Tax planning & Preparation - Recent Threads

4 tax prep automation software hacks that actually save time

Neil Vicente — Mon, 18 May 2026 12:32:56 GMT

The tax and accounting industry has a reputation for large workloads, and oftentimes preparers end up bearing the brunt of that burden. But as staffing becomes increasingly scarce, it’s no longer feasible for tax practices to continue with their manual processes.

If you’re still manually keying in data from W-2s and 1099s, you’re working harder than you need to. The right tax prep automation software can cut your data entry time by more than half. These four strategies will show you exactly how.

To dig deeper, visit the original article on the Thomson Reuters blog.

Beyond product classification: What Section 232 requires from global trade teams

Neil Vicente — Mon, 18 May 2026 12:23:45 GMT

Steel, aluminum, and copper aren’t new to global supply chains — but the compliance obligations attached to them are. Section 232 has rewritten the rules for manufacturers and importers of finished goods, extending national security tariff exposure far beyond raw material imports. At rates that can reach 50%, these measures apply to the metallic content woven into products across nearly every industrial sector.

For trade teams, the stakes are immediate and quantifiable: shipments cleared without accurate material documentation carry duty exposure that compounds across an entire import program, and the regulatory framework governing these requirements has given no indication of stabilizing. Getting it wrong is not an abstraction. It shows up as assessments, holds, and findings on real shipments at real ports of entry.

To dig deeper, visit the original article on the Thomson Reuters blog.

Form 1062

Toneshia Johnson — Fri, 15 May 2026 13:59:28 GMT

Why is Ultra Tax not getting Form 1062 in the system? I cannot file several tax returns without Form 1062!

From reactive to proactive: How direct tax teams can reclaim time, reduce risk, and lead in 2026

Neil Vicente — Mon, 04 May 2026 12:50:58 GMT

For direct tax professionals, the pressure is constant — and intensifying. Regulatory complexity continues to increase, compliance demands remain unforgiving, and expectations from business leadership are higher than ever. At the same time, many tax departments are facing persistent resource constraints, making it difficult to balance day-to-day obligations with the strategic work they know they should be doing.

The result is a familiar pattern: highly skilled direct tax teams spending too much time reacting to issues as they arise and too little time shaping outcomes. Yet across the industry, there is growing recognition that this does not have to be the norm. Proactive tax department transformation — particularly through direct tax automation and AI — is emerging as a practical way for tax teams to break out of reactive mode and step into a more strategic, advisory role in 2026 and beyond.

To dig deeper, visit the original article on the Thomson Reuters blog.

When to invest in sales tax automation software

Neil Vicente — Mon, 04 May 2026 12:44:40 GMT

Sales tax used to be a back-office afterthought. Today, it’s one of the fastest-moving compliance challenges a business can face. The tax complexities of interstate and international commerce, compounded by growing global VAT/GST requirements, and expanding digital goods regulations, are why the vast majority of companies now rely on some form of automated software to track and calculate their tax obligations.

While using sales tax software to automate compliance tasks can reduce risk and improve accuracy, it also involves an upfront investment that can feel cost-prohibitive. But when you understand the right time to automate sales and use tax, and recognize the compounding benefits of doing so, the decision to invest in sales tax software becomes much clearer.

To dig deeper, visit the original article on the Thomson Reuters blog.

5 best practices for filing sales tax reports: An end-to-end guide to indirect tax compliance

Neil Vicente — Mon, 04 May 2026 12:43:22 GMT

Indirect tax professionals carry one of the most consequential responsibilities in any organization. As the pace of regulatory change accelerates due to developments like economic nexus rules in the U.S. and implementation of e-invoicing mandates across Europe and beyond, tax teams need more than point solutions. They need an end-to-end approach that connects every stage of the indirect tax lifecycle, from the moment a transaction is calculated to the moment a return is filed.

This guide outlines best practices for filing sales tax reports and shows how a connected suite of technology solutions can reduce risk, eliminate manual effort, and give your team the control and confidence to meet obligations in any jurisdiction.

To dig deeper, visit the original article on the Thomson Reuters blog.

