InSource Express performs several functions making it both efficient and uniquely fitted to tax professionals. This product supports the following corporate tax returns 1065, 1120, 1112-A, 1120S, 1120-F, 1120-RIC and 1120-REIT returns; and the following Insurance Tax Returns 1120-L and 1120-PC. InSource will completely automate your income tax preparation processes, with several features:
- Trial Balance Data Importation - Your trial balance data can be imported, from commonly used spreadsheet or database programs, into InSource Express. InSource will then automatically balance it and make journal entries. At which point the software will post the data to the applicable tax return lines in the above listed returns.
- The InSource Express Organizer - This feature stores additional data, not found in your trial balance (such as gains, losses, and credits), for use in your returns. Additionally, the organizer allows you to bypass the trial balance by allowing you to enter information manually.
- Tax Return Review Tools - InSource Express features a built-in review system. This system will allow you to:
- Display the electronic audit trail - The presence of on-screen tax returns allow you to review your tax returns before printing them. This on-screen tax return also allows you to step back, view the electronic audit trail, and even view the calculations and supporting amounts used to comprise the electronic audit trail (and in turn used to comprise the final tax returns).
- Facilitate detailed high-level evaluations - When looking at any consolidated tax return; The sub-view feature of InSource allows you to view all subsidiary information that is used to comprise the consolidated the return. Additionally by copying a consolidated binder and changing the list of subsidiaries to consolidate within the binder, you can view multiple what-if tax return scenarios.
- Ensure the accuracy of your returns - The existence of diagnostic messages provide a complete oversight to you and your employees work. Anytime one of thousands of discrepancies appear as a result of faulty data; a message will be shown on your user’s monitor prompting them to view the mistaken data, and make necessary changes.
- State and Local Tax Compliance - InSource Express has the ability to process all state income taxes and most cities. Additionally a generic cities function allows your firm to prepare city income tax returns for your clients, regardless of their location. For corporate returns, InSource automates the allocation of nonbusiness income and the apportionment of state-taxable income based on property, payroll, and sales for all 50 states and many cities. InSource Express also processes separate and combined/consolidated state returns, including unitary state tax returns.