NEW YORK – Effectively integrating the provision and return processes
has long been one of the key pain points for corporate tax departments –
until now. The Tax & Accounting business of Thomson Reuters is introducing
Enhanced Provision and Return Integration to relieve these pain points and significantly
streamline corporate tax workflow.
“The tax provision and the tax return are reported according to different
levels of detail, at different times, and for different purposes,” said
Joe Harpaz, senior vice president and general manager of ONESOURCE TaxStream
Provision at Thomson Reuters. “Our enhanced integration benefits users
of our leading corporate income tax and provision software solutions through
sophisticated, yet simple, integration that solves the challenge of the incompatibility
of data detail between a tax provision and tax return. As a result, we’ve
automated tasks that are typically manual and redundant in nature, thereby allowing
tax professionals to devote more time to value-adding tax analysis and planning.”
The new enhanced integration can break out a single line item in ONESOURCE
TaxStream Provision into multiple line items in ONESOURCE™ Income Tax
and vice versa. Likewise, it can consolidate multiple line items on a return
into a single line item on the provision and vice versa.
“This revolutionary solution effectively generates specific detail levels
needed for each process,” said Steve Mendelsohn, senior vice president
and general manager of ONESOURCE Income Tax at Thomson Reuters. “We’re
excited to present the first ever solution with one-to-many and many-to-one
data transfer and a solution that can considerably improve the efficiency and
accuracy of a tax department.”
The new enhanced integration of ONESOURCE TaxStream Provision and ONESOURCE
Income Tax enables tax professionals to:
•Dramatically automate manual processes and improve efficiencies during
every stage of the tax lifecycle;
•Compare a filed tax return from ONESOURCE™ Income Tax with
the prior year annual provision from ONESOURCE TaxStream Provision, then post
the delta to the current year annual provision;
•Feed trial balance data, book-tax differences, and pre-tax book income
from ONESOURCE TaxStream Provision to ONESOURCE Income Tax to get a head start
on the return;
•Automatically send state rate and apportionment data from ONESOURCE
Income Tax to ONESOURCE TaxStream Provision to generate state-specific provision
The enhanced integration will be available on Dec. 1 to all customers of ONESOURCE
Income Tax (formerly InSource) and ONESOURCE TaxStream Provision (formerly TaxStream).
“We continue to make major strides in enhancing the functionality of our
market leading corporate tax products and specifically in the integration across
products, thereby enabling our customers to further leverage their investment
in Thomson Reuters solutions,” said Harpaz.
ONESOURCE TaxStream Provision is a global provision platform that seamlessly
integrates with General Ledger and Return Systems, ONESOURCE TaxStream Provision
automatically generates all calculations, reports, and documentation to satisfy
tax planning, provision and audit requirements. Built-in user controls, audit
trails, and guaranteed calculations generate SOX compliant tax footnote reports.
Automated interim reporting, state provisions, estimates and extensions, journal
entries, deferred balance tracking, tax basis balance sheet management and integrated
analysis of uncertain tax positions are all calculated using one consolidating
ONESOURCE Income Tax is a complete tax management solution that seamlessly
integrates federal, state, local, and international income tax compliance and
management for corporate enterprises with multinational operations. ONESOURCE
Income Tax also provides comprehensive solutions for insurance companies, partnerships,
and fixed asset management.
Additional information can be obtained by visiting www.onesourceprovisionandreturnintegration.com
or calling 201-356-6519.
About Thomson Reuters
Thomson Reuters is the world’s leading source of intelligent information
for businesses and professionals. We combine industry expertise with innovative
technology to deliver critical information to leading decision makers in the
financial, legal, tax and accounting, healthcare and science and media markets,
powered by the world’s most trusted news organization. With headquarters in
New York and major operations in London and Eagan, Minnesota, Thomson Reuters
employs more than 50,000 people and operates in over 100 countries.
ONESOURCE Provision and Return Solution
The Tax & Accounting business of Thomson Reuters is the leading provider
of technology and information solutions, as well as integrated tax compliance
software and services to accounting, tax and corporate finance professionals
in accounting firms, corporations, law firms and government. Tax & Accounting
includes the Corporate Software & Services, Professional Software &
Services, and Research & Guidance business groups.