  1. 1. CORPORATE PRO® INCOME TAX COMPLIANCE & PROVISIONS SOFTWARE ONLINE E-Filing Ready e file www.taxsation.com SationInc. 888-TAX-1120 | 300 North Coit Rd., Suite 650. Richardson, TX 75080 IRS S
  2. 2. WHO IS TAXSATION? mode of advertising has always been the referral of For over a decade, TaxSation has proudly marketed our clients. We take care of them and they take care its Corporate Pro line of income tax software to of us. Their input becomes the enhancements to our hundreds of insurance companies, c-corporations and software and they get the satisfaction of receiving CPA firms of all sizes and types. What sets TaxSation customized software without paying a customization apart from the rest is quite simple – our focus from fee. the beginning has always been to produce the highest quality, most accurate and yet ultimately flexible If you are looking for a powerful, logical and affordable income tax software solutions for the specific needs solution to address your corporate and insurance of corporations at very affordable prices. income tax compliance that is approved for E-Filing with the IRS and can handle all types of complex At TaxSation, income tax software is not a side job – It consolidations in a single file, we strongly urge you to is our only job and we truly understand it. TaxSation’s visit our website at www.TaxSation.com, where you philosophy since inception has always been to employ will find a comprehensive demo of each application a highly specialized team of income tax experts, along with other useful information. researchers, programmers, developers, testers and support personnel in order to guaranty the highest We guaranty the time that you invest to familiarize quality of the software produced. yourself with Corporate Pro will save you valuable time and resources for this coming tax season and Our support personnel consist of the same expert beyond. team that help develop the application, understand your issues and can solve your problems on the spot. For a complimentary evaluation copy of Corporate Pro There is no red-tape when it comes to offering you or to arrange for a free customized live demo, please immediate solutions. We understand and respect call us at 888-TAX-1120. the value of your time and are here to help you with all aspects of your income tax filing needs. Our best 2
  3. 3. TaxSation Inc. | www.taxsation.com | 888-TAX-1120 | 300 North Coit Rd., Suite 650. Richardson, TX 75080 SUMMARY of CORPORATE Pro Line 1120, 1120-L, 1120-PC, Failed-816 & HMO 1120-F & 1120-RIC 990, 990-PF & 990-T 5471, 5472, 1118, Schedule N Other Foreign Forms & Schedules FAS-109 & SSAP-10 Company Experience & Treasury Factors All C-Corporations & Insurance-specific States Plus Puerto Rico Selected Cities Such as Cincinnati, Cleveland, Columbus, Louisville, New York, St. Louis, Kansas City & Philadelphia Simple & Mixed C-Corp, P&C, Non-life, Life & Life-non-life 3
  4. 4. ACCESS METHODS, TRAINING & SUPPORT Can be Installed on Internet Updates from TaxSation’s Website • Network • Users are notified upon availability of the updates • Stand-alone • Specially assigned user ID & password are used for • Workstation each update • Company-owned Citrix server • No need for software installations or updates • Assigned & managed specific user access rights • Access offered through a series of secure & • Secure user login with specific user ID & password powerful Citrix Servers • Data encryption • 24/7 monitoring & backup • Meets the most rigid security requirements • Servers located at various sites • Minimal or no IT involvement • Secure instant access to Corporate Pro & user data • One-time easy setup files from anywhere in the world • Access all the time • Complimentary, unlimited & unconditional • Extended support hours during tax season support of all offered programs & E-filing including weekends • Provided by the same expert team of income tax • Local, regional & onsite customized training veterans & specialists who develop Corporate offered in both presentation & lab formats Pro 4
  5. 5. TaxSation Inc. | www.taxsation.com | 888-TAX-1120 | 300 North Coit Rd., Suite 650. Richardson, TX 75080 GENERAL FEATURES APPROVED E-FILING FOR FEDERAL & STATES • Automatic creation of XML file plus an XML viewer report making • Recognized by the IRS as an approved software vendor for E- it readable by the users filing federal • Easy switching from other income tax programs previously E- • E-filing capability for the required states from inside Corporate filed by performing a reverse XML import Pro • IRS business rules check plus an additional layer of checking to • Automatic generation of E-file diagnostics & E-file history ensure success with E-filing the first time DATA TRANSFER • Special Import for Offshore, Captive Or Reinsurance Companies • Rollover of prior year data for a single or as many files as needed with no annual statement file at once • Variety of batch processing functions to control calculations, • Flexible & user-friendly