oNESOURCETM inCOmE taxExpress

TAX & ACCoUNTING

oNESOURCE inCOmE tax ExpRESS pROvidES COmpREhEnSivE tax COmplianCE CapabilitiES that aUtOmatE fEdERal and StatE tax COmplianCE pROCESSES.

oNESOURCE inCOmE tax ExpRESS pROvidES COmpREhEnSivE tax COmplianCE CapabilitiES.Automate Compliance oNESoURCE Income Tax Express automates federal, state, and city tax compliance—from importing data from your accounting systems through tax calculations to printing the returns. This system also gives you the power to run what-if scenarios, analyze tax strategies, and even drill down to the underlying data behind virtually every line on a tax return.

It provides comprehensive tax compliance capabilities that automate federal and state tax compliance processes for corporate and partnership returns. You get complete return processing capabilities for federal, state and many city/local returns.oNESoURCE Income Tax Express consists of several interrelated components that provide a seamless flow of data from the trial balance to federal returns to state returns. This integration works to increase your tax department’s productivity while minimizing the chance for error.

Automates four major tax functions:Trial Balance enables you to import trial balance data, balance it, make journal entries and map it to tax return lines for 1065, 1120, 1120S, 1120-F, 1120-RIC, and 1120-REIT returns. When completed, you can merge the final data into the organizer, which provides a convenient way to enter and store information that supplements your trial balance data.

Domestic Income Tax Compliance enables you to prepare Federal forms 1065, 1120, 1120-A, 1120-C,1120-F, 1120-H, 1120-S, 1120-REIT, 1120-RIC and numerous state and local income tax returns.

State Allocation and Apportionment (A&A) collects, calculates and summarizes property, payroll and sales data needed for state tax returns and creates reports for computed data.

Insurance Income Tax Compliance processes Federal 1120-L and 1120-PC plus Life and P&C state returns.

Print Preview of Consolidated SchedulesPreview the printed schedules to seea columnar format presentation andto review multicompany informationin a convenient format.

Using Trial Balance InformationTrial Balance provides a method for electronically importing financial information from many commonly used spreadsheet and database programs and lets you link this information directly to the tax return.

organizerWhile much of the information you need to prepare your tax return flows from the trial balance, additional information—such as gains, losses and credits—is needed to complete calculations and forms. organizer provides a convenient way to enter and store this information to supplement your trial balance data. The organizer also can be used to enter information manually, bypassing the trial balance.

Electronic FilingThomson Reuters fully supports electronic filing of federal and various state returns.

Federal Tax Compliance for Single CompaniesoNESoURCE Income Tax Express lets you process Federal forms 1120, 1120-A, 1120-F, 1120-RIC, 1120-REIT and 1120S for single companies. It offers forms and schedules for the corporate tax return with automatic computations. There’s never a need for side calculations or supplemental software. It also calculates single entities with infinite detail; calculates carryovers, limitations and tax credits; and includes forms 1118, 5471 and 5472.

For ConsolidationsoNESoURCE Income Tax Express handles consolidations of any size or complexity for Federal forms 1120, 1120-PC, 1120-L, 1120-RIC and 1120-REIT. It also can treat the assets, liabilities, income, deductions and credits of qualified subchapter S subsidiaries (QSSS) as those of the parent S corporation. The system provides easy review of the consolidation using the subview feature.

With Trial Balance, you may import your trial balance data, balance it, make journal entries, and map it to lines on the tax return.

SUBVIEWA single mouse-clickgives you instant accessto subsidiary detail.

Fast and Efficient ReviewIntegration of financial and tax data and built-in tools are the keys to the oNESoURCE Income Tax Express review system. With features that display the electronic audit trail, facilitate high-level and detailed evaluations and ensure against oversights, review is fast and efficient.

Subview FeatureFacilitate the review process by making detailed subsidiary entity information readily available from the consolidation binder. While reviewing the consolidated return, you’re just one click away from a list of subsidiary amounts that comprise the consolidated total.

“What if” ScenariosBy copying a consolidated binder and changing the list of subsidiaries to consolidate, you can create “what if” scenarios that are helpful in making business decisions or planning for contingencies. You can prepare planning binders on a single company or on a consolidated basis.

