Finding the right tax software is a frustrating challenge for most tax preparers. With so many options and little clarity on which solution best fits your practice, it's tough to make an informed purchasing decision.
But it doesn't have to be. This guide provides an in-depth review of the top tax research platforms available, including detailed insights into features, capabilities, pricing, and more.
You'll discover everything you need to select the ideal tax software for your firm's unique needs. From CCH IntelliConnect and Thomson Reuters Checkpoint to Drake and UltraTax CS, we've got you covered.
Navigating the World of Tax Research Software
Essentials of Tax Software for Tax Preparers
Tax research software provides access to up-to-date tax codes, regulations, court cases, and other primary source materials to aid in tax preparation and planning. It allows preparers to quickly find answers to tax questions [tax software for tax preparers].
Key features include:
- Searchable databases of tax codes and judicial rulings
- Tools to highlight, annotate, and bookmark resources
- Easy comparison of current vs. prior years' tax laws
- Guidance interpreting complex regulations
With the right software, preparers can efficiently research taxation changes and apply up-to-date laws to clients' returns. This saves time, reduces errors, and allows them to address specific questions and nuances for each filing.
Key capabilities
Leading tax research platforms focus on a modern user experience, while enabling deep research.
Capabilities like version comparison allow viewing precisely what in the tax code has changed year-over-year. Powerful search simplifies finding specific IRS code sections, court cases, or rulings.
Other key capabilities include:
- Robust database of primary source materials
- Contextual analysis to interpret tax laws
- Cross-linking of related resources and citations
- Available expertise on niche topics or complex regulations
Platforms like UltraTax CS (part of Thomson Reuters) provide access to 100 years of searchable tax history. This extensive archive helps interpret how today’s rules and precedents have evolved over time.
Such capabilities transform a preparer’s workflow. Answering client questions or scenarios that once took hours of digging can be resolved in minutes.
Maximizing Benefits for Preparers
The right tax software saves preparers time, helps reduce errors, and allows them to provide more value to clients.
With streamlined research and analysis tools, preparing returns can be faster and more accurate. Preparers also gain confidence interpreting complex tax situations.
This expertise allows adding specialized advisory services to augment basic preparation offerings. By empowering preparers with quick access to resources and answers, they can better serve clients with taxes and planning.
The key is choosing software matched to one's client base, specialty areas, regulatory needs, and budget. Scalable solutions like Thomson Reuters offer flexible plans from per return pricing up to unlimited research platforms [Thomson reuters tax software][pay-per-return tax software].
With so many options, each practice can evaluate its unique needs and growth strategy when selecting the ideal tax research software.
Which tax software is best for tax preparers?
Hiring specialized accounting talent saves businesses time and money. According to the American Institute of CPAs, the average salary of an accountant in the United States is $73,560. However, businesses can save up to 50% on payroll costs by hiring remote accounting staff from regions with lower costs of living.
Vintti specializes in recruiting accounting and finance professionals from South America to integrate into US companies. Their experienced staff have expertise in US GAAP principles and speak fluent English. By using Vintti to hire specialized talent instead of local US staff, businesses access top-quality accounting support and maximize profits.
Key benefits of using Vintti's services include:
- Cost Savings: Reduce payroll expenses up to 50%
- Specialized Talent: Accountants fluent in US GAAP and English
- Peace of Mind: Vintti handles sourcing, vetting, payments and more
Businesses that leverage Vintti's offerings can focus on core operations while accessing the finance and accounting talent needed to scale. The streamlined hiring process and dedicated support team enable rapid integration of new staff within two weeks.
For any business seeking an efficient way to add world-class accounting professionals to their team, Vintti delivers immediate growth and long-term savings. Their risk-free model and staffing expertise simplify hiring specialized talent.
How much does CCH tax software cost?
