TAX TECHNOLOGIES BECOMES FIRST VENDOR TO OFFER A COMPREHENSIVE SUITE OF INTERNET-BASED INTERNATIONAL TAX SOFTWARE

Haworth, NJ, August 22, 2001 – Tax Technologies Inc., a leading provider of Internet/Intranet-based tax technology solutions, today announced the launch of a comprehensive suite of web-based international tax applications designed for large, multinational corporations. The suite includes support for some of the most complex tax laws and automates international tax compliance and planning activities. For compliance, it assists with the preparation of Forms 5471, 1118, 8865 and others. This is the first offering of its kind on the Internet.

"Tax Technologies is revolutionizing the corporate tax software industry. Our suite of products improve international tax compliance and leverage the Internet to gain efficiencies," says JD Choi, Tax Technologies President and CEO. "We have built on our proven web platform to offer a best-of-breed solution and help our clients further improve their tax process."

In February 2001, Tax Technologies released e8865 (www.e8865.com) in support of the new Controlled Foreign Partnership reporting requirements. The product has been very well received and is in use by a number of Fortune 500 companies, including two of the largest. During the past year, Tax Technologies worked closely with its clients to expand the suite to better support Controlled Foreign Corporations and Foreign Tax Credit calculations. These clients are using the product to complete and file Tax Year 2000 returns.

The suite is comprised of true Internet/Intranet applications, also called web-native software. With this type of delivery, tax departments can complete tax work anywhere, anytime using the web browser. In addition, because the software is optimized for the web, it works well on even a slow, dial-up connection without the need for additional software. This solves an old business problem with international tax reporting and planning – worldwide tax data collection. By employing web technology in developing international tax software, Tax Technologies has automated the business requirement to collect the financial data from overseas and, at the same time, achieved true real-time processing of financial data to prepare tax returns.

General availability for the full suite of products will start with the Tax Year 2001 compliance season. Tax departments can opt to use the products over the Internet with a hosted offering, or may elect to deploy to their Corporate Intranet. Tax Technologies continues to team with IBM e-business Hosting to offer the suite of hosted applications. Pricing varies based on functionality needs and the number of returns to be completed. For more information, companies or accounting firms can call (866) 239-4884, e-mail info@taxtechnologies.com or visit www.taxseries.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.