The tax advisory imperative: Why waiting is no longer an option

Nageshwaran Gopal — Mon, 27 Apr 2026 13:36:57 GMT

While compliance margins shrink under new OBBBA complexity, forward-thinking tax firms are capturing 50% higher revenue through strategic advisory transformation but the window for competitive advantage is rapidly closing.

Highlights

Tax and accounting firms face urgent pressure to shift from compliance to advisory services amid rising regulatory complexity.
Advisory services command up to 50% higher margins, driven by technology-enabled solutions and evolving client expectations.
Firms that act now with strategic frameworks and AI-powered tools can capture substantial new revenue and competitive advantage.

To dig deeper, visit the original article on the Thomson Reuters blog.

Why tax prep automation is more important than you think

Nageshwaran Gopal — Mon, 27 Apr 2026 13:13:10 GMT

Discover how leading tax firms are escaping the manual prep trap

Are you spending over half of your time on reactive tasks when you'd rather focus on high-value advisory work? You're not alone.

Download our free guide and discover:

The hidden cost of manual tax preparation — measured in hours, burnout, and lost revenue
3 critical bottlenecks that drain your team's productivity during busy season and year-round
Why top talent is leaving traditional tax firms for corporate roles—and how to stop the exodus
A proven 3-step automation framework that gets returns review-ready without human data entry
Real results — What firms achieve when they automate document gathering, data entry, and diagnostic resolution

To dig deeper, visit the original article on the Thomson Reuters blog.

Crypto Users Want to Comply, but Knowledge Gaps Persist, Survey Finds

Neil Vicente — Mon, 13 Apr 2026 12:28:02 GMT

Crypto Users Surveyed

The 2026 Crypto Tax Readiness Report surveyed 3,000 U.S. crypto users in the fall of 2025. The report characterizes today’s crypto user as a mainstream financial participant, noting that 76% also invest in traditional stocks and 83% hold investments outside of crypto. About 74% are aware that crypto is taxable, 65% have previously reported crypto activity on their returns, and another 15% have not yet needed to report because they have not had any taxable activity, such as buying and holding.

The report found that this compliance intent is not matched by a functional understanding of when a tax obligation is triggered. Only 49% of respondents correctly identified that a taxable event occurs every time crypto is sold, while 41% identified a transfer to a bank account as a taxable event, and nearly a quarter said the same of moving assets between their own wallets. Approximately 61% were unaware of the specific reporting rules that took effect for the 2025 tax year.

To dig deeper, visit the original article on the Thomson Reuters blog.

Why standardization beats local expertise for global e-invoicing

Neil Vicente — Mon, 06 Apr 2026 12:11:26 GMT

For years, the default approach to global compliance has been simple: hire local experts, comply locally, and move on. It’s comfortable, predictable, and for a single market, it works. But the uncomfortable truth is that local expertise is the floor, not the ceiling.

If you’re running a global operation, local compliance is the bare minimum. It keeps you legal, but it doesn’t make you competitive or enable growth. And with mandates like ViDA 2030 set to harmonize e-invoicing across 27+ EU member states, the cost and complexity of managing dozens of local vendors will become unsustainable.

To dig deeper, visit the original article on the Thomson Reuters blog.

Tax Pro Shares How to Avoid Modern IRS Impersonation Scams

Nageshwaran Gopal — Mon, 30 Mar 2026 15:10:52 GMT

Evolution of Tax Scams

Modern tax scams have evolved over the course of the last decade. Today’s scammers, now equipped with generative AI and automated phishing technology, employ a mix of high-pressure tactics and technological savvy to appear legitimate, often creating a false sense of urgency to trick victims into acting without thinking.

Speaking with Checkpoint, Jane Ditelberg, chief tax strategist at The Northern Trust Institute, provided a clear example by sharing a recent scammer’s voicemail. The message offered “emergency penalty relief under the ‘Fresh Start initiative'” but encouraged immediate action, as “these spots fill up fast.”

To dig deeper, visit the original article on the Thomson Reuters blog.

