If you use QuickBooks Online Accountant and do taxes, you have a couple of new options to help this season. Prep for Taxes speeds up the process of books-to-tax and saves you time in your tax return preparation. ProConnect Tax Import makes tax return preparation almost as simple as drag-n-drop. Let's examine each of these tax options for QBO Accountant users:
Prep for Taxes
Designed to save QuickBooks Online Accountant users time, this feature significantly enhances the process of books-to-tax when it comes to tax return preparation. You will automatically export the client's income, deductions and estimated tax payment balances from QBO Accountant to the business tax return for either Schedule C or 1120S businesses.
Prep for Taxes enables you to work on the Profit and Loss Statement and Balance Sheet in a single window and automatically map data to the appropriate tax forms. You can easily make changes as required.
Once you are satisfied with the numbers, export the client's balances to either new or existing returns in ProConnect Tax. As an alternative, you can create a .csv file.
With Prep for Taxes and ProConnect Tax, you can:
- Expand and collapse expense categories and accounts to show only as much as you need to see while making adjustments, adding notes or attaching files
- Switch between percent and dollar-amount views of year-over-year account changes with just a click
- Change your view from accrual to cash-basis accounting and back to identify discrepancies without affecting your clients' books
- Quickly identify accounts that have not been mapped to tax lines and update tax lines more efficiently with predictive text entry
- Select different tax forms, edit tax lines and view your complete audit log on the same screen
- View, modify and approve any changes made to your clients' books before exporting your pre-filled forms to tax returns in ProConnect
ProConnect Tax Import
In addition to Prep for Taxes, ProConnect Tax also offers a new direct data import that allows for uploading documents directly into ProConnect Tax without any manual data entry or link request(s). For example, it is possible to import tax forms like W-2, 1099-DIV, 1099-G, 1099-INT, 1099-Misc, 1099-R, 1098s, and many more.
With the new data import drawer, you can keep all your imported documents and client source materials easily organized. There is even a place for the client's Schedule D, Depreciation and K-1 imports.
Other new features in ProConnect Tax for the 2021 Tax Season:
- Assign and manage staff work — Assign staff members client returns, then re-assign each return as it changes hands within your firm until it is complete. Helps staff stay focused with personalized views of their assignments.
- View e-file status for all return types — Easily view the status of each part of the return at the federal and state level, including extended and amended returns, so you can focus on what is important. In addition, color identifiers provide you with return status.
- Batch process client tax organizer requests — Send tax organizer requests in batches to multiple clients simultaneously. Allows you to create customized organizer templates by client types or sub-segments of clients so you can send requests in the desired batches.
- Speed up reviews by flagging missing data before filing — Easily flag missing or questionable input data fields so you can return to them before your final review and e-filing. Then, jump directly to that field from the flagged item drawer.
- You can find more information about what is new for tax year 2021 here.
The combination of QuickBooks Online Accountant with Prep for Taxes and ProConnect tax streamlines your workflow so the Tax Practioner can serve their client like never before.
Check it out at ProConnect Tax plus QBO Accountant.