CCH Small Firm Services — TaxWise

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From the April/May 2010 Review of Professional Tax Systems (Traditional Workflow).

The TaxWise professional tax compliance system offered by CCH Small Firm Services is specifically designed for high-volume retail tax preparation firms. Available in several bundled options, TaxWise gives firms a comprehensive system for managing all tax types. It provides management tools for running multiple locations along with options for paperless workflow, bank products, credit card payment, billing management and tax planning. New features include enhanced client organizers, automatic system updates and integration with the CCH IntelliConnect research platform.

CORE PRODUCT FUNCTIONS/FEATURES:
The TaxWise Power Bundle reviewed here offers a comprehensive suite of tax compliance for all entity types and all states with reporting requirements. These core entity preparation capabilities include forms 1040, 1042, 1120, 1120S, 1065, 990, 706 and 709. Unlimited e-filing is included in system pricing, including piggybacked state returns and additional part-year resident and non-resident multi-state returns. The program is especially well suited for practices with a high volume of individual returns, and the single license cost allows a firm to network the program on any number of computers located in the same office. Additionally, the program includes multi-office functions that help tax firms better manage multiple locations.

TaxWise opens to a well-designed and very easy-to-learn interface that includes menus and icon toolbars for accessing key system functions, an Appointment Scheduler and navigation buttons, while the master client selection screen offers an intuitive spreadsheet view of clients and basic data. Client data can be filtered, searched or sorted by columns. Data entry is performed on interview-style worksheets, with the ability to open a form view side-by-side with the interview sheet, allowing preparers to quickly jump to specific form fields; perform review processes; add links, notes or color-coded entries to returns; or access IRS instructions or Help.

Other key features in TaxWise include the ability to open multiple instances of the system, which allows users to open more than one client return simultaneously. Built-in instant error checking provides alerts to users of potential errors as they are entered. The program’s diagnostics capabilities check the consistency of tax information and SSN validity, notify users of filing errors, and maintain a log of overridden form entries. A fixed asset manager is included with the program, including 19 pre-calculated depreciation methods, while other built-in data includes smart entry by ZIP code, as well as a sales tax deduction lookup table and business, amortization, W-2 and 1099 codes. TaxWise includes English and Spanish language client organizers, reports and letter templates. TaxWise users also get a free website and website building toolkit for their practice.

PAPERLESS WORKFLOW:
With unlimited e-filing included in the system, TaxWise can help practices move toward a paperless workflow. The program also allows import of client data from QuickBooks, Peachtree by Sage and Excel. The primary document management functions available to practices using TaxWise are in the add-on Document Manager system ($425), which can store PDF formatted copies of all forms and other return documents created by the tax program, and when used with a scanner, can also be used to create digital client folders with all client source documents and other files stored in a single location. This makes preparation, review and management of client data more centralized, streamlined and accessible to other authorized TaxWise users in the firm.