South Carolina Supreme Court Finds Amazon Liable for Tax on Third Party Sales

Nageshwaran Gopal — Mon, 30 Mar 2026 14:55:51 GMT

By Maria T. Albanese, JD, LL.M, Checkpoint News

The South Carolina Supreme Court affirmed a decision by the South Carolina Court of Appeals, which affirmed an Administrative Law Court (ALC) order upholding a $12,490,502.15 assessment by the South Carolina Department of Revenue for unpaid sales tax, penalties, and interest. The assessment stemmed from the Amazon Services, LLC’s (“Amazon”) failure to collect and remit sales taxes on transactions involving third-party merchants on Amazon’s website selling to South Carolina residents during the first quarter of 2016. (Amazon Services, LLC v. S.C. Dept. of Rev., S.C. S. Ct. Case No. 28319, 03/18/2026.)

Violation of Due Process Challenge

Amazon argued that it was not a “seller” as defined in as defined in S.C. Code Ann. § 12-36-70(1)(A), because it did not directly own or sell the goods, and therefore applying the tax obligation retroactively to marketplace facilitators violated due process because the legislature did not explicitly require marketplace facilitators to collect tax until Act 21 of 2019. The court noted that the Department had applied the statute as written in 2016, well before Act 21 was enacted, and therefore there was no retroactive application and no due process violation.

To dig deeper, visit the original article on the Thomson Reuters blog.

Experts Discuss Evolving Nexus Standard for State Tax Jurisdiction

Neil Vicente — Mon, 23 Mar 2026 12:16:43 GMT

Constitutional Foundations of Nexus

A state’s power to tax is limited by the U.S. Constitution – primarily the Due Process Clause and the Commerce Clause – explained Mathew Landwehr, a partner at Thompson Coburn.

The Due Process Clause requires a “definite link, or minimum connection” between the state and the taxpayer it seeks to tax. Meanwhile, the Commerce Clause, as interpreted by the Supreme Court in cases like Complete Auto Transit, Inc. v. Brady, (430 U.S. 274 (1977)), requires that a state tax have “substantial nexus” with the activity or taxpayer being taxed.

To dig deeper, visit the original article on the Thomson Reuters blog.

How to master the tax provision process

Nageshwaran Gopal — Tue, 17 Mar 2026 11:53:29 GMT

Highlights

Zero-day close transforms tax provision from post-close activity to same-day completion standard.
Data quality and governance directly impact provision accuracy, penalties, and forecasting confidence.
Automation enables tax teams to shift from reactive reconciliation to strategic advisory roles.

To dig deeper, visit the original article on the Thomson Reuters blog.

What if your corporate tax team could focus on strategy instead of spreadsheets?

Nageshwaran Gopal — Tue, 17 Mar 2026 11:31:01 GMT

Highlights

Corporate tax teams are trapped in manual compliance, limiting their ability to focus on strategic initiatives.
Manual spreadsheet management makes it so that each step of the compliance workflow creates opportunity for errors.
Intelligent automation can free tax teams to deliver greater strategic value and improve compliance efficiency.

To dig deeper, visit the original article on the Thomson Reuters blog.

How to prevent tax season data chaos with client onboarding best practices

Nageshwaran Gopal — Tue, 17 Mar 2026 11:21:50 GMT

Stop firefighting missing documents in March by building the client onboarding systems in October that transform tax season chaos into seamless workflow.

Highlights

Prevent tax season chaos by implementing standardized client onboarding systems and proactive data collection workflows.
Consistent checklists, strategic questionnaires, and internal workflow guardrails are key to reducing errors and staff burnout.
Leveraging technology and documented processes enables scalable, efficient tax practices and improved client experiences.

To dig deeper, visit the original article on the Thomson Reuters blog.

Trump account tax benefit: Here’s what tax pros need to know about the new IRS guidance

Nageshwaran Gopal — Tue, 17 Mar 2026 11:10:45 GMT

New IRS regulations clarify how families can open Trump accounts, claim pilot contributions, and navigate evolving eligibility and filing rules.

Highlights

New IRS rules clarify eligibility, contributions, and filing steps for Trump accounts
Eligible newborns born between 2025 and 2028 can have a one-time $1,000 federal pilot contribution made on their behalf
UltraTax CS recognizes Form 4547 and uses advanced diagnostics to catch discrepancies.