CCH CompleteTax offers simple, affordable pricing for both federal and state tax return filing. Their basic federal package starts at just $29.95 per return, with state returns available for an additional $14.95 per state. This competitive pricing makes professional-grade tax software accessible for small businesses and individuals alike.
As an authorized IRS e-file provider, CCH CompleteTax allows taxpayers who meet eligibility requirements to e-file both federal and state returns free of charge once the per-return software fees have been paid.
The software is designed for simplicity and ease-of-use. It guides users through the tax preparation process step-by-step with built-in error-checking features, ensuring accuracy and supporting quick completion of even complex returns.
With low software pricing combined with free e-file for eligible returns, CCH CompleteTax provides exceptional value. It makes fully digital tax preparation and filing achievable without high costs or unnecessary complexity. The software gives tax professionals and small business owners alike access to pro-level technology that can help them work more efficiently year-round.
Which tax agency is the best?
When choosing a tax preparation service, there are a few key factors to consider:
Company
The company behind the service is important. Large, established companies like H&R Block, Jackson Hewitt, and TurboTax have been preparing taxes for decades and have robust systems in place. Smaller or newer companies may offer more personalized service.
Cost
Cost can vary widely depending on the complexity of your tax situation and services offered. H&R Block has transparent base pricing starting at $85. Jackson Hewitt does not publish pricing upfront since each return is different. TurboTax Live offers tiered pricing from $219 to $409 depending on complexity.
In-Person Services
The ability to meet with a tax pro in person can be invaluable for complex returns. H&R Block and Jackson Hewitt have physical locations nationwide while TurboTax Live connects you to CPAs and EAs online.
When weighing the options, H&R Block stands out as the best overall choice for their combination of experience, transparent low pricing, and in-person tax pro availability. But Jackson Hewitt makes the process easy for simple returns and TurboTax Live brings tax experts online. It ultimately depends on your needs and budget. For the self-employed, EY TaxChat provides year-round guidance at a reasonable $199 price point.
Is it worth it to buy tax software?
Tax software can provide significant value for those with straightforward tax situations. Many reputable providers offer user-friendly platforms and helpful guidance at affordable prices.
However, those with complex returns may benefit more from personalized tax preparation services. Professional accountants and tax advisors can offer strategic insights tailored to each unique financial profile.
Ultimately, the ideal solution depends on one's specific needs and circumstances. Consider factors like:
- Income sources - W2s, 1099s, rental property income, etc
- Deductions and credits claimed
- Assets like investments, businesses, real estate
- Life events such as marriage, divorce, new children
For simple filings, tax software presents an accessible and budget-friendly option. But anyone reporting extensive assets or activities would likely gain from an accountant's expertise.
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In-Depth Reviews of Renowned Tax Research Platforms
This section will provide impartial yet helpful information on leading tax research platforms to support businesses in making informed decisions.
Thomson Reuters Checkpoint: A Trusted Resource
Checkpoint is well-regarded for its reliable and accurate tax content. Key strengths include:
- Comprehensive research materials spanning federal, state, and international tax issues
- Robusttools to efficiently search codes, regulations, cases, rulings, and more
- Practice guides and explanations to clarify complex tax topics
- Regular content updates to stay currenton the latest tax law changes
- Experience and expertise from over 100 in-house tax attorneys, CPAs and Enrolled Agents
While valued for depth and reliability of tax information, some find Checkpoint has a steep learning curve and its platform lacks intuitiveness compared to competitors. But with patience, most appreciate and utilize its vast content effectively.
Overall, Checkpoint continues to be a leading choice for in-depth tax research.
CCH IntelliConnect: Streamlined Tax Research
As a trusted brand in tax and accounting, Wolters Kluwer's CCH IntelliConnect provides:
- Intuitive and user-friendly platform to efficiently find answers
- Robust federal and all-state tax content with expert analysis
- Practice tools covering topics like credits, deductions, IRA and more
- Current awareness updates on latest tax developments
- Capabilities to highlight, annotate, share and save research
While some advanced users may desire more specialized content, IntelliConnect excels in deliveringease-of-use along with breadth and depth of tax information. For most accounting professionals, it provides huge value on tax research effectiveness.
