Over the years, many corporations have seemingly not placed the right amount of emphasis on the estimated income tax process. This is mainly due to the lack of an appropriate solution. Instead of recognizing the value of how estimated payments can impact cash management, effectively integrate with the quarterly provision and tax planning, many view it as a tedious, time-consuming effort.
This can lead to lots of Excel spreadsheets, lots of time, and lots of overpayments — all to avoid penalties and interest. If you’ve ever been involved in the estimated income tax process, you may be familiar with this scenario.
Fortunately, ONESOURCE has now delivered a solution that can address an estimated payment process , in real time, that can deliver the results needed. Estimated Payments is cutting-edge, integrated technology that enables existing ONESOURCE customers to eliminate the tedious tasks associated with preparing estimated payments and save valuable time throughout the tax year.
This solution can work with source systems to allow corporate tax professionals to reference all their relevant data in a revolutionary automated manner. What does this mean?
- Estimates used for the provision process can be delivered in real time
- Cash management can be improved
- Planning around NOLs and Credits can be analyzed throughout the year