Crowe Horwath LLP has introduced the Crowe International Tax Manager, a Web-based automated information gathering tool that helps streamline tax-reporting processes.
Crowe developed the system to help business clients in various industries deal with their international tax compliance obligations, reduce tax-processing costs and adapt to emerging areas of risk.
The Internal Revenue Service requires U.S.-based multinational organizations to file a number of forms detailing their international activities, such as Form 5471, “Foreign Corporations,” Form 8858, “Foreign Disregarded Entities”; Form 926, “Transfer of Property to a Foreign Corporation,” and Form 8865, “Foreign Partnerships,” among others. Crowe tax specialists collect demographic information from clients to determine which of the filing requirements apply.
Once the filing requirements have been determined, the Crowe International Tax Manager can be populated with data from existing systems and spreadsheets. From there, designated users can log into the system and import or enter any extra data needed to complete the required forms. A project leader can assign tasks, keep track of progress and review the overall filing status from the system’s dashboard.
“Multiple users can work within the solution at the same time, benefiting from a divide-and-conquer strategy,” said Crowe international tax partner John Kelleher in a statement. “While an individual only sees the portion he or she is responsible for, the leader is able to view the entire project and maintain control.”
Other features include automated requests that eliminate time-consuming questionnaire distribution and tracking, enabling the applicable forms to be completed for any number of foreign entities. Delegation features allow managers to assign tasks, track progress and review status.
A dynamic review feature flags inconsistencies in the imported or entered data. Information requests can follow a specified workflow to translate the IRS’s requirements into a uniform format for filing.
Data transfer features populate the applicable tax forms in real time, and the forms can then be reviewed in Adobe Acrobat PDF format. Security features protect sensitive information through application-layer security based on unique permissions assigned to users.
For more information, visit www.crowehorwath.com/international-tax-nr/.
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