In summary, IntelliConnect is regarded for its simplicity and completeness as a tax research solution.
Bloomberg Tax Research: Comprehensive Tax Solutions
Bloomberg offers a leading cloud-based tax platform including:
- Federal, all-state and global tax content and filings in one solution
- Multiple options from Get Answers, to Practice Tools using real examples
- Current news, analyses and perspectives from leading experts
- Tools for collaboration, saving and sharing research
Some may find Bloomberg Tax more costly than competitor products. However, users praise its accuracy and completeness of content. It also stands out with tax calculation tools using real-life scenarios to practice resolving client tax obligations.
Bloomberg Tax provides exceptional breadth and quality of tax information. For those needing collaborative multi-state or global tax support, it is hard to beat.
Understanding Tax Software Pricing Structures
This section will break down the pricing models, subscription plans, and overall cost considerations of top tax research tools to simplify your buying decision.
Thomson Reuters Checkpoint: Flexible Pricing Options
Thomson Reuters Checkpoint provides flexible pricing options to meet the diverse needs of tax professionals. It is available as pay-per-return, allowing you to pay a small fee per tax return prepared, or unlimited subscriptions with tiered pricing based on your firm's content needs.
The pay-per-return model starts at just $2.25 per return, an affordable option if you prepare taxes seasonally or have a smaller practice. Unlimited subscriptions provide full access to Checkpoint's comprehensive content, with pricing starting around $400/month for an Individual subscription. As your content needs grow, Checkpoint offers tiered subscriptions for additional state content, specialty content like estates and trusts, or enterprise-level research.
With both pay-per-return and unlimited subscriptions, Checkpoint pricing is tailored to your unique needs so you only pay for the content you require. Volume discounts are also available.
CCH IntelliConnect: Cost-Effective Research
CCH IntelliConnect focuses on providing comprehensive yet affordable tax research. Pricing starts at $65/month for an Essentials Plus subscription which includes federal taxation content to support individual tax preparation needs.
For small firms, the Core subscription at $105/month adds all state taxation content. The Premium subscription includes the full breadth of content across federal, state, international taxes, and more specialized topics.
Unlike other tools, IntelliConnect pricing does not increase with the number of users. Whether you are an individual tax preparer or a large multi-national firm with 50+ accountants, you pay the same per-month rate based purely on content needs. This makes it a cost-effective solution as your firm grows.
Bloomberg Tax: Tailored Subscriptions for Diverse Needs
Bloomberg Tax provides flexible subscription options tailored to the unique needs of small to large tax practices. Pricing starts at $995/month for an Individual Federal subscription providing single-user access to comprehensive federal taxation content.
Mid-sized firms can opt for the Professional Bundled subscription at $1,695/month, adding state law content and 5 user logins. For larger firms, Bloomberg Tax offers Premier Bundles priced up to $15,000/month for 50+ users and practice-specific content packages like International Tax or Trust & Estate.
Custom quotes are also available if none of the standard bundles meet your firm’s needs. Bloomberg Tax pricing is therefore customizable based on number of users, specific content needs, and practice areas to provide optimized value.
Spotlight on Drake Tax Software and Pay-Per-Return Solutions
As a staffing agency focused on accounting and finance, we do not recommend specific tax preparation software. However, many of our clients rely on solutions like Drake Tax Software and Thomson Reuters UltraTax for their tax filing needs. When choosing tax software, businesses should consider their unique needs and Budget. Reputable providers offer options to suit solo preparers and larger firms alike. We suggest consulting tax professionals to determine the best solution for your company.
Rather than comparing products, we aim to match clients with specialized talent to meet their goals. By building strong relationships rooted in trust and transparency, we simplify hiring so you can focus on your core business.
