RIA has introduced two new modules for its InSource Sales & Use Tax software.
InSource the Food and Beverage Module is the first in a series of industry-specific optional return modules that RIA plans to offer. RIA is a Thomson business.
The module includes 97 returns for four states, including Illinois, Virginia, North Carolina and South Carolina. Sales and use transactions are tagged prior to import with a code that indicates their specialized tax characteristics. A transaction coded with this information will flow to the proper state and/or local return lines, and is subject to the appropriate tax rate and calculations for food and beverage sales.
New food and beverage exemption categories include food stamp/WIC, off-premise/home consumption, vending machine sales and non-chargeable employee meals. All tax returns can also be populated with an electronic spreadsheet import feature or through manual data entry.
RIA also released InSource Worldwide Provision and Estimates, a provision package that integrates with income tax compliance systems. According to the company, the product line enables users to better manage their effective tax rate, decrease the time needed to turn around provision data, increase their efficiency throughout the estimated payment process, and meet internal controls required by their audit committee.
The starting price for the InSource Provisions and Estimates product is $7, 500. The Food and Beverage Module for InSource Sales and Use Tax software is priced at $5,000.