State and Local Tax ComplianceoNESoURCE Income Tax Express enables you to process state and city income tax returns for calendar and fiscal years. You can process returns for all applicable states and many cities. Plus, a “generic cities” function lets you prepare other local income tax returns. It also processes separate and selected combined/consolidated states, including unitary state tax returns.

For corporate returns, the State Allocation and Apportionment module automates the process of allocating nonbusiness income and apportioning state-taxable income based on property, payroll and sales for all 50 states and many cities. This system provides a means for gathering the data necessary to complete the calculations, reviewing the data both on-screen and in reports, consolidating or combining the data and viewing this information in the tax return to complete your state processing.

DiagnosticsDiagnostic messages are like another reviewer looking over your shoulder to point out incomplete fields and other oversights. Several thousand expert diagnostics, gleaned from years of practical experience and user feedback, are built into the system. To expedite review, oNESoURCE Income Tax Express links the diagnostic listing directly to the originating screen.

on-Screen Tax FormsIt enables you to review your tax return on-screen before printing it. You can drill down instantly to supporting detail from almost any line on the return.

Audit Trail LinksYou can review a completed tax return on-screen and then step back through the audit trail to the underlying detail, reviewing calculations and supporting amounts as you go. The electronic audit trail is a powerful review tool, giving you confidence in the numbers and assurance that your tax return presentation is appropriate.

Tax SummaryThe Tax Summary provides a high-level review of key amounts in the return, including whether or not the return is in balance.

overridesIt provides an organizer level for entering data yet allows you to enter a summary override amount if you prefer. For example, if you want to determine the impact of a high-level change without modifying underlying source data, overrides can be useful. When you are reviewing the return, an alert system summarizes overrides so you can remove inadvertent ones. We alert you to overrides by displaying colored asterisks next to overridden fields.

1065 All the benefits of oNESoURCE Income Tax Express automation for partnerships.

oNESoURCE Income Tax Express provides a powerful, comprehensive partnership compliance system that automates federal, state, and local return processing. It automatically and seamlessly flows data from component to component, improving tax department productivity while reducing errors. our partnership system enables you to import data from your accounting systems, saving countless hours of data entry time. To make return preparation even easier, calculated and summarized trial balance amounts flow automatically to federal, state, and local forms.

Key features include:Partner Bridge – Allows instant import and export of partner information, including partner name and address, entity type, profit/loss/ownership ratios, capital account data and answers to Schedule K-1 questions. You may also use the Partner Bridge to export partner information and special allocations for use with most popular spreadsheet packages.

Special Allocations – Enables you to customize the way you allocate various income and expense items. You may enter the allocation method, either ratio or dollar amounts, in one place for each partner.

Transfers of Interest – our partnership program enables easy transfer of interest among partners as well as withdrawals from the partnership.

Capital Contributions – Enter all of your capital contribution information on one screen. You may specially allocate capital contributions or let us allocate among the partners.

State Allocation and Apportionment – Automates the process of apportioning State Taxable Income based on Property, Payroll and Sales for all states and several cities. our A&A module provides numerous automated calculations and flexible on-screen review including data entry and factor summary. You can truly automate your A&A processing by rolling over beginning-of-year property amounts from prior year A&A files and electronically transferring current year information from spreadsheets.

Review Tools – our system provides useful review tools, including reconciliation of beginning with ending partner capital account balances and display of partner profit, loss, and capital ratios.

Electronic Filing – Thomson Reuters fully supports electronic filing of federal and various state partnership returns, and is an IRS certified electronic filing transmitter. We also offer a supplementary process that allows the creation and transmission of 1065 electronic filing information to certified participating K-1 processing vendors.

Special allocations enable you to customize the way you allocate various income and expense items.

oNESOURCE inCOmE tax ExpRESS fOR inSURanCE COmpaniES Automation for the complete world of insurance income tax preparation.

oNESoURCE Income Tax Express specifically addresses the challenges of the complex world of insurance. It accepts data directly from the NAIC disk or through manual entry, considers a multitude of complex state and federal tax laws in interpreting that data, and allows for accepted industry practices in the production of completed federal and state tax returns.

Annual statement information can be transferred at the click of a button, instantly automating up to 90% of your tax return preparation.