To dig deeper, visit the original article on the Thomson Reuters blog.

Extensions

ed — Wed, 11 Mar 2026 23:22:14 GMT

How do I get a list of corporate/LLC etc state extensions that may need a payment? Every time the March 15 deadline comes we need to know and UltraTax has all the info, should be a simple way to flag where we need to calculate numbers and get payments with extensions.

Form 3922 and ESPP

Ryan Milinazzo — Tue, 10 Mar 2026 14:44:30 GMT

This is our first year using Ultra Tax. We came from ProSeries (Intuit). ProSeries had a screen where we could enter in all of the information from the 3922. Our understanding from customer support is that there is not an integration like that in UltaTax.

Can anyone let me know if there is a better way to track ESPP sales reported through a 3922.

Thank you.

In Sabrix how to set up South Africa Vat taxe under Swiss OU

Geetha Kishor — Thu, 05 Mar 2026 11:42:11 GMT

i team,

I am looking for a solution to fit the ZA (south africa) Vat under the Swiss OU in Sabrix as we do not have set up operating unit for ZA. Kindly guide with the set ups

Change naming convention for extensions

Amanda Chang — Tue, 03 Mar 2026 22:26:42 GMT

In the past, when printing bulk extensions from Ultra tax, the client name appears first, This year, it shows up like this "2025_extension _US (or a state, ie CA) _ client name_ date". Does anyone know how to change the naming convention for extensions so the client name appears first?

Income Tax Disclosure Rules Put Pressure on Corporate Data Systems

Nageshwaran Gopal — Tue, 03 Mar 2026 15:49:26 GMT

New financial disclosure requirements from the Financial Accounting Standards Board (FASB) are intended to provide investors with greater transparency into corporate tax practices, but they also present uphill climbs related to data, technology, and internal processes for companies, according to tax and accounting professionals.

The rules, which stem from years of investor feedback requesting more granular tax information, are effective for public business entities for annual periods beginning after December 15, 2024, meaning they will first appear in 2025 financial statements filed in 2026.

To dig deeper, visit the original article on the Thomson Reuters blog.

How to become a tax preparer

Nageshwaran Gopal — Tue, 03 Mar 2026 14:51:14 GMT

What does a tax preparer do?

A tax preparer helps individuals and businesses prepare and file tax returns, ensuring compliance with IRS and state laws. They also advise on deductions, credits, and tax-saving strategies.

Depending on credentials, some tax preparers can represent clients before the IRS. This role requires balancing client advocacy with strict legal and ethical standards.

What do you need to become a tax preparer?

To become a tax preparer, you’ll need foundational tax knowledge, certification, reliable software, clients, and an official Preparer Tax Identification Number (PTIN).

To dig deeper, visit the original article on the Thomson Reuters blog.

Unveiling Nonprofit Funding Via Form 990 Reform

Nageshwaran Gopal — Tue, 03 Mar 2026 14:50:10 GMT

Form 990 Basics

Most tax-exempt organizations must file an information return, Form 990, annually. This filing provides the IRS, state regulators, and the public with detailed information about the organization’s mission, programs, governance, and finances. (Certain smaller organizations may file a Form 990-EZ or Form 990-N, while private foundations file the Form 990-PF.)

The IRS uses Form 990 to monitor ongoing qualification for tax-exempt status, assess compliance risk, and select entities for examination. Because Form 990 is publicly disclosable, it also serves as a transparency tool for watchdogs, the media, and donors to evaluate an organization’s activities, governance, and financial stewardship.

Witnesses at a February 10 House Ways & Means Committee hearing discussed modernizing the form to require more detailed disclosures on foreign money, fiscal sponsorships, and donor-advised funds (DAFs).

To dig deeper, visit the original article on the Thomson Reuters blog.

PHL BIRT

Marissa Sperazza — Mon, 23 Feb 2026 20:45:10 GMT

Can I ask a serious question? Is there a reason line 8h is missing from this return? Is there a reason it's taking so long to fix this? Most of my clients are in PHL. I can't send out returns. Is anyone working on this?