Intuit introduces ProLine Tax Import to reduce manual data entry

Intuit recently introduced ProLine Tax Import, an add-on to the ProLine Portfolio of Products, designed to enable tax professionals to import tax data from scanned source documents and digitally download data from financial institutions directly into Intuit's Lacerte and ProSeries.

As a result, ProLine Tax Import alleviates the tedious task of manual data entry by securely and reliably automating the process of populating tax returns, according to the company.

"Our goal is to provide products and services that streamline the workflow and increase productivity so that tax and accounting professionals can concentrate on growing their practices," said Jill Ward, senior vice president and general manager of the Intuit Accounting Professionals Division.

"Recognizing that our customers spend significant amounts of time entering data and correcting errors, we have been focused on delivering Tax Import, a solution that embodies our industry vision that professional tax preparers will never have to enter data when preparing a return. Tax Import brings us one step closer to that vision with its ability to seamlessly integrate with the tax offerings in our Intuit ProLine Portfolio of professional products and services," Ward said.

Professionals can visit to learn more about ProLine Tax Import. A free trial of ProLine Tax Import was to be made available earlier this month for Intuit Lacerte Tax customers and later in the year for ProSeries users.

"I have a client who is a day trader," said Shelley Rodriguez, a beta product user. "He had over 500 stock transactions. It would usually take me about 6 hours to input his data onto the Schedule D. [ProLineTax Import] literally saved me 5 hours and 50 minutes. It brought the data over perfectly."

Tax Import uses two technologies to populate a return. The first technology reads clients' data from scanned source documents and imports it into Lacerte and ProSeries. Tax professionals first scan the documents, send the file to Intuit for processing, and then import the data into the tax return. ProLine Tax Import includes data from a variety of documents, including consolidated brokerage statements, W-2s, 1099s, and Schedule K-1s, according to the company.

The second ProLine Tax Import technology downloads tax data directly from financial institutions into Lacerte and ProSeries. Intuit's direct data feed technology distinguishes ProLine Tax Import from all other offerings in the market, the company stated. Once the client approves the transfer of data to the tax preparer, this technology downloads data directly from financial institutions through a secure Web site to Intuit professional tax applications. Currently, the following financial institutions are supported by this product: Bank of America, Charles Schwab, E*Trade, Edward Jones, Fidelity, Morgan Stanley, Morgan Stanley Smith Barney, Scottrade, TD Ameritrade, and UBS.

ProLine Tax Import's data security is reinforced with the highest industry standards and all data is sent directly to Intuit. Intuit also uses 128-bit data encryption. The data sent to Intuit is never handled by humans during normal processing, and it never leaves the United States.

You may like these other stories...

You probably don't want to think about how many times you access the File menu in Excel 2010 or 2013. Personally I think Excel 2010 has the best possible File menu arrangement, other than having Print Preview grafted...
Following other recent high-profile hacking events, investigators discovered yesterday that hackers broke into the draft work paper files of several famous CPA firms. Revealing images of the scantily clad documents have been...
For bitcoin users, the taxman cometh. And you best know how to calculate taxes owed on what the IRS calls convertible virtual currency.In March 2014, the IRS issued Notice 2014-21, which declares virtual currency will be...

Already a member? log in here.

Upcoming CPE Webinars

Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.
Sep 30
This webcast will include discussions of important issues in SSARS No. 19 and the current status of proposed changes by the Accounting and Review Services Committee in these statements.
Oct 21
Kristen Rampe will share how to speak and write more effectively by understanding your own and your audience's communication style.
Oct 23
Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.