TAX TECHNOLOGIES, INC. FORMS STRATEGIC ALLIANCE WITH US TAX AND FINANCIAL SERVICES LTD, A UK-BASED FIRM

Cross border alliance leverages real time collaboration for tax and financial reporting to streamline services for large multinational corporations

Haworth, NJ, December 19, 2001 – Tax Technologies Inc., a leading provider of Internet/Intranet-based tax software, today announced it has formed a strategic alliance with US Tax and Financial Services Ltd (USTAXFS), a London-based tax services and advisory firm. The alliance is part of Tax Technologies’ global strategy to provide services to multinational corporations using a web-native tax and financial reporting software infrastructure.

"This is a historic moment for the accounting and tax service industry," says JD Choi, Tax Technologies President and CEO. "Using our web-native software as an enabling tool, we can share financial information and service our multinational clients across the Atlantic on a real time basis. Business tasks can now be moved to the location where they are optimally performed based on cost and other business considerations."

Under terms of the agreement, Tax Technologies and USTAXFS will jointly provide US tax and financial reporting services to US companies that have a large UK and European presence. In addition, USTAXFS will use Tax Technologies web-native international tax software to perform services for UK subsidiaries of US corporations. The deployment of these applications will use Tax Technologies existing hosting infrastructure, allowing USTAXFS to experience the benefits of the applications without the burden normally associated with software maintenance and related infrastructure.

"With this alliance, we are better able to collaborate with our US-based clients that have a large UK and European presence," says Darlene Hart, Managing Director of US Tax and Financial Services Ltd. "We are now able to share client’s tax and financial information online and streamline our service offerings."

Tax Technologies continues to experience rapid growth and acceptance of its tax and financial reporting offerings. The company will continue to make similar alliances with other professional services firms in both the US and abroad. Interested firms or multinational corporations may contact Tax Technologies toll-free at 866-239-iTTI (866-239-4884). International callers can reach the business development group at 941-782-1210.

About US Tax and Financial Services Ltd.

US Tax and Financial Services Ltd (USTAXFS) is a London based firm of American, British, and Canadian tax accountants, lawyers, and advisors. The company completes US, UK, and Canadian tax, financial, and legal work for individuals, corporations, partnerships and trusts doing business on an international scale. In existence for more than 15 years, the company understands the competitive nature of doing business in more than one country and offers coordinated professional advice. Further company information is available at www.ustaxfs.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.