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TOPICS / TAX

2010 Tax Software Survey: GoSystem Tax

Click here for detailed survey responses for GoSystem Tax. (Opens in new window; click once to enlarge.) General Information Tax program name: GoSystem Tax Vendor name: Thomson Reuters Telephone (sales): 800-968-8900 E-mail (sales): CS.Sales@ThomsonReuters.com Website: CS.ThomsonReuters.com Number of users: More than 60,000 individual users Pricing Price on Federal 1040 (new

2010 Tax Software Survey: Individual Product Information and Responses

The JofA and The Tax Adviser surveyed our readers to determine what they liked and did not like about their tax preparation software. The survey was conducted in May 2010 and received 12,018 responses. Below are results showing how many respondents used each product. Then the detailed responses for each product are presented,

2010 Tax Software Survey: ATX

Click here for detailed survey responses for ATX 1040. Click here for detailed survey responses for ATX MAX. (Opens in new window; click once to enlarge.) General Information Tax program name: ATX Vendor name: CCH Small Firm Services Telephone (sales): 888-455-0183 E-mail (sales): sales@atxinc.com Website: www.atxinc.com Number of users: 35,000

2010 Tax Software Survey: TaxWorks

Click here for detailed survey responses for TaxWorks. (Opens in new window; click once to enlarge.) General Information Tax program name: TaxWorks Vendor name: REDGEAR Technologies Telephone (sales): 1-800-230-2322 E-mail (sales): sales@taxworks.com Website: www.taxworks.com Number of users: 8,310 Pricing Price on Federal 1040 (new customers): $1,395      Increase from last

2010 Tax Software Survey: Intuit ProLine Tax Online Edition

Click here for detailed survey responses for Intuit ProLine Tax Online Edition. (Opens in new window; click once to enlarge.) General Information Tax program name: Intuit ProLine Tax Online Edition Vendor name: Intuit, Inc. Telephone (sales): 888-236-9501 E-mail (sales): APD_Sales@intuit.com  Website: http://proadvisor.intuit.com/product/more-products-solutions/tools/tax-online-edition.jsp Number of users: Not disclosed Pricing Price on

2010 Tax Software Survey: ProSystem fx Tax

Click here for detailed survey responses for ProSystem fx Tax. (Opens in new window; click once to enlarge.) General Information Tax program name: ProSystem fx Tax Vendor name: CCH, a Wolters Kluwer business Telephone (sales): 800-739-9998 E-mail (sales): sales@prosystemfx.com Website: CCHGroup.com Number of users: 250,000+ Pricing Price on Federal 1040

2010 Tax Software Survey: UltraTax CS

Click here for detailed survey responses for UltraTax CS. (Opens in new window; click once to enlarge.) General Information Tax program name: UltraTax CS Vendor name: Thomson Reuters Telephone (sales): 800-968-8900 E-mail (sales): CS.Sales@ThomsonReuters.com Website: CS.ThomsonReuters.com Number of users: 20,000+ firms Pricing Price on Federal 1040 (new customers): $2,375     

2010 Tax Software Survey: ProSeries

Click here for detailed survey responses for ProSeries. (Opens in new window; click once to enlarge.) General Information Tax program name: ProSeries Vendor name: Intuit, Inc. Telephone (sales): 800-934-1040 E-mail (sales): APD_Sales@intuit.com Website: http://proseries.intuit.com Number of users: N/A Pricing Price on Federal 1040 (new customers): $1,499      Increase from last

2010 Tax Software Survey: TaxWise

Click here for detailed survey responses for TaxWise. (Opens in new window; click once to enlarge.) General Information Tax program name: TaxWise Vendor name: CCH Small Firm Services Telephone (sales): 1-888-455-0182 E-mail (sales): sales@TaxWise.com Website: www.TaxWise.com Number of users: 13,000 tax businesses Pricing Price on Federal 1040 (new customers): Power

2010 Tax Software Survey: CrossLink 1040

Click here for detailed survey responses for CrossLink 1040. (Opens in new window; click once to enlarge.) General Information Tax program name: CrossLink 1040 Vendor name: Petz Enterprises, Inc. Telephone (sales): 800-345-4337 E-mail (sales): sales@petzent.com Website: www.CrossLinkTax.com Number of users: N/A Pricing Price on Federal 1040 (new customers): $995      

Beware of State-Federal NOL Differences

State net operating loss (NOL) rules generally differ from federal NOL rules, and state NOL rules often differ from one another. This is especially true with respect to carrybacks of NOLs—which, unlike for federal returns, the majority of states do not allow—and carryforwards. This lack of consistency can lead to

The Foreign Account Tax Compliance Act

A key component of the federal government’s push for heightened tax compliance among U.S. taxpayers with foreign accounts and assets is the Foreign Account Tax Compliance Act (FATCA). In an interview in February this year with the JofA, IRS Commissioner Doug Shulman called the then-pending legislation “the next big thing”

Line Items

SUPREME COURT WON’T REVIEW TEXTRON The U.S. Supreme Court declined to review Textron Inc. v. U.S. (Sup. Ct. docket no. 09-750), letting stand a First Circuit Court of Appeals decision that the work product privilege did not protect the corporation’s tax accrual workpapers from an IRS summons. For the First

Is Your College Student Still a Dependent?

College students combine many sources of funds to pay for their education, including personal savings, family savings, income from jobs, scholarships and/or student loans. As the percentage of funds from the student’s sources increases, parents risk losing the student as a dependent on their tax return. Not only do the

Discharging Taxes in Bankruptcy

With the downturn in the economy and massive job losses, personal bankruptcy filings have exploded. According to the National Bankruptcy Research Center, approximately 1.4 million bankruptcies were filed in 2009, a 32% increase over 2008. They included Chapter 7 bankruptcy filings, which increased 42%, and Chapter 13 filings, which increased

Appeals Court Overturns Taxpayer Win in Tax Shelter Case

The U.S. Court of Appeals for the Tenth Circuit has held that a taxpayer’s investment in a “Son of BOSS” tax shelter lacked economic substance and therefore did not generate deductible losses (Sala, No. 08-1333 (10th Cir. 7/23/10)). This holding reverses a rare taxpayer win on the issue of Son

IRS Proposes PTIN Fees

The IRS proposed (REG-139343-08) Thursday to begin charging all authorized tax preparers a $50 user fee to obtain or renew annually a preparer tax identification number (PTIN). The fee would be on top of a “reasonable fee” charged by a third-party vendor that will administer the application and renewal process.

IRS Launches Gulf Oil Spill Hotline, Plans Special Assistance Day

The IRS announced that it has set up a special toll-free telephone line for taxpayers affected by the oil spill in the Gulf of Mexico. The phone number is 866-562-5227, and it will operate on weekdays from 7 a.m. to 10 p.m.local time, the IRS said. The phone line is

Closing Date Deadline for Homebuyer Credit Extended to Sept. 30

President Barack Obama signed the Homebuyer Assistance and Improvement Act of 2010 (HR 5623) on July 2. The bill extends the closing date deadline to qualify for the first-time homebuyer credit under IRC § 36 from June 30, 2010, to Sept. 30, 2010. To offset the cost of the extension,

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