Responding quickly and comprehensively, Thomson Reuters has released a number of strategic resources to provide tax and accounting professionals with robust coverage of the Tax Cuts and Jobs Act, which was passed by Congress on December 20, 2017 and signed by the President on December 22, 2017. This legislation, formally titled “An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018,” is the most sweeping U.S. tax reform measure in more than 30 years.
The new legislation introduces fundamental changes to the Internal Revenue Code that will greatly impact how taxpayers and businesses are subject to federal and state income taxes.
Thomson Reuters Checkpoint released the Complete Analysis of the Tax Cuts and Jobs Act online on December 21— within one day of passage by Congress. The Complete Analysis offers comprehensive analysis of these complicated changes, including time-saving templates for client letters, a host of helpful tables and a complete index. With over 800 pages of expert analysis, it is also available in print as a desktop reference.
In an environment of U.S. tax reform, using technology is key to successful planning, forecasting, and adjusting course. Thomson Reuters ONESOURCE drives global tax compliance and accounting decision-making with a comprehensive portfolio of corporate technology solutions. Amid these significant changes to the tax code, ONESOURCE supports tax professionals through its extensive modeling and scenario planning capabilities around the impact on overall annual effective tax rate, adjustments in repatriation taxes, and state tax implications.
The Thomson Reuters CS Professional Suite of comprehensive integrated technology tools provides accounting professionals with everything they need to power smoother workflows, make more informed decisions, elevate client service and improve overall firm performance. Recent and forthcoming updates include:
2016 and 2017 UltraTax CS have been updated for the retroactive portions of the bill; for individual taxpayers, updates are being made to the Tax Projection Worksheet and estimated tax calculations in 2017 UltraTax CS. In addition, the Tax Projection Worksheets in the 2017 UltraTax CS business systems will be updated. Also included will be targeted data mining searches and letters to help firms identify and communicate with impacted clients
Planner CS, a sophisticated tax planning tool designed to help practitioners advise clients on the TCJA, is being updated for TCJA-specific calculations for tax year 2018 and beyond
Fixed Assets CS includes updated calculations for retroactive portions of the bill and forward-facing asset management implications of the TCJA
ToolBox CS will be updated with new and updated TCJA tax calculators and tax flowcharts for tax year 2018 and beyond
In the realm of payroll, updated income tax withholding tables have been made available as of January 22, 2018 and checks dated thereafter will reflect the new tax withholding for payrolls generated for customers of the myPay Solutions payroll processing service, and the Accounting CS and Accounting CS Payroll software solutions
2016 and 2017 GoSystem Tax RS have been updated for the retroactive portions of the TCJA
“Tax and accounting professionals need a trusted path to quickly and efficiently understand the massive changes that constitute the new tax reform legislation in order to accurately prepare for both opportunities and pitfalls and to confidently advise clients,” said Salim Sunderji, managing director, Checkpoint, with the Tax & Accounting business of Thomson Reuters. “These products deliver the comprehensive expertise practitioners require, in their format of choice, to move forward confidently on behalf of their clients.”
“Our customers rely on our ability to quickly update our tax compliance tools for changes like those the Tax Cuts and Jobs Act has introduced, and I’m pleased that we have delivered to our users updated calculations, relevant analysis, and embedded projection tools. We know how critical it is for practitioners to be proactive and prepared for client questions and expectations, and we continue to actively work on additional TCJA product enhancements,” said Jon Baron, managing director of the Professional segment with the Tax & Accounting business of Thomson Reuters.
Thomson Reuters Checkpoint Learning has also made available an interactive live two-hour webinar, “The Tax Cuts and Jobs Act: What You Need to Know Now”, which offers two CPE credits, and provides a summary of the changes and an objective analysis of the impact on clients and the profession overall. As well, Checkpoint Learning’s two-hour Monthly Tax Alert and eight-hour Federal Tax Update also include coverage of the TCJA, in addition to other timely and important tax topics.
The Checkpoint Complete Internal Revenue Code has also been updated online, including the 270+ Code Sections impacted by this legislation, and will release in print before the end of January.
Thomson Reuters Federal Tax Updates on Checkpoint also published a series of special studies addressing different elements of the tax plan, in addition to a special report, 2017 Tax Reform: Checkpoint Special Study on Individual Tax Changes in the Tax Cuts and Jobs Act, available here.
In addition, subscribers of the Checkpoint Marketing for Firms Emerging Tax and Regulation Alerts service have received real-time analysis in the form of long-form articles and abbreviated social media posts, all designed to be immediately shared with clients.
To purchase the Complete Analysis of the Tax Cuts and Jobs Act print publication, visit here.
Thomson Reuters CS Professional Suite provides the profession’s most integrated, sophisticated suite of tax and accounting software including tax prep/planning, accounting, practice management, payroll and more. Unparalleled workflow integration and links to expert content and insight power smoother workflows, more informed decisions and improved client service for firms of all sizes. For more information, visit tax.tr.com/cs
Thomson Reuters Checkpoint tackles market disruption through integrated research, editorial insight, productivity tools, online learning, content marketing solutions and news updates along with intelligent links to related content and software. It is relied on by hundreds of thousands of tax and accounting professionals, and counts among its customers 97 of the Top 100 U.S. law firms, 99 of the Fortune 100 companies, and all of the top 100 U.S. CPA firms.
Thomson Reuters ONESOURCE is the industry’s leading corporate tax technology. The ONESOURCE suite enables global tax compliance and accounting decision-making. In 180 countries, ONESOURCE helps companies stay in compliance, avoid penalties and audits, save time, and increase efficiency through every step of the tax lifecycle, including corporate income tax, indirect tax, property tax, trust tax, tax information reporting, transfer pricing, data management, and internal processes.