Federal & State Tax Compliance
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.
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:
With a web-based solution, hosted at the highly secure Thomson Reuters Data Center, you leverage the power of the Internet to experience lower cost of ownership. The architecture enables data conferencing, interfaces with other software packages, and provides message alerts, all of which enhance your company's workflow, processes, and efficiencies with no software maintenance or data storage costs.
Unparalleled State Tax Compliance
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.
ONESOURCE State Apportionment planning An online planning tool that enables you to quickly model "what-if" scenarios.
- Filing methodology
- Legislative changes
- Rate changes
- Apportionment changes
ONESOURCE State Analytics The most robust state tax planning tool available.
- Designed for multiyear, multistate planning, audit analysis, and tax forecasting
- Extremely robust calculations, including iterative and comparative modeling
- Provides more accuracy and complexity than Microsoft® Office Excel spreadsheets
- Eliminates need to re-key base data
- Increases efficiency with built-in intelligence
State Return Preparation and Review
Apportionment – Tax Accounting System Powerful, flexible apportionment 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
- Handles 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
NOL Tracking - Tracks detailed NOL usage with both detailed and summary reports available
- 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
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.
- Thomson Reuters Expands Product Offering Aimed at Tax Withholding Requirements
- Thomson Reuters Recognized with Global Awards
- Thomson Reuters Acquires Abacus Software Business From Deloitte LLP
- Thomson Reuters Ranks number 12 on the 2009 Barron's 500 list.
- Who's Who Among Those Serving The Tax & Accounting Profession