Product Information
Overview
Tax Technologies, Inc. (TTI) is revolutionizing the corporate tax and audit process. Tax Series™ is a
true Internet/intranet application (also called Web-native software). With this type of delivery,
you can complete work anywhere, any time using an already familiar paradigm — the
Web browser. With
authorized security rights, you can log on and enter or review financial and tax data from any site
with an Internet/intranet connection. No more waiting for a package to be returned or importing and
exporting from system to system. TTI offers both a hosted and in-house solution, but if you choose the
hosted version you can log on and begin preparing the return tomorrow. Save time and money on hardware
and software costs. No more unexpected environment problems, hardware upgrade requirements with version
changes, update maintenance, or need for in-house database specialists...it is all maintained for you.
General Features
TTI's clients asked for an easy-to-use, yet robust tax product. Other products on the market had
become encumbered by legacy systems and were hard to use, had stability issues, and had become too costly
to reimplement and maintain. Although the law can be complex,
TTI's clients did not think the software used
to comply needed to rival the tax law in complexity. So
TTI designed the easiest step-by-step intuitive
system ever built with Federal and International compliance in mind.
- Easy to use/Helps train users unfamiliar with law
- Short implementation time
- One uniform user interface
- Automatic data movement based on ownership structure
- Multi-user access by Internet or intranet
- Multi-year/Multi-scenario
- Most complete international tax law compliance on the market today
e5471 Overview
e5471 simplifies the tax cycle functions related to Controlled Foreign Corporations.
It is designed and priced for small volume multinational corporations that have a growing international
presence as well as large volume multinational corporations with complex needs. Integration with other
Tax Series products is seamless, saving you time and frustration, and reducing data entry errors.
e5471 Features
General
- Easy import of data helps set the system up fast
- Handles unlimited general ledger systems, charts
of accounts, and currencies
- Lets you map unstandardized data into a standardized
chart of accounts format
- Can create automatic adjustments
- Can customize the system to display only the
904(f) baskets pertinent to your company, lessening
user confusion
- Can create master sourcing templates to help
save set-up time
- Maintains organizational structure by year and
by calculation scenario
- Handles simple to complex organizational structures including check-the-box rules, and foreign
partnership rules (if the e8865™ product is used)
Calculations
- Computes current-year earnings and profits
- Lets you source income and directly allocate or
apportion expenses using flexible methods
- Applies the related party look-through rules for
accurate income characterization
- Automatically handles circularity if applicable
- Applies the De Minimis and Full Inclusion tests
- Calculates the high-tax exception test
- Applies the current-year E&P limitation under
Section 952(c)(1)(A)
- Automatically carries forward the amount of potential
subpart F recharacterizations in succeeding years
under Section 952(c)(2)
- Computes the applicable subpart F income
inclusion of U.S. shareholders
- Calculates Section 986 currency gain or loss on PTI
distribution
- Calculates deemed-paid credits on deemed and
actual distributions
- Maintains historical E&P by basket, by PTI
type, and by pool and pre-pool type
- Automatic handling of lower-tier PTI issues
- Handles loss carryforward and carryback rules
between pre-87 and post-86 pool records
- Automatically creates and posts any M-1
adjustments needed for Form 1118 and Form 1120
purposes
- Automatically converts functional currency
changes including EURO conversion
- Automatically translates and moves E&P upon
liquidations and mergers
- Performs multi-year carryforward calculations
with a single calculation trigger
- Allows alternative calculations based on
different interpretations of the rules
Review
- Quick generation and easy to navigate online
review of forms
- Easy to understand reports that can be printed and/or integrated with Microsoft® Excel®
- Shows tax workpapers in local and/or USD at the QBU
or legal entity level
- Easy to create and navigate Form 5471 with
supporting whitepaper
- Ability to create a print binder and attach
other forms if needed
Audit
- Multi-year calculations allow you to enter
adjustments to E&P and tax pools and calculate the
correct E&P going forward
- Can designate and track 905(c) adjustments
- Can be integrated with TTI's AuditTracker™ tool
- AuditTracker can link adjustments to a tool that
contains the support from inception of audit issue
through to the agreed upon adjustment, tracks the
history, and contains all supporting documentation
for the adjustment
- As-filed option lets you save your as-filed form numbers when you file and later compare these to
as adjusted numbers after audit adjustments have
been entered
Planning
Case feature lets you create different planning scenarios based on newly entered data such as
budget numbers or on data that is already in the system. You can do organizational structure planning,
future year forecasting, dividend repatriation planning, as well as certain transactional planning. |
