Let’s begin with an example of an Accrued Vacation Adjustment. In this scenario, your company’s estimated adjustment at Provision time is $414,139 as seen on the Provision Report.
Once the Provision is complete, you can select the home button to access ONESOURCETM Income Tax to easily transfer the Provision data to start the tax compliance process – eliminating redundancies and potential errors from data re-entry.Next >>
During the compliance process the data was further analyzed and determined the adjustment should be an additional $100,000. Here on the Federal Adjustment Workpaper, the user can see the adjustment across multiple companies within the tax return, make any necessary changes, and see the history in the audit trail.<< Back
After the completion of the tax return, the user will go back to the home screen to access Provision to perform true-up for the Accrued Vacation amount. Data from the return is used in the provision true-up with the $100,000 difference displayed on the report.
With ONESOURCETM Income Tax, data can be imported directly, one entity at a time or in batch.
With ONESOURCETM Income Tax, flexible templates can be created, edited, and reused to make data import easy.
For items that require a lot of analysis and calculations in Excel, ONESOURCETM Workpapers will push and pull data for specific calculation purposes. These are created in the familiar Excel interface and existing client workpapers can be linked to the ONESOURCETM Suite using specific formulas built in a Wizard approach.
And going back into the return, you can see additional integration points with ONESOURCETM State Apportionment and ONESOURCETM Estimated Payments, showing the re-use of data within the ONESOURCETM suite.
Reviewing the calculated results is simple and intuitive. Here the Columnar Working Trial Balance shows detailed consolidated results by company and by General Ledger Account Number on one screen that can be printed or exported.
Navigate to Separate or Consolidated States to easily review state reporting with our Multistate Taxable Income review workpaper. See additional details by expanding rows of the workpaper. The workpaper can be printed or exported based on how you have configured the view.
Prepare and review seamlessly between the federal or state consolidated level.
By selecting the tax return and opening the diagnostics, get clear and concise explanations so you can correct the issue faster and more efficiently.
And after clearing the diagnostics, the user can close and go back to the home screen and navigate to another entity or group. Additionally, ONESOURCETM Income Tax users have access to ALL licensed tax years on a SINGLE platform. The different tax years are easily navigable without a separate login for each one.
From the home window within ONESOURCETM Income Tax, the user can see a list of the entities and groups they have created or rolled over. A single consolidated group can be used for multiple tax filings. And by selecting to see the properties of the group, the user can easily add, remove, or rearrange the order of multiple companies with the ONESOURCETM Income Tax Consolidated Members List.
Accessing the Chart setup area, the ONESOURCETM Income Tax Schedule M-3 has a very intuitive, one-time mapping that provides the user with complete flexibility to decide on which form lines the data will be reported.
Going back to the home window to open a Federal, State, or Local return for reviewing, you can benefit from quick and easy access to selected options and related calculations with the ONESOURCETM Income Tax forms. For example by drilling into Line 23, you can see how it was calculated on an intuitive review screen.
Large taxpayer returns are easily created within the same interface including the ability to e-file multiple jurisdictions from one entity or group.Next >>
And then by selecting the Print icon, the printing capabilities are complete with bookmarks and interface from one jurisdiction to another and one form to another.<< Back
Going back to the home window, the user can easily navigate within the same familiar interface to a foreign entity where there is an integrated, extremely robust, international calculation and reporting engine.
Easily work across the entirety of the tax lifecycle all within in one single place.
Included in the Administration area of the suite, a robust Entity Management area has been added to manage all aspects of the entity attributes.
Managing and tracking tax controversy across the globe can easily be done in the Audit Management area.