When you search for the best tax software available in the market, you will find UltraTax CS as one of the available options. Made by Thomson Reuters, UltraTax CS forms a part of the complete CS professional suite that the company offers. As an advanced tax software designed for professionals, it is most suited for larger firms that work on and file around 200-250 returns in a year.
One of the reasons behind the popularity of UltraTax CS software is its multifaceted utility, used as a standalone application or in conjunction with other CS professional suite applications. Thomson Reuters continually releases newer versions of this software with enhanced features and benefits for tax professionals.
Take the case of UltraTax CS Express 100, a scaled-down version of UltraTax CS software that Thomson Reuters has recently launched. It provides single-user access and the facility to prepare and file up to 100 returns.
Also, UltraTax CS is highly compatible with Thomson Reuters’ other solutions, including Onvio cloud software and CS Professional Suite. You can integrate the software with these solutions to fulfill various tax workflow requirements.
Why Choose UltraTax CS?
Using this advanced tax software for your organization, you can automate various tasks related to tax preparation. You can also use various other tools that come with this high-tech accounting software in its complete suite to save time and focus more on your organizational growth.
Accessing a full line of federal, local, and state tax programs is often a cause of concern for many tax professionals. UltraTax CS can make it easy for you to access 1040 individual, 1120 corporate, 1041 estates and trusts, and even multi-state returns. This can be considered one reason behind its high online rating in the annual tax software reviews.
Also Read: A Complete Guide to TurboTax Software
Features of UltraTax CS
With UltraTax CS software, you get numerous powerful features to manage your tax preparation and filing needs. Some of these features are as follows:
1. Multiple Monitor Support
One of the everyday hassles in a tax professional’s work life is the to and fro checking of forms, inputs, and other tax details. It takes a lot of time to review these aspects one by one when you can only have one screen. UltraTax CS covers this hassle by providing flexibility to check tax diagnostics, forms, and other details on four different monitors simultaneously.
2. Ease of Sharing Data Files
Another critical tax filing task that is time-consuming is to link 1065, the 1120S, or 1041 returns manually to the 1040 return. UltraTax CS software also caters to this aspect by automatically linking returns using Tax ID numbers. This way, you can save time and dedicate your efforts to other business goals.
3. Quick Prep Checklist
It is quite a challenge in itself to gather data from the returns filed by your clients last year to prepare tax files for the current year. If you often feel overwhelmed with this redundant task, use UltraTax CS as it can help pull your client’s data instantly from the returns filed last year in pre-defined fields.
4. Multi-State Tax Processing
Processing tax returns for clients belonging to different states is more complicated than having all clients from one state only. However, multi-state processing is also needed for you to grow your business. With an Apportionment grid and multi-state grid available with UltraTax CS, you can simplify the process to file tax returns for your diverse clients.
5. E-Filing Process Recording
With this accounting software, you can use e-filing tools that help monitor every step you follow while e-filing a tax return for your client. This way, you can reduce the chances of errors and ensure that the returns are filed correctly.
You May Also Like to Read: Why Should You Switch to Tax Software Hosting During Covid-19?
How Does UltraTax CS Software Work?
UltraTax CS software helps tax professionals in the following ways:
- It eliminates repetitive data entry tasks that are cumbersome and time-consuming, allowing you to prepare and file returns more accurately.
- It is best suited to streamline tax workflow related to your business because of its compatible operations with Workpapers CS.
- Its seamless integration with Onvio cloud software results in simplifying individual tax processes by delivering automated tax workflow.
- It has a user-friendly interface that makes it easier for you to navigate through its features, making it a go-to software for small accounting firms.
- The categorical structure of UltraTax CS is immaculate and organized, with specific breakdowns to input taxpayers’ information.
All these functionalities make it highly useful for individual tax professionals or even big corporations.
Also Read: All About Drake Tax Software
Hosting Options for UltraTax CS
There are three ways you can follow in choosing hosting solutions for your UltraTax CS software:
1. Virtual Office CS
It is a cloud-based solution offered by the parent company, Thomson Reuters, that lets the users work on tax and accounting tasks remotely. You need not worry about the related in-house IT hassles with this version of UltraTax CS software.
For more information about Virtual Office CS, click here.
2. SaaS for CS Professional Suite
Software as a Service or SaaS for CS professional suite is an online version of the entire CS suite, including Microsoft Office and Exchange. It is highly suitable when you want to scale the staffing levels up or down as needed.
For more information about SaaS for CS professional suite, click here.
3. UltraTax CS Hosting
It refers to third-party service providers’ cloud hosting solution to host licensed UltraTax CS software on cloud servers for their clients like you. You need not pay for the IT infrastructure or upgrades with UltraTax CS hosting, but only the hosting service charges along with the software license cost.
For more details about UltraTax CS Hosting, click here.
Why Should You Choose UltraTax CS Hosting?
Using the local-hosted UltraTax CS software does not facilitate you to access it on the go, which is a crucial requirement for all tax professionals in the current times. This is where UltraTax CS hosting plays a vital role – by hosting your UltraTax CS on the server owned by the cloud service providers. You can easily access the software from anywhere and support your clients in their urgent needs.
Read More: Benefits of Choosing UltraTax CS Hosting
1. What is UltraTax CS?
It is a highly advanced tax compliance software that established accounting firms use to prepare and file tax returns for their diverse clientele. For best results, it is mainly paired with the other applications of CS Professional Suite.
2. What is the cost associated with buying UItraTax CS software?
The basic UltraTax CS Express 100 starts from $2500 a year, including filing up to 100 individual tax returns (1040). On the other hand, you can also use UltraTax CS – the most popular plan with unlimited users and tax returns. To get the pricing, you need to request a quote.
3. Is UltraTax software based on the cloud?
You can host UltraTax CS on the cloud using third-party cloud services. For best results, contact our cloud experts to discuss your needs.
4. Why do professional tax preparers use UltraTax CS software?
Tax professionals use UltraTax CS for all its features that make tax filing easier for them. It also helps them in filing taxes for multi-state clients.
5. What are the benefits of hosting UltraTax CS on the cloud?
With UltraTax CS hosting services, you can access the software while traveling at any time using portable smart devices. Similarly, you can upgrade the hosting plan during the tax season to meet high demands from various clients.
Recommended Read: 9 Common FAQs Related to Tax Software Hosting