import of general ledger that can be customization & print features including Multi-file Rollover, Multi- used for both provision periods & filing return file Import, Multi-file Backup , etc. • Reusable import templates that can be used from year to year • Centralized spreadsheet data entry throughout the software with little or no modification enabling ease of copy/paste into or from Corporate Pro • NAIC annual statement import from any annual statement • Minimized entry locations simplifying the flow of data to the package for Blue, Green, Yellow and Orange-Books returns & sub-schedules FLEXIBILITY, CUSTOMIZATION & EASE OF USE • Override capability on every line along with separate schedules • Availability of variety of federal & state options allowing the user for Override Summary & Calc History to control the user interface, calculations & print • Capability to add user’s own supporting schedules or notes in • Inclusion of extensive list of controllable yet preprogrammed any format such as DOC, XLS, PDF, etc. automatic adjustments for M1 & M3 • Extensive Online Help System, as well as, inclusion of all return • Automatic mapping of M1 & M3 with full control over moving instructions Items up, down, left or right within M3 • Inclusion of several management summary reports such as • Drilldown feature allowing viewing & verifying the source of data Reclass Summary, Check Requests, Summary of Taxes, etc. along with helpful tooltips 5
  6. 6. FEDERAL INCOME TAX & INTERNATIONAL • Easy Failed-816 conversion to P&C & back to Life FEDERAL INCOME TAX returns while maintaining records for both Annual, Estimates, Extension & Amended • Automatic flow to 1120-PC, Schedule F • C-Corporation, Life, P&C, Failed-816, HMO, 1120-RIC & 1120-F, 990, 990-PF & 990-T Extensive List of Pre-Defined Options Centralized Spreadsheet-Designed Carryover • Allowing customization of the software without any Schedules for Calculation of need for overrides • NOL with AMT limitations, Charitable Contributions, Capability of Adding User-defined Capital Losses, 1231 Recapture & Credits Adjustments • Foreign Tax Credit worksheet for automatic • Including Pooling Adjustments for one or several generation of 1118 companies Insurance-Specific Features Such as Variety of Audit Trail Tools & Reports • NAIC import of both general & separate accounts • Such as Tax Balance Sheet & Tax Income for Life Insurance companies Statement • Calculation of Section 848 Deferred Acquisition Diagnostics Tools Cost (DAC) for Life companies • To warn out of balance & other important situations related to M1, M2, and M3 ► 60 & 120-Month Amortization Tracks changes ► Automatic flow to 1120-L, Schedule G • To the returns on a by-user basis from one • Required Reserve Interest calculation to the next INTERNATIONAL • Availability of key international forms such as 5471, • Capability of creating multiple 5471 & 5472 returns 5472, 1118, Schedule N, etc. quickly & easily • Separate import of 5471 data along with currency conversion 6
  7. 7. TaxSation Inc. | www.taxsation.com | 888-TAX-1120 | 300 North Coit Rd., Suite 650. Richardson, TX 75080 PROVISION - FAS 109 & SSAP-10 • Consolidated FAS-109 • Calculation of current & deferred income taxes • Flow from GAAP-to-Tax for C-Corporations & GAAP- • Preparation of provision on spreadsheet basis to-Stat-to-Tax or Stat-to-GAAP-to-Tax for insurance allowing for ease of entering Adjustments & companies Reclasses • Customization of the number of periods to allow for • True-up calculations monthly, quarterly, yearly computations or as often • Calculation of provision automatically creates the as needed filing return with little or no effort on the user’s • The use of same General Ledger Import Template part for both annual return and/or provision periods • Multi-file import for all companies each period for • What-If analysis, case studies & forecasting batch processing the provision capabilities • Tracking cumulative, temporary & permanent differences Access the Corporate Effective Productivity Comprehensive Free live product Pro software from Tools such as, full Management Level support, and extended anywhere integration between Tools such as, supports hours during Federal and other diagnostic report, audit tax season OR sub modules, batch trails, reclass summary, processing, automatic summary of taxes, Install the software on adjustments (M1 & M3), effective tax rates, your internal network E-Filing what-if analysis, etc server or stand-alone machine. 7
  8. 8. LOSS RESERVE DISCOUNTING (LRD) “Turn Your Section 846 Calculations Into MINUTES Instead of DAYS, WEEKS or MONTHS.” • Designed based on the requirements of Section • Variety of user-defined discounting options such 846 as gross-up salvage & discount negative unpaid losses • IRS (Treasury) factors since 1987, as well as, company experience factors • Choice of three methods for application of composite factor per notice 88-100 • Inclusion of all RevProcs • Automatic flow of calculated data to Schedule F of • Direct Import of Schedule P data from any annual 1120-PC return statement package for current & prior years • Five additional future years discounting • Spreadsheet design allowing copy/paste data in computations providing forecasting capability case of unavailability of prior year data • Allows you to enter an interest rate and simulated • Import of five extra years of prior year Schedule P Schedule P data for forecasting purposes data 8
