ONESOURCE INCOME TAX

ONESOURCE Income Tax from Thomson Reuters 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:

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.

Moreover, no other vendor 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.

WHY ONESOURCE INCOME TAX?

Inherently all corporate tax return software has the same function and purpose - to enable companies to file tax returns. So, what makes ONESOURCE Income Tax from Thomson Reuters different?

• Longevity. Thomson Reuters is a stable and growing global company with a history that dates back over 150 years
• Data security. Thomson Reuters has been managing client data and keeping it secure for nearly 50 years and ONESOURCE Income Tax is hosted in our highly secure Data Center.
• Wide adoption. Thomson Reuters has over 750,000 users of its products and services in over 140 countries
• Integration. ONESOURCE Income Tax fully integrates with:
  • ONESOURCE Tax Provision(formerly TaxStream), the most widely used provision  software solution
  • ONESOURCE WorkFlow Manager, the first workflow management solution built specifically for the unique needs of corporate tax departments
  • ONESOURCE State Apportionment, the most robust apportionment solution in the marketplace
  • ONESOURCE platform, which includes single sign-on access to ONESOURCE products, plus a dashboard-like presentation for ease of use and executive level review unavailable from any other corporate tax software vendor 
  • Checkpoint, the top provider of tax research in the United States
• Market leadership. The technology behind ONESOURCE Income Tax has more users, processes more tax returns and serves the needs of more corporations than all other corporate tax software vendors combined

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.

STATE RETURN PREPARATION AND REVIEW

ONESOURCE State Apportionment

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

• Throwback
• Easy import using predefined templates and easy visual review
• Provides flexibility for multiple lines of business

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

ONESOURCE Data Exchange

• 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

State Options

• A single location to review and set state compute and print options
• Provides an easy way to set options consistently for all entities

STATE TAX PLANNING

ONESOURCE State Analytics

• 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® Excel spreadsheets
• Eliminates 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:

• Restructuring
• Filing methodology
• Legislative changes
• Rate changes
• Apportionment changes
  

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.

The International model determines if dividends are taxable, the amount of PTI exchange gain/loss, the deemed distribution inclusions and any deemed paid credits relating to this income. The look-through rules for intercompany rents, royalties, interest and dividend income as provided under Section 904(d)(3) are applied as necessary and the calculations operate across unlimited chains of ownership while maintaining the capability of reconciling payments and receipts through multiple payors and recipients.

Optimize your tax benefits by selecting multiple apportionment methods for each expense

Numerous apportionment bases are available within the system, or you can create or customize your own apportionment bases. During Earnings and Profits calculations, the system will select the optimum choice based on the type of income you have indicated that you want to maximize or minimize (for example, Subpart F versus passive).

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 returns 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.
  

e-Form® RS

Thomson Reuters web-based tax forms software takes advantage of Internet technology to provide you with significant benefits.

Access the most current forms immediately, without waiting for CD-ROM updates or forms. e-Form RS sets a precedent in delivery by making updated forms available within days of their release. Under strict security, access forms anywhere, anytime.

e-Form RS gives you:

• Simplified navigation with a tree-view of available forms
• Enhanced keyword search
• Form instructions accessed from the forms list
• More IRS and state publications
• One-click toggle between current and previous year form
• Links to Checkpoint [links to Checkpoint homepage] and other key tax information websites

e-Form: Complete

As the most fully featured program, e-Form: Complete offers the largest complement of forms and instructions (with links to IRS publications), and the most extensive carry-forward capabilities and calculation logic of any forms product.

e-Form saves a complete list of forms and schedules filed in the prior year and then retrieves the current year's corresponding forms for quick start-up.

e-Form: Complete also includes the most current version of nearly every federal, state and local form for:

Powerful navigation gives you: 

• One easy-to-use screen for selecting all the forms you need
• Keyword searching to find the answers to your specific questions
• IRS publications and form instructions for easier research
• Super-easy navigation between federal and state forms - you're not limited to having only federal or state forms open

e-Form: Complete reduces data entry time with step-saving features like reduced repetition during data entry in common fields. In addition, you get the printing options you need to save time and create professional forms and instructions:

• Ability to print on pre-printed forms (e.g. W-2s and 1099s)
• Form instructions that print like government originals
• OCR fonts, when required, so all forms can be filed with taxing authorities
• Calculation of the check digits and scan lines for the states that require this

e-Form features ReadiPrep, which makes returns easier and more economical than ever before by:

• Carrying numbers between pages of a form and updating the entire form when a number is changed
• Carrying selected federal information to state forms
• Adding calculations to all forms
• Using overrides in subsequent calculations