TaxWorks is for the preparer who does high end returns and wants a tax package with all the bells and whistles. It has a lot of great features included in the package, such as:
- the ability to mark input as estimates for creating projections
- a tax practice manager
- a client organizer
- a library function to store frequently used data entry such as employer information, bank routing information, and 1099 information
- a net worth statement
- retirement and education planning tools
- real time calculations
- e-mail capabilities for returns and organizers
- returns that are having technical problems can be uploaded to TaxWorks for support, with the option to black out identifying fields
The TaxWorks package installs to your computer. Buttons at the top of the General Information window let you toggle between Spanish and English, full 1040 and 1040EZ, or the input screens. Spanish input is available for the 1040 pages 1 and 2, Schedules A, B, and C. The upper left side scroll menu lets you easily find the forms for input, while the lower left side displays the summary as you enter data. The asset manager program was easy to find, access, and use, located as a house icon across the top. The Audit Summary offers a listing of items to review, suggestions of action to take, a direct link to fix the issue, or the option to suppress that audit message for that client.
There are various pricing options available. The initial packages are $1295 for a new user federal, $1365 for a renewal by November 15, and list price of $1395. State returns are $200 per state for new users, $310 per state for renewals by November 15, and list price of $395. There are various combo packs offering beneficial pricing options. TaxWorks Combo Package A ($1895 for a new user, $2195 for a renewal by November 15, and $2345 after November 15th for a renewal) includes the Federal 1040, all states, and the TaxPlanner Program. The software programs for 1041, 1065, 1120, and 1120S are sold separately from the 1040 package or are available in combo packages as well. The most popular Combo Package includes 1040, 1041, 1065, 1120, 1120S, all states & The TaxPlanner for $1995 for new users, $3095 for renewals before November 15, and $3495 for renewals after November 15. Research options are available, $30 per year gets you access to the TaxWorks Institute online research library, Standard Case Research is $35 per case, and Extended Case Research is available for $75 per hour. The package doesn’t have size limitations - the pricing includes an unlimited number of systems in the network as long as the firm information remains the same and unlimited clients within the limits of the computer’s database server.
A Per Unit Processing package is available for CPAs or Tax Attorneys who don’t necessarily prepare a lot of returns, but need a full system for the returns that they do prepare. The package costs $340 ($400 list) with a $20 per return fee that includes both the 1040 federal and one state return.
TaxWorks offers Proactive Customer Training with free webinars, training seminars, an online video library, or access to a technical assistant. The split screen and well marked buttons across the top make it easy to find what you are looking for. Review notes are available that include suggestions or direct ‘fix now’ buttons. Designed for tax practitioners, it includes powerful client management resources.
New features of the 2009 Tax Year package include:
- Lock completed returns (administrator override is available if necessary),
- Auto-calculations for dependents of Mexican, Canada, and ITINs,
- Audit trail to view the detail of how an amount was derived
- Tickmarks on output forms
- A multiple office management tool that allows the overseeing of offices with multiple locations from one office.
According to Alan Haacke, chief technical writer for TaxWorks, “TaxWorks is a professional software package, designed to compete in the ‘high-end’ market place. Our program includes financial planning tools, network capability, real-time calculations, a unique ‘hover’ feature, integrated asset management, and free electronic filing, and so much more – ALL at one all-inclusive price. While other vendors offer some of these elements, they also charge higher prices and/or separately for the same. We believe here at TaxWorks that our customers drive what our software should resemble, and have strived to keep that a reality.”