Thomson Reuters offers help coping with new tax law

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Thomson Reuters has released several resources to help tax and accounting professionals deal with the Tax Cuts and Jobs Act.

Thomson Reuters Checkpoint posted a Complete Analysis of the Tax Cuts and Jobs Act document online on Dec. 21, one day after Congress passed the bill. The analysis examines the complicated changes in the tax code overhaul, including templates for client letters. The 800-page analysis is also available in print as a desktop reference.

The Checkpoint Complete Internal Revenue Code has been updated online, including the hundreds of sections of the tax code that have been affected by the legislation. A print version will be available by the end of this month.

Thomson Reuters Federal Tax Updates on Checkpoint also published a series of special studies discussing various elements of the tax plan, along with a special report, 2017 Tax Reform: Checkpoint Special Study on Individual Tax Changes in the Tax Cuts and Jobs Act, which is available here.

In terms of software, the company is also in the process of updating its Thomson Reuters ONESOURCE and Thomson Reuters CS Professional Suite. The 2016 and 2017 editions of UltraTax CS have been updated for the retroactive portions of the bill. For individual taxpayers, the company is making updates to the Tax Projection Worksheet and estimated tax calculations in 2017 UltraTax CS. On top of that, the Tax Projection Worksheets in the 2017 UltraTax CS business systems will be updated. Targeted data mining searches and letters will help firms identify and communicate with affected clients.

Planner CS, a tax planning tool designed to help practitioners advise clients about the Tax Cuts and Jobs Act, is being updated for TCJA-specific calculations for tax year 2018 and beyond.

Fixed Assets CS includes updated calculations for retroactive portions of the bill and forward-facing asset management implications of the tax overhaul.

ToolBox CS will be updated with new and updated calculators for the new tax law, along with tax flowcharts for tax year 2018 and after.

In the area of payroll, updated income tax withholding tables have been made available as of Jan. 22, 2018. Checks dated afterward will reflect the new tax withholding for payrolls generated for customers of the myPay Solutions payroll processing service, and the Accounting CS and Accounting CS Payroll software.

The 2016 and 2017 editions of GoSystem Tax RS have been updated for the retroactive parts of the new tax law.

In addition, subscribers of the Checkpoint Marketing for Firms Emerging Tax and Regulation Alerts service have received real-time analysis in the form of long-form articles and abbreviated social media posts, all designed to be immediately shared with clients.

“Our customers rely on our ability to quickly update our tax compliance tools for changes like those the Tax Cuts and Jobs Act has introduced, and I’m pleased that we have delivered to our users updated calculations, relevant analysis, and embedded projection tools,” said Jon Baron, managing director of the Professional segment with the Tax & Accounting business of Thomson Reuters, in a statement. “We know how critical it is for practitioners to be proactive and prepared for client questions and expectations, and we continue to actively work on additional TCJA product enhancements.”

Thomson Reuters Checkpoint Learning is offering an interactive live two-hour webinar, “The Tax Cuts and Jobs Act: What You Need to Know Now,” which offers two CPE credits, and provides a summary of the changes and an objective analysis of the impact on clients and the profession overall. Checkpoint Learning’s two-hour Monthly Tax Alert and eight-hour Federal Tax Update also provide coverage of the tax law, along with other tax topics.

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