- CFS TAX TOOLS SOFTWARE
- CFS TAX TOOLS PROFESSIONAL
Compensation – Virtual currency received as payment for goods or services must also be included in gross income. If this constitutes a trade or business and the mining activity is not undertaken by the taxpayer as an employee, then the net earnings resulting from those activities constitute self-employment income and are subject to the self-employment tax. Mining – Virtual currency that was mined must be included in gross income. Selling / Exchanging – The sale or exchange of virtual currency, including for goods or services in commercial transactions, must be included as a capital gain or loss. Here are the most common scenarios when virtual currency has tax implications: Data mining functionality within UltraTax CS could help you target these clients, and proactively communicate next step information in a client newsletter. UltraTax CS offers organizers and data collection tools, to ask your clients questions about their use of virtual currencies. After you confirm your credentials, UltraTax CS will transmit the returns that are listed in the Clients queued to transmit pane in the Electronic Filing tab.įor more details, please use our Help and How-to CenterĪbsolutely. You will be prompted to verify your login via the Thomson Reuters Authenticator app on the mobile device you paired with your account. The selected returns are now queued and ready for transmission to us using CS Connect. After all returns you want to transmit are listed in the Clients queued to transmit pane, click the Options tab. The selected clients move to the Clients queued to transmit pane. In the Clients available to transmit pane, highlight the clients whose returns you want to transmit during the next CS Connect session, and click the Select button. Click the Electronic Filing tab to view a list of electronic returns ready for transmission. In the Options tab, click the Electronic Filing: ($) Transmit returns switch to set it to Yes. Click the CS Connect button on the UltraTax CS toolbar, or choose Utilities > CS Connect to open the CS Connect dialog. To transmit electronic returns (and 1040, 1120, 1065, 990, or 1041 electronic extensions), follow these steps. Ensure the accuracy of your clients tax return before you file through dynamic diagnostics that will flag any areas for missing values. Preparation and review is quick and easy using the apportionment grid for business returns and multi-state allocation grid for Schedule C or K-1 income across states. Enjoy synchronized views of data submission, forms, prior year input, diagnostics, and more through the convenience of up to four separate monitors. 
Save time with data-entry and boost firm efficiency with an integrated workflow system to eliminate transcription errors and ensure accuracy. Reduce duplicate data entry and eliminate the need to manually link 1120S, 1065, or 1041 returns to the 1040 return. Share data between returns with Tax ID numbers.Start each year with a list of fields where you had entries last year but have not yet made an entry this year and flag missing items to send a client email reminder.
CFS Tax software - 1 software products 1. We also offer form and research libraries, sales and property tax utilities for several states, a suite of programs for payroll preparation, and specialized programs for small business owners and financial planners.
Our best-known product is TaxTools, a powerful collection of tax-planning and calculation utilities that no tax professional's office should be without. They are easy to load and use in minutes you can be working through real tax calculations or tasks. CFS programs are designed by tax professionals for tax professionals.
If you have never used CFS Software, ask another tax professional about us-chances are they are a satisfied CFS customer. Our business has been built on referrals, and we pride ourselves on our high renewal rate. CFS has been a developer of affordable tax planning and utility software since 1989.
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