Intuit, Inc. — Tax Import for Lacerte and ProSeries
From the January 2013 review of Tax Document Automation systems.
Best Fit: Tax-focused practices using Lacerte or ProSeries, who want an automated method of creating organized PDF workpapers from client source documents, as well as direct download of W-2 and 1099 data from financial institutions.
- Dual optical character recognition process increases reliability of data imports
- Pre-Import Review feature simplifies data verification, providing side-by-side view of extracted data and scanned source documents
- Direct download from financial institutions provides even greater data accuracy and speeds up process of getting clients to provide source documents
- Per-return, bundled and unlimited pricing options enable firms to use it as needed.
- Directly integrates only with Lacerte and ProSeries tax (and their respective document management systems)
Tax Import is an add-on available for users of either the Lacerte or ProSeries professional tax systems, giving firms an automated way to import client data from scanned pdfs, or directly from banks or payroll processors, into the 1040 return. Tax Import includes optical character recognition (OCR) technology that initially identifies the form type, so that it can properly place it in the bookmarked electronic binder. It then verifies and imports the source data directly into the appropriate places within the client’s return. Another feature is that Tax Import enables downloading of client 1099 transaction data and payroll information directly from the client’s banks and payroll processors through a secure read-only interface that empowers the client to authorize the download without providing their protected passwords.
Core Product Functions/Features: 4.5 Stars
Links to the Tax Import features are already built into both Lacerte and ProSeries, and use intuitive screens that are the same in functionality as those systems. To actually use Tax Import the user simply selects a client, then accesses Tax Import under the ‘Import menu’ within their Lacerte or ProSeries tax software. They can pay either on a per-return basis or for bundled volumes of returns . However, Lacerte Federal 1040 Unlimited, ProSeries 1040 Complete, PowerTax Lite or PowerTax Library customers get Tax Import use for 25 returns free.
The client lists in each program allow users to add new status columns for client documents that have been scanned in, as well as for those that have been downloaded from financial institutions.
Intuit has partnered with two dozen of the largest financial institutions, allowing firms to quickly download and import client interest, dividend, and stock sale transaction data from 1099 forms. Tax Import includes built-in security and client permission systems that use bank-level encryption on all data. It does not store any customer logins or identifying data.
The PDF workpapers created by the system are organized and bookmarked, but do not offer the ability to edit and annotate, but the ProSeries and Lacerte Document Management Systems both include such functionality and several third-party Adobe Acrobat add-ins can be used.
Paperless Workflow: 4.25 Stars
To start the process, users simply select the client and pick the scanned document to be imported from the browser. Upon selecting the client’s scanned pdf, the user then electronically submits the document to Tax Import for processing; data does not leave the US, and no humans come into contact with the data. When Tax Import processing is completed, the user is notified and then use a reviewer tool to verify all of the imported data is accurate before completing the data import. Intuit typically returns data in less than 20 minutes, but states that last tax season the process took approximately 10 minutes per engagement, regardless of the number of client source documents.