Haworth, NJ, March 30, 2001 – Tax Technologies e8865 application has delivered over 100 completed Form 8865 returns for Tax Technologies’ clients. This is well ahead of the filing deadline and has allowed tax teams to focus on other compliance requirements.

"While many companies are just now starting to understand the complexities of the Form 8865 for Controlled Foreign Partnerships, our clients are completing returns," says JD Choi, Tax Technologies CEO. "Unlike any other product on the market, e8865 provides comprehensive support for all aspects of the 8865: foreign income sourcing, expense apportionment, and partnership allocation calculations."

The IRS released the final version of Form 8865 on February 13, 2001. The reporting of the form is required for all foreign partnerships with a year ending on or after December 31, 2000. Further, contributions made to foreign partnerships since August 5, 1997, need to be filed with the first Form 8865 filed to the IRS if not reported previously.

Although the amount of time needed to complete each Form 8865 depends largely on the category of filer, the IRS estimates that an average return will take 35 hours and 59 minutes to complete plus 17 hours and 45 minutes for each Schedule K-1. Like Form 1065, Schedule K-1 must be completed for each partner in the partnership.

Companies and partnerships that have Form 8865 reporting obligations are urged to evaluate e8865. Because the product is Internet/Intranet-based, it is licensed for an unlimited number of concurrent users. Pricing varies based on the number of annual filings and functionality needs. For more information, please call (866) 239-4884, e-mail sales@taxtechnologies.com or visit www.taxtechnologies.com.

About Tax Technologies

Tax Technologies, Inc. is a technology-driven tax services company and leading provider of Internet/Intranet-based tax software. With a variety of Fortune 500 clients using its suite of web-native tax software products (TaxSeries) and audit products (AuditTracker), Tax Technologies assists with the preparation of tax returns, the improvement of tax process, implementation of tax software, and the development of custom applications to meet client’s tax and financial reporting demands.

The company’s headquarters are in Haworth, New Jersey, with the technology headquarters in Bradenton, Florida. Further company information is available at www.taxtechnologies.com.