Professional tax software for tax preparers and accountants

• Instant tax preparation checklist. Start each year with a list of fields where you had entries last year but have not yet made an entry this year and flag missing items to send a client email reminder.
• Share data between returns with Tax ID numbers. Reduce duplicate data entry and eliminate the need to manually link 1120S, 1065, or 1041 returns to the 1040 return.
• Seamless Integration. Save time with data-entry and boost firm efficiency with an integrated workflow system to eliminate transcription errors and ensure accuracy.
• Multi-screen flexibility.  Enjoy synchronized views of data submission, forms, prior year input, diagnostics, and more through the convenience of up to four separate monitors.
• Multi-state tax return submission. Preparation and review is quick and easy using the apportionment grid for business returns and multi-state allocation grid for Schedule C or K-1 income across states.
• Pre-submission automated diagnostics. Ensure the accuracy of your clients tax return before you file through dynamic diagnostics that will flag any areas for missing values.

Pricing for UltraTax CS Express starts at $2,500 per year. Custom pricing for UltraTax CS is available based on the number of users, tax return, and states and jurisdictions of operations.

UltraTax CS supports multiple tax forms including 1040, 1041, 1120, 1120C, 1120S, 706, 709, 990, and 5500 as well as more than 200 individual and business state and local tax returns.

To transmit electronic returns (and 1040, 1120, 1065, 990, or 1041 electronic extensions), follow these steps.

1. Click the CS Connect button on the UltraTax CS toolbar, or choose Utilities > CS Connect to open the CS Connect dialog.
2. In the Options tab, click the Electronic Filing: ($) Transmit returns switch to set it to Yes.
3. Click the Electronic Filing tab to view a list of electronic returns ready for transmission.
4. In the Clients available to transmit pane, highlight the clients whose returns you want to transmit during the next CS Connect session, and click the Select button. The selected clients move to the Clients queued to transmit pane.
5. After all returns you want to transmit are listed in the Clients queued to transmit pane, click the Options tab. The selected returns are now queued and ready for transmission to us using CS Connect.
6. Click the Connect button. You will be prompted to verify your login via the Thomson Reuters Authenticator app on the mobile device you paired with your account. After you confirm your credentials, UltraTax CS will transmit the returns that are listed in the Clients queued to transmit pane in the Electronic Filing tab.

For more details, please use our Help and How-to Center

To get acclimated using UltraTax, training is provided through written documentation, videos, and virtual or on-premise expert instruction that is customized for the specific needs of your firm. We can give you a thorough overview of the latest best practices in the profession and make the most of your investment in UltraTax CS.

Learn more about our professional services for implementation and learning programs

UltraTax CS is a part of the CS Professional Suite and integrates seamlessly with all CS products, including Accounting CS, Accounting Payroll CS, Practice CS, and more.

Using advanced data sharing, paperless processing, and the web, our full suite of top-rated, integrated products combine and share data to create a customizable solution that will save time and boost productivity.  Companies using UltraTax report over 50% time savings because of CS Professional Suite data integration.

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No. UltraTax CS Express does not have all of the same functionality as UltraTax CS. You should purchase UltraTax CS if you need more than one user, need more than 100 returns a year, or access to the Oil and Gas module. You should also consider UltraTax CS if you need forms beyond 1040, 1120, 1065, 1041, and 990 or if you need to file returns in more than ten states.

Absolutely. UltraTax CS offers organizers and data collection tools, to ask your clients questions about their use of virtual currencies. Data mining functionality within UltraTax CS could help you target these clients, and proactively communicate next step information in a client newsletter.

Here are the most common scenarios when virtual currency has tax implications:

• Selling / Exchanging – The sale or exchange of virtual currency, including for goods or services in commercial transactions, must be included as a capital gain or loss.
• Mining – Virtual currency that was mined must be included in gross income. If this constitutes a trade or business and the mining activity is not undertaken by the taxpayer as an employee, then the net earnings resulting from those activities constitute self-employment income and are subject to the self-employment tax.
• Compensation – Virtual currency received as payment for goods or services must also be included in gross income.
• Payments – Wages paid or payments made to an independent contractor, employee, or other service provider using virtual currency must be considered.

Find further details in our whitepaper “Accounting for cryptocurrency: A challenge and opportunity for CPA firms and professionals”

Thomson Reuters partners with Ledgible, the only crypto tax platform designed specifically for professionals. Firms can streamline the workflow process and save time by connecting with their client’s cryptocurrency portfolio and properly report transactions. Ledgible integrates with UltraTax CS and GoSystem Tax RS providing automation of crypto activity in a structured format. To learn more about Ledgible Crypto Tax Pro, contact our sales team at 800-968-8900.