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UltraTax Software

A tax preparation application designed by ExacTax for accounting/legal/professional companies.
Questions about UltraTax Software? Call (800) 827-1151 and talk to a software expert now.

UltraTax Software is your complete solution to your tax preparation needs. This in-house product gives you the capability to handle almost any return, from the most complicated to the most simple. This product will allow you to file any of the following forms for your customers: 1040 Individual, 1041 Fiduciary, 1065 Partnership, 1120 Corporation, 1120S, 706 Estate, 709 Gift Returns, 990 Exempt Organization and Private Foundations, and 5500 Employee Benefit Plan; also with more than 200 state and local forms.

UltraTax Software has, included in the software all 1040 state and amended returns; along with all states extended returns. Built in to the software, is the extensive passive activity worksheets. Additionally, Schedule J Farm Income Averaging Optimization, is included for any of your clients involved in farming. The tax projection worksheet, will estimate your tax liabilities for the next year and the two year tax comparison report illustrates tax differences from current to previous tax years.

Like the 1040 features, UltraTax Software includes all 1041 state returns, and has the ability to process multiple states for larger corporate customers. The software package can also prepare Form 5227 for trusts with accumulation of charitable amounts and split-interest trusts. Furthermore, this software gives you the ability to print detailed allocation information for beneficiaries for analysis and review, and print a collated beneficiary package with all federal and state forms for each beneficiary.

For ease of processing the 1065 feature of UltraTax allows you to file the forms electronically to the federal government; and can handle short-year and 52/53 week partnerships. This software includes forms for all 1065 states, and has the ability to handle multiple changes to profit sharing, loss sharing, and ownership of capital during the year for each partner. This is done using a weighted average calculation. Any item can be allocated based on absolute dollar, percentage, the greater of an absolute dollar amount or a percentage, or any combination of the preceding. This software can print a collated partner package with all federal and state forms for each partner. To provide even more flexibility you can enter K-1 information from other pass-through entities on one date entry screen for automatic transfer to forms; and utilize the flexible schedule L and M-1 rounding option. Finally, you are given the ability to transfer partners’ interest and view a two year comparison of all taxes.

For your larger corporate clients, UltraTax Software can prepare 1120/1120S Corporation tax returns, including all 1120/1120S states. This software gives you the flexibility to transfer all income, loss, and expense items needed to track AAA for S corporations; as well as the ability to automatically schedule L and M-1 rounding options. You also have the ability to enter Schedule K-1 information from other pass through entities in one location for automatic transfer to forms. You can annualize tax liabilities for short-year clients and 52/53 week clients including 2200 short year calculations; or for multiple activities you can use Multiple Forms 4562. If any of your clients can be classified as a class S or C corporation, Ultratax features controlled group allocations and calculations. To further reduce the time spent on calculations automatic tracking of carryovers for NOLs, 1231 losses, capital losses, charitable contributions, general business credits, and the foreign tax credit from year to year. This product also gives you the ability to track shareholder stock and loan basis; and print a collated shareholder package with all the federal and state forms for each shareholder. This product will also provide you with 1120S shareholder weighted average ownership percentages, and it will allow you to make up to 24 changes per year. To further assist in processing with shareholders you can select which shareholders get rounding amounts, and print schedule K-1 instructions for each shareholder. Each 1120S return can handle up to 160 shareholders. You can easily change your clients from C to S status, and easily enter all state apportionment information in one place.

If your clients require a 706 estate tax return, Ultratax can easily handle these needs, and allow you to enter an unlimited number of beneficiaries plus a surviving spouse. Additionally, Ultratax has tech ability to process: 706 and 706-NA Returns for decedents with a date of death from 12/01/2003 - 12/31/2004; Processes 706-A Returns with taxable events occurring between 01/01/1982 and 12/31/2004; and 706-D Returns with taxable events occurring between 01/01/1998 and 12/31/2004. This product also customizes continuation schedules to match the main schedules. To further enhance efficiency Ultratax automatically completes the list of assets and deduction allocated to the surviving spouse; and it also calculates the surviving spouse’s one-half interest for all identified community property and prints the adjustments in the applicable schedules. Finally, Ultratax automatically performs the interrelated calculation to compute the residual marital deduction and residual charitable deduction.

For other clients you may need to prepare 709 Gift Tax Returns, which is not a problem for Ultratax. This function allows you to enter data for gifts only once with all information being saved; furthermore, donee information is only needed to be entered once. All gifts are automatically placed in the appropriate schedule and allows for non-generation and generation skipping gifts. For review purposes the Donee Worksheet lists the donees and the gifts they received; it also lists the gross gifts annual exclusion applied to that gift and the net taxable gift. Finally, Ultratax automatically calculates the annual exclusion, marital deductions and charitable deductions.

If you handle the taxes for non-profit and private foundations, Ultratax has the ability to process and prepare 990 tax returns. Ultratax allows you to enter data for 990, 990-EX, 990-PF, and 990-T forms, all in one place, saving time on the re-entry of data. This product also computes Schedule A of form 990, when applicable. Finally, Ultratax provides the capability to prepare Form 990-T in conjunction with Form 990, 990-EZ, or 990-PF for unrelated trade or business income.

Finally Ultratax has the ability to prepare 5500 employee benefit plan returns. This preparation software can calculate and construct summary annual reports for pension and welfare plans. Ultratax also gives you the option of suppressing all information on the balance sheet and income statement of Form 5500. The software will automatically prepare multiple Schedule Ts for employees with separate lines of business and disaggregate plans; and automatically answers only required items for welfare plans and special pension plans. Up to 1,000 employees can be entered per plan.

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