Review of TaxWise - 2011

800-755-9473

www.taxwise.com

Best Firm Fit:

High-volume, time-sensitive focused practices employing non-professional data-entry staff. Also a fit for those looking to grow their business through office expansion and additional customer offerings such as full-year accounting services like write-up and payroll.

Strengths

• Support for all entities at federal & state level
• Form & interview-style input with instant calculations
• Excellent training options for novice staff
• Scan & populate feature for W-2s and 1099s
• Options for research, trial balance, payroll, fixed assets and document management

Potential Limitations

• No client portals
• Limited tools for in-firm collaboration on complex returns

TaxWise is one of the professional tax compliance systems offered by CCH’s Small Firm Services, providing small and mid-sized practices with a system designed for high-volume firms looking to expand their business. The system supports all taxing entities and all states and offers a “scan and fill” source document automation system, document management, tax research, and tools and resources for practice management, invoicing and staff training. New for TY 2010, TaxWise introduced the Central Office Manager, a web-based portal that provides additional support for multi-location practices. Other professional accounting products available under the TaxWise brand include trial balance, fixed asset management, live and after-the-fact payroll, and W-2/1099 compliance.

Core Product Functions/Features

TaxWise is available in several bundled packages based on entity filing needs and accounting products, with the most comprehensive systems supporting all entities with annual income reporting requirements (1040, 1041, 1120, 1120S, 1065, 990, 706, 709 and 5500), plus all state forms (and Washington D.C.) for entities required to file. Unlimited e-filing is integrated into the program for federal and state returns. The TaxWise system also supports filing to all cities with income taxes, including New York City and municipalities in Michigan and Ohio. Many forms and schedules are also available in Spanish, and the company offers bilingual customer support, training webinars and marketing materials.

The program opens into a screen that is not web-based itself, but provides a browser-like feel complete with tabbed links for quickly accessing various websites, including TaxWise support and training options, the TaxWise University learning center, the company’s blog and IRS.gov. The main work area defaults to a “tasks you do most often” panel that includes text-based links to starting or opening returns, changing users or opening different entity compliance systems. Other links include communication tools, a monitor that alerts users to incomplete tasks and an appointment scheduler feature.

The system’s client selection list offers search functions and the ability to filter by several factors, including entity type, while displaying summary return and client contact information in a spreadsheet view. Within client returns, data entry can be performed on form replicas or on interview worksheets, with line instructions shown in a panel beneath the work area and right-click menu options giving the ability to override calculated fields, mark entries as estimates or insert review notes. A menu tree on the left provides quick access to forms, schedules and worksheets already associated with the return. A full forms list is available from a tab, with the ability to search or set up custom form sets. For 1040 clients, the system displays a Refund Monitor at the top of the screen that shows in-progress AGI, federal refund or amount owed and state refund or amount owed. Users can easily jump between form and interview modes, check diagnostics or perform MFJ/MFS comparisons. The program also supports extensions and amended returns, the AMT and kiddie tax returns associated with a parental return. 4.75

Paperless Workflow