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
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Tax
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
The Coming 1099 Revolution: Are You and Your Clients Ready?
Revenue-raising provisions in the Patient Protection and Affordable Care Act, PL 111-148, and the Health Care and Education Reconciliation Act of 2010, PL 111-152, like their health care provisions, have far-reaching implications. One could even fundamentally change the way we do business and keep records in the United States—by dramatically
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
Step Transaction Doctrine Collapses LLC Interest Gifts
In a second decision (Pierre II) involving Suzanne Pierre’s transfer of a single-member limited liability company (LLC) interest to two trusts, the Tax Court applied the step transaction doctrine to the gift and sale transactions at issue in the case and slightly reduced the lack-of-control discount. Previously, the court had
Roth IRA Conversion Quiz
By now, CPAs have heard much about Roth IRA conversions made widely available in 2010. Take the following test to see how much you’ve learned. TRUE OR FALSE? 1. Starting in 2010, there are no income limitations to make regular contributions to a Roth IRA. 2. Roth IRA investment income
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
AICPA, Others Ask IRS to Withdraw UTP Reporting Plan
The AICPA and other accounting, legal and business groups called upon the IRS to withdraw its proposed requirement that businesses above a $10 million asset threshold report their uncertain tax positions. The groups responded to the IRS’ request for comments on its three announcements earlier in the year (2010-9, 2010-17
Highlights
The U.S. Supreme Court issued a long-awaited ruling in the constitutional challenge to the PCAOB that left the agency virtually unchanged. The court’s 5–4 decision, announced in June, will not affect day-to-day operations of the PCAOB, the agency said. Chief Justice John Roberts wrote the majority opinion. In it,
Special-Needs and International Adoptions Not Easier
I am a CPA and a mom via adoption times two. I was baffled to read in the April 2010 article “Tax Treatment of Adoption Expenses” (page 44) that adoptive parents “may want to give more consideration to a special-needs child or international adoption, both of which can often be
Tax Court Refuses to Reconsider Overstatement of Basis Case
The Tax Court recently denied motions of the IRS to vacate and reconsider its prior decision in Intermountain Insurance Service of Vail LLC v. Commissioner, TC Memo 2009-195, in light of new Treasury regulations issued approximately one month after that case was decided. (For prior Tax Matters coverage, see “Application
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