The Tax & Accounting business of Thomson Reuters has released ONESOURCE State Apportionment software, a product that aims to streamline state income tax apportionment processes for corporate tax professionals.
The Web-based software, formerly known as Liquid Engines AMx, includes data import and export features, diagnostics for anomaly checking, rate reporting by entity or state, and integration with other ONESOURCE corporate tax software products.
The software supports internal controls for separation of duties to comply with Sarbanes-Oxley Section 404 requirements. The audit trail lists changes in data and document versions, and keeps records on as filed and amended status.
Also included are features for partnership apportionment data collection on property, payroll, sales and special industry factors. The software handles divisional roll-ups, multi-tier ownership structures, and state-specific treatment and flow rules for each partnership type. Reports are available for multi-tier flow reconciliation and ownership structure.
City apportionment data collection can be done on property, payroll, sales and special industry factors. The software also performs separate, combined and consolidated calculations, city partnership treatment options and multi-tier flow calculations. Reports are available for reconciliation and combined or consolidated compliance.
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