Thomson Reuters has introduced software to help corporate tax departments integrate the financial reporting and accounting data they need for preparing the tax footnote in an annual report with their corporate tax return data.
Enhanced Provision and Return Integration streamlines corporate tax workflow by integrating the companys ONESOURCE TaxStream Provision product, formerly known as TaxStream, and its ONESOURCE Income Tax software, formerly known as InSource. The integration will allow users to break out a single line item in TaxStream Provision into multiple line items in the income tax product, and vice versa. It can also consolidate multiple line items on a return into a single line item on the provision and vice versa.
Users will be able to compare a filed tax return from the income tax product with the prior-year annual provision from the TaxStream Provision software, and then post the delta to the current year annual provision. They will also be able to feed trial balance data, book-tax differences, and pre-tax book income from TaxStream Provision to the income tax software to get a head start on the return. They will also be able to send state rate and apportionment data from the income tax software to TaxStream Provision to generate state-specific provision reports.
Weve automated tasks that are typically manual and redundant in nature, thereby allowing tax professionals to devote more time to value-adding tax analysis and planning, said Thomson Reuters senior vice president Joe Harpaz in a statement.
The enhanced integration will be available Dec. 1. For more information, visit www.onesourceprovisionandreturnintegration.com.
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