  9. 9. TaxSation Inc. | www.taxsation.com | 888-TAX-1120 | 300 North Coit Rd., Suite 650. Richardson, TX 75080 STATE INCOME/FRANCHISE/EXCISE TAX - CIITY TAX • All C-Corporations & insurance-specific states including Puerto Rico • Annual, estimates, extensions & amended returns for each state • Federal-to-state schedule allows transferring/ entering key federal data to be used by all states • Centralized, spreadsheet-designed input schedules for entering ► Allocation & apportionment ► Prepayments ► Bonus depreciation ► State adjustments • Extensive state options allowing to customize each state as needed • Schedule T automatically created from NAIC import • Can be copied/pasted If no NAIC data available • State NOL carryover schedules along with the relevant rule for each state • All state returns instructions • Availability of key cities such as Cincinnati, Cleveland, Columbus, Louisville Kentucky, New York City, St. Louis, Kansas City & Philadelphia 9
  10. 10. FEDERAL & STATE CONSOLIDATIONS FEDERAL & STATE CONSOLIDATIONS • Automatic creation of subgroup eliminations & • Uniquely designed one-step consolidation module consolidated M3s allowing for simple & mixed consolidations including C-Corp, P&C, Life, Non-life & Life-non-life • Full control to the user for inclusion and/or exclusion of any company in both federal & state • Flexibility for creation & sub-consolidation of data consolidations files for each business unit, division and/or line of business • Allows the user to select the parent for each subgroup, the whole group & even for each state • Utilization of a SINGLE DATA FILE to perform both federal & state consolidations at the same time or • Override capability at any level including separately consolidations with override tracking tools • No need for creation of various useless subgroup • Audit trails for viewing & analyzing source of data at data files for entering eliminations & adjustments each level of consolidation • Eliminations & adjustments reside in the same • Unitary & combined state consolidations for the consolidated data file as two separate columns of required states the spreadsheet • Ultimate flexibility to the users for arrangement • User’s choice on performing sub-consolidations in of returns & schedules in single & consolidated separate files if needed, although not necessary companies • Automatic adjustments to back-out the combined & • The single consolidated file, to be E-filed with the record the consolidated figures & enter the results IRS, automatically includes all needed information in elimination & adjustment columns including subgroup returns & schedules • Computation of limitations between companies & subgroups all the way to the top parent company • Automatic creation of subgroup & parent carryover schedules & returns 10
  11. 11. TaxSation Inc. | www.taxsation.com | 888-TAX-1120 | 300 North Coit Rd., Suite 650. Richardson, TX 75080 SYSTEM REQUIREMENTS • Requires about 500 MB of disk space for Corporate • Microsoft Windows NT, Windows 2000, Windows Pro installed with all optional modules 2003, Windows XP with the latest service packs • Hewlett Packard laser printer with at least 1MB of • Compatible with Microsoft Windows Vista with memory recommended special setup • High-speed internet access needed for Corporate • Corporate Pro is network compatible with Novell, Pro internet updates Microsoft Windows & Citrix • High-speed internet access is a must • Multiple daily backup of all data • No tangible requirements on client’s resources, • Client choice for additional backup in their own such as processor speed, RAM or disk space environment • Access to the most updated version of Corporate • Built-in traffic controller to monitor & adjust the Pro & client data files from anywhere & anytime number of users on each server for optimum speed • No need for Corporate Pro installations or updates • Can easily upload and/or download necessary • Web access provided through a series of extremely client data from or to TaxSation’s Citrix servers powerful & secure Citrix servers • Minimum of two years of program & client data • Servers hosted in multiple locations kept on servers • Requires a one-time installation of Citrix client on • Programs and client data can be archived to DVD each machine needing access upon request. • 24/7 monitoring to ensure around-the-clock access 11
  12. 12. ©2008 TaxSation Inc. All rights reserved. CORPORATE Pro® is a registered trademark. All names and trademarks mentioned are the property of their respective owners.