Thomson Reuters has released Estimated Payments, software that integrates with its ONESOURCE Income Tax, Tax Provision, and State Appointment products to automate the calculation of estimated corporate tax payments.
The new product aims to eliminate the need to manually review current assumptions and tax laws for accuracy and updates, gather data, enter the data into spreadsheets, calculate estimated payments, and enter the results of those calculations into state-approved vouchers.
“A typical large corporation spends five to 10 weeks a year per preparer extracting data from their systems and calculating estimated payments,” said Joe Harpaz, managing director of the corporate division within the Tax & Accounting business of Thomson Reuters. “Much of the data required to calculate estimated payments already resides in ONESOURCE, so it made sense for us to streamline this necessary but labor-intensive task. The addition of estimated payments functionality is one of the many ways we are helping ONESOURCE customers better comply with changing tax laws, avoid unnecessary penalties, and experience a more accurate, efficient tax compliance process.”
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