Thomson Reuters Integrates TaxStream with InSource Tax
Software Upgrade Helps Corporate Tax Departments Efficiently Manage Provisions
The Tax & Accounting business of Thomson Reuters, formerly Thomson Tax & Accounting, recently released an enhanced TaxStream application – version 5.0.57, which now integrates with InSource® Tax RS, its leading corporate income tax software.
“Corporate tax professionals are being tasked with finding ways to work more effectively,” said Kevin Brady, vice president and general manager of TaxStream for Thomson Reuters. “Saving time, managing risk, and complying with requirements are not only keys to successful operations, but are also top of mind with company executives. TaxStream version 5.0.57 and its integration with InSource Tax enables further tax process automation for optimal operations and compliance.”
The new version of TaxStream includes two major enhancements. The interim reporting module gives users the ability to track forecasted and actual information to generate a provision based on the interim rules in FIN 18. The tax professional enters the annualized forecasted data to generate the forecasted tax rate. The forecasted tax rate is then applied to actual earnings. The statutory tax rates are applied to any discrete items that arise during the period and combine with the forecast rate impacted actual earnings. Available reports include forecast reports and actual interim reports that separate forecast rate impacted pre-tax book income and any statutory rate impacted discrete items.
Recent integration between TaxStream and InSource allows for transfer of data from InSource to applicable functions within TaxStream to improve the efficiency of the provision process. For example, federal information is routed from InSource to TaxStream for use in the return to provision true-up. Additionally, state rates and apportionment data can be transferred from InSource to TaxStream to generate apportioned state-specific provision reports.
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