Tax preparation is a very complex activity made easy by highly advanced different professional software. There are a large number of them available to accountants and tax preparation professionals. Each has its own distinctive features and their use depends on specific tax preparation under way. In short, it would not be judicious to put one over another in terms of facilitating tax preparation work.
Tax specialists weigh the benefits of software on how much it helps them on two primary parameters – the efficiency and ease of working that can be had and the number of returns that can be completed over a certain period of time especially without hiring extra personnel during the peak season. In all these cases, UltraTax Tax Preparation software is a hit.
The primary specifications of the software can be categorized as follows :
Multi viewing facility – This professional tax software facilitates simultaneous viewing at up to 4 different monitors. Hence at a time it is possible to see Forms, last year’s input data, present input and other diagnostics. In addition to this, comparisons pop up during data entry.
For example when on Itemized Deduction entry for the present year, the software automatically displays Schedule A and Itemized Deductions of last year. Any wide variations in the two can immediately be checked and data entry error possibility eliminated.
Inclusion of all 1040 & 1041 state returns – UltraTax Tax Preparation includes all 1040 state and amended returns including corresponding activity work sheets which include a tax liability estimate of the next year as well as the comparison facility with the previous year. For any clients engaged in farming, there is the benefit of Schedule J Farm Income Averaging Optimization.
Apart from this, the software permits 1041 state returns meant especially for corporate customers with operations in multiple states. The feature to prepare Form 54227 for trusts possessing charitable amounts and split-interest trusts are also included.
Secured eSignature facility – This is an exclusive facet available as a fee based feature of the UltraTax Tax Preparation. It assists both the tax professional and the client to sign tax documents electronically while guaranteeing safety and security. Fees are levied only after the eSignature has been done by all concerned parties.
New updated version – The latest upgrade of the software has two unique features. The first is that a number of users can at a time access the file of a particular client though only one can have full rights and the others read only rights. Hence, the preparer of the return, the reviewer and the client can work with each other simultaneously by seeing the same screens.
Somewhat of a similar nature is the second update. This allows the 2012 file of a client to be opened while the current one is also open. The current year file can be worked with while the 2012 file is read only mode.
Possible weakness – Only certain limited features can be accessed on mobile devices.
Also Read : All You Need to Know About Taxes 2015
This review is just an outline of some of the features of Tax Preparation UltraTax software. In terms of ease of operations and user friendliness it is definitely amongst the best in the industry.