Intuit has updated its ProConnect Tax Online tax prep solution to make data collection and entry faster.
ProConnect is a new portfolio brand for Intuit’s professional tax products. ProConnect Tax Online, which used to be called Intuit Tax Online, is a native cloud-based solution.
The software’s new “ready to review” feature enables the uploading of tax forms, and pulls the data from those forms directly so that manual data entry is unnecessary. Currently the 1099-INT, 1099-DIV, and 1098 forms are enabled in the software. Intuit’s goal is to have 10 forms enabled by tax year 2016, Intuit’s director of product development Jorge Olavarrieta told Accounting Today.
ProConnect Tax Online can now also automatically generate a Schedule K-1 when preparing partnerships, corporate and S corporation returns. The data can be imported directly into the individual tax returns associated with the business entity.
Also new is a side-by-side view of current and prior-year tax data. This is meant to simplify tax return preparation for clients with unchanged tax situations year over year.
ProConnect Tax Online now combines more easily with Intuit Link, a data collection solution. Once questions are answered or documents are uploaded through Link, clients no longer have to keep track of the documents and can access it anytime through ProConnect Tax Online.
Finally, the software now integrates with QuickBooks Online Accountant.
“One of the problems we have seen for years is accountants use multiple places to manage their clients and their work,” Olavarrieta said. “That leads to a lot of inefficiency and it is error prone because you have to update information in multiple locations. QuickBooks Online Accountant is a place accountants can go to access all their clients that have QB online subscriptions. In the coming year, not only will accountants be able to see their clients with QBO subscriptions, but will also be able to see all the tax returns associated with those clients when people are using QBO and ProConnect Tax Online together.”
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