What’s New for TaxTools 2006?

CFS Tax Software Tools 2005 lineup of six programs has been updated this year with updates to two existing applications and added six new applications. CFS Tax Software Tools offered these applications in 2005.

  • SSA Accuwage
  • Financial Planning Tools
  • NY Sales Tax Preparer
  • Payroll System (W2/1099, 941/940, Corrector)
  • Schedule D Tools
  • TaxTools

CFS has updated Payroll System (941/940) and TaxTools in 2006 and added these applications to their lineup in 2006:

  • CA 571 Preparer
  • CA Sales Tax Preparer
  • Maryland Personal Property
  • Quick Reference Guide
  • Small Business Tools
  • Tax Corresponder
  • W4 Calculator

SSA Accuwage software has a new version of AccuW2C (1.1.0) available for download to correct a problem associated with Windows 98, according to TaxTools. These users received an error message when attempting to run the AccuW2C 2005 software previously. AccuWaqe is free software from Social Security, used with Magnetic Media Reporting and Electronic Filing (MMREF-1). AccuW2C is used with MMREF-2. Now users can check W-2 (Wage and Tax Statement) and W-2C (W-2 correction) reports for correctness before the forms are sent to Social Security.

The Federal/State Tax Planner now displays certain key total amounts on all screens, allowing you to watch totals like AGI, Total Tax, and AMT as you change numbers. There are also changes in features and formatting on the TaxTools interface.

Tax Corresponder has been updated for the new Circular 230 regulations. Tax practitioners must now include a penalty-protection disclaimer in all written tax correspondence and advice provided to clients. This software allows you to insert this disclaimer, or any customizable text, into any document.

The updates to the new flowcharts in TaxTools were posted in September. The new Uniform Definition of a Child rules have been integrated into these existing flowcharts and a new one:

  • Filing Status
  • EIC
  • Dependent Care Credit
  • Dependency
  • Uniform Definition of a Child (new)

TaxTools also has three new modules. These modules include a General Ledger accounting program to help prepare a client’s balance sheet and profit & loss statement. This is also helpful for those filing a Schedule C.

The new Roth 401K vs. Regular 401K module compares future values of after-tax contributions to a Roth 401(k) and tax-deferred payments into a regular 401(k). The module also calculates the future values of regular 401(k) payments into a taxable account figured on an after-tax basis.

The new Qualified Loan limit/Deductible Mortgage/AMT Interest module calculates your qualified loan limit and deductible home mortgage interest for both Form 1040, Schedule A filers and Form 6251 AMT filers. These calculations are based on Internal Revenue Service Publication 936 and the instructions for Form 6251.

Learn more about the tax preparation software CFS can offer you at www.taxtools.com.

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