App Watch on Intuit, Thomson Reuters and Paychexby
It’s beginning to look a lot like Busy Season here at App Watch headquarters and we have a fresh round of product updates for you.
You know it’s the Season mostly because, well it’s here but also because vendors servicing the tax and accounting community have issued updates to existing products to help out during this joyous time of year and in some cases to deal with the new Tax Law.
As ever, our App Watch column is not meant to promote, endorse or encourage use of any of the products we mention, but is merely a snapshot of the latest announcements coming from the vendor community. The sole purpose: help you make informed purchasing and/or recommendation decisions for you and your clients, or at the very least know what’s coming to products and services you already use.
*Editor’s Note: given the nature of the announcements, we thought it best to just condense the news rather than add in any extra insights as we usually do.
So, without any further adieu here’s what’s new:
News: Intuit Updates Tax Planning Tools
The new tax law is the largest piece of tax reform legislation in more than three decades, and it creates a unique opportunity for tax professionals to step up as a trusted advisor for their client by providing tax planning services for Tax Year 2018. To help tax pros communicate the impact of the new law to their individual and small business clients, Intuit has updated its tax planning tools for its professional software suite.
The updated Tax Planner tool helps model different tax scenarios for your clients and is updated to reflect tax reform law changes. Tax pros can compare multiple, complex scenarios using actual current and future tax rates and easily generate custom graphs, reports and letters to communicate tax plans. Instead of rough estimates, users can give their clients data based on actual current and future state and federal tax rates built into Tax Planner. These updates are currently available in ProSeries and Lacerte products and will be available in ProConnect on February 22.
News: Thomson Reuters Launches Accounting CS Bank Feeds
Thomson Reuters has released Accounting CS Bank Feeds which allows accountants to directly import clients’ checking, savings and credit card accounts into the Accounting CS platform, providing real-time access to important transactional data. The new feature provides automated data entry; direct data transfer; and a seamless reconciliation process that automatically clears matched transactions.
Accounting CS Bank Feeds incorporates security protocols and built-in utilities that prioritize data privacy and confidentiality and requires the client to first sign an authorization agreement within the platform. The new feature is available to all users of Accounting CS and Accounting CS Payroll and is free for clients who currently use Accounting CS Client Access.
News: Paychex Updates Withholding Tables
With the IRS releasing updated tax withholding tables for 2018 in response to the Tax Cuts and Jobs Act, Paychex, Inc. has updated its HCM platform, Paychex Flex, to reflect the new withholding rates. The new tables reflect the increase in the standard deduction, repeal of personal exemptions and changes in tax rates and brackets.
The IRS notes that the tables are designed to produce the correct amount of tax withholding for those with more straightforward situations. Taxpayers with more complex circumstances, such as itemized deductions, dependents or multiple jobs, may want to adjust their withholding. The IRS expects to release an updated withholding tax calculator to assist taxpayers by the end of February.