Insurance Income Tax ComplianceIncludes the forms and schedules needed to prepare your 1120-PC and 1120-L returns and automates every computation, so there’s never a need for side calculations or supplemental software. If you want to review items on the return, you can hyperlink to supporting detail from almost any line on the return. It calculates all carryovers, limitations and tax credits and includes all necessary forms, such as the 1118, 5471 and 5472.

NAIC Annual Statement TransferThe NAIC Annual Statement is the starting point for the preparation of the income tax return for virtually all insurance companies. This feature lets you automatically import all current - and prior-year information from the following annual statements: Life and Accident & Health, Property & Casualty, Health, and Separate Accounts and Title. Reconciliation and summary screens provide a convenient way to verify your numbers and to compare key balances in the annual statement. Annual statement data flows automatically to worksheets that compute the amounts needed for the return.

Failed Life CompaniesSometimes life insurance companies are required to file an 1120-PC instead of an 1120-L. It calculates the qualification ratio directly from your annual statement and lets you know if your company must file as a Failed 816. A simple two-step conversion process converts your 1120-L return into an 1120-PC, eliminating the margin for human error.

Deferred Acquisition CostsWhether you have a life insurance or a property and casualty company, you may have to defer certain policy acquisition costs incurred during the year. It can calculate the amount of the deferred acquisition costs and amortization of current-year and prior-year premiums as well as prior-year negative amortization.

Loss Reserve Discounting (LRD) and Salvage & SubrogationLRD and Salvage & Subrogation can have a significant impact on your company’s tax planning. oNESoURCE Income Tax Express performs your LRD and S&S calculations using either the IRS tables or your company’s payment pattern. Simply transfer in your Schedule P data from your annual statement and it will do the rest. Prior-year information can be carried over from year to year, making the company payment pattern just as easy as using the IRS tables.

ConsolidationsForms 1120, 1120-L and 1120-PC can be consolidated, along with any applicable combined/consolidated state returns. oNESoURCE Income Tax Express also provides the capability to automatically prepare Non-life and Life-Nonlife consolidated returns.

Featuring unique Consolidation Wizards that walk you through the entire consolidation process for each type of consolidation — no matter the size or complexity.

Corporate Tax™ Analyzer Powered by BNA SoftwareThe Corporate Tax Analyzer powered by BNA Software can help you establish a common footing with the IRS. This powerful corporate tax software engine, used by both the IRS and corporations under audit, greatly facilitates IRS/taxpayer communication and much more.

Corporate Tax Analyzer performs a detailed analysis of a corporation’s income tax liability for any year ending after 1975. All calculations are based on the tax law applicable to the taxable years being analyzed.

With the Corporate Tax Analyzer You Can:Manage carrybacks and carryovers of NoLs, credits, •capital losses, contributions and more

Compare multiple scenarios up to 15 analysis years •and 15 prior years

Fully analyze the interplay among deductions, •credits, limitations and phaseouts

Calculate federal and state corporate taxes, AMT, •NoL, special rules and much more

It is designed by tax and technology professionals for tax professionals, is leading-edge software from the company with more tax technology firsts than anyone else. Freed from tedious tasks such as searching for and organizing information and struggling to meet basic compliance deadlines, you can now spend your time on strategic planning and other activities that really affect bottom-line profitability.

Comprehensive Implementation, Training & SupportYou get the most from your investment in oNESoURCE Income Tax Express. our specialists are available to work with your tax professionals to implement our software in a way that best fits your unique situation and business objectives. We also offer comprehensive training workshops for both new and experienced users. Workshops are scheduled at our state-of-the-art training centers across the nation.

Thomson Reuters offers a variety of support services for all our products, including toll-free telephone support, onsite support, and an annual user conference.

our online product assistance site at support.RIAhome.com is also a powerful Web-based support tool. Whether you call, fax or e-mail support questions, a complete file is kept on each case. All you have to do is click on the case in question, and you have a complete history of how your question was or is being resolved. The site also contains software updates, documentation, the latest product news, event dates and tips and tricks for the new or experienced user.

In every aspect of implementation, training and support, Thomson Reuters specialists include CPAs with industry experience and technology experts with a range of specialized skills.

Why oNESOURCE inCOmE tax ExpRESS?

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