Tax Software facilitates state apportionment collection.
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Press Release Summary:
Designed to streamline state income tax apportionment processes for corporate tax professionals, web-based ONESOURCE(TM) State Apportionment software is accessible online 24/7 with full data import/export capabilities, diagnostics for anomaly checking, and by-entity or by-state rate reporting. Program offers internal controls for separation of duties compliant with Sarbanes-Oxley 404, complete audit trail of changes, and record-keeping for as-filed and amended status.
Original Press Release:
Thomson Reuters Launches ONESOURCE State Apportionment Software
Increases Efficiency and Accuracy of State Apportionment Collection and Processing
CARROLLTON, Texas, Aug. 10 /-- The Tax & Accounting business of Thomson Reuters has recently released ONESOURCE(TM) State Apportionment (formerly Liquid Engines AMx) software to streamline cumbersome state income tax apportionment processes for corporate tax professionals.
"Typically, managing apportionment data is a labor-intensive process. Data is entered into spreadsheets where changes are difficult to track, data consolidation is cumbersome, and standardization is hard to control," said Steve Mendelsohn, senior vice president of Income Tax at Thomson Reuters. "ONESOURCE State Apportionment transforms these traditional methods into an efficient, transparent process that offers automated calculations, high data integrity, and audit support."
ONESOURCE State Apportionment is the first Web-based solution for collecting, managing, and reporting state tax apportionment. Highlights of the new software include:
-- Efficiency. Accessible online 24/7 with full data import/export capabilities, diagnostics for anomaly checking, easy by-entity or by-state rate reporting, and integrated on the ONESOURCE platform with access to the full suite of corporate tax software.
-- Audit preparedness. Internal controls for separation of duties compliant with Sarbanes-Oxley 404, complete audit trail of changes with data and document versioning, and record-keeping for 'as filed' and 'amended' status.
-- Partnership functionality. Partnership apportionment data collection (property, payroll, sales, special industry factors), divisional roll ups, multi-tier ownership structure with calculations, state-specific treatment and flow rules for each partnership type, and reports for multi-tiered flow reconciliation and ownership structure.
-- City functionality. City apportionment data collection (property, payroll, sales, special industry factors), separate, combined and consolidated calculations, city partnership treatment options and multi-tier flow calculations, and reports for reconciliation and combined/consolidated compliance.
"ONESOURCE State Apportionment alleviates the often convoluted processes surrounding state tax apportionment by providing an efficient, accurate solution for compliance, audit, provision, and planning needs," added Mendelsohn.
Additional information can be obtained by visiting www.onesource.thomsonreuters.com/ or calling 650-469-0343.
About Thomson Reuters
Thomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial, legal, tax and accounting, scientific, healthcare and media markets, powered by the world's most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs more than 50,000 people in 93 countries. Thomson Reuters shares are listed on the New York Stock Exchange (NYSE:TRI); Toronto Stock Exchange (TSX: TRI); London Stock Exchange ; and Nasdaq (NASDAQ:TRIN). For more information, go to www.thomsonreuters.com.
The Tax & Accounting business of Thomson Reuters is the leading provider of technology and information solutions, as well as integrated tax compliance software and services to accounting, tax and corporate finance professionals in accounting firms, corporations, law firms and government. Tax & Accounting includes the Corporate Software & Services, Professional Software & Services, and Research & Guidance business groups.