If you need experienced accounting staff to support tax preparation or other financial tasks, our bicultural professionals offer the technical skills and cultural alignment US companies want. Learn more about our hiring, onboarding and management services tailored for remote teams.
UltraTax CS: Sophisticated Tax Solutions
UltraTax CS provides sophisticated tax workflows and solutions for accounting professionals. As part of the Thomson Reuters suite of tax products, UltraTax CS leverages decades of tax expertise and research to deliver an advanced yet intuitive tax preparation and filing experience.
Leveraging UltraTax CS for Advanced Tax Workflows
UltraTax CS makes complex tax scenarios manageable through its integration capabilities and automation features:
- Integration with Accounting Systems: UltraTax CS integrates with many popular accounting platforms like QuickBooks, Xero, and NetSuite to import trial balances and eliminate manual data entry. This saves significant time and minimizes errors.
- Robust Tools for Complex Returns: UltraTax CS can automatically handle complex tax situations like consolidated returns, foreign tax credits, and more through its guided interview process. This reduces the expertise needed to file intricate returns.
- Automated Quality Review: The software provides an automated quality review using over 500 checkpoints to surface potential issues, increasing accuracy and ensuring nothing gets overlooked.
- Secure Document Management: All source documents, workpapers, notes, and client correspondence can be stored directly in UltraTax CS. This enables seamless collaboration without jeopardizing sensitive taxpayer information.
By removing roadblocks around complex workflows, UltraTax CS empowers firms to take on more sophisticated tax work with less manual effort.
Thomson Reuters Tax Software: A Benchmark for Quality
As part of the Thomson Reuters suite of solutions, UltraTax CS delivers:
- Authoritative Content: Thomson Reuters invests heavily in tax research to embed industry-leading guidance directly into UltraTax CS. This enables users to efficiently apply the latest rules and code sections.
- Robust Training Resources: UltraTax CS comes with live webinars, self-paced courses, quick lesson videos, and more to rapidly build user capabilities. Ongoing education opportunities also help users stay current.
- Premium Support: Users have access to US-based product experts for personalized troubleshooting and advice. Whether needing a quick answer or in-depth consultation, the support team serves as a valuable extension of users' teams.
By leveraging Thomson Reuters' trusted brand, scale, and decades of tax expertise, UltraTax CS has established itself as an elite professional tax preparation solution, regarded for its sophistication, capabilities, and quality.
Drawing Conclusions: Selecting the Right Tax Software
To conclude, top tax software provides robust tools for efficient, accurate research. For most small to mid-sized firms, Checkpoint or IntelliConnect offer the best value. Define your practice's specific needs and compare pricing models before deciding.
Key Purchasing Considerations
When selecting a tax research software solution, focus on the following key factors:
- Content Relevance: Ensure the software provides access to a comprehensive database of authoritative and up-to-date federal and state tax codes, regulations, cases, rulings, explanations, and practitioner guidance. This allows efficient research tailored to your practice's niche.
- Accuracy: Rigorously reviewed and edited content minimizes compliance risk. Stick to trusted legal tax publishers like Thomson Reuters and Wolters Kluwer.
- Research Efficiency: Optimize workflows with robust search, bookmarking, highlighting, and collaboration features. Prioritize intuitive interfaces that enhance productivity.
- Integration: Seamlessly incorporate tax data into returns through links with your tax prep solution. This saves time through data flow automation. Evaluate supported integrations.
- Cost: Compare pricing models like flat-rate subscriptions or pay-per-return. Calculate total cost based on expected usage. Seek educational, new user, and loyalty discounts to maximize value.
The Last Word on Tax Software
Leveraging the right tax research platform is crucial for tax practitioners to save time, minimize risk, and deliver more value to clients. Assess your firm's specific needs and thoroughly evaluate all options based on content relevance, accuracy, efficiency, integration, and cost. With the optimal solution in place, you can focus on providing exceptional counsel instead of tax research legwork.
