Product Updates

You can now roll forward any or all of your 2021 projects to 2022, making it fast and easy to start a new project for tax season with all of the prior year data. By clicking on your name in the top right corner, select Roll-Forward from the drop down menu.

We are excited to announce the new Auto-verify capability! Now, users can scan in a copy of the preparer’s version of the tax return from their tax software, complete the project inside TaxExact, and click Auto-verify. TaxExact will automatically indicate both the totals that match and the totals where an error or discrepancy was found.

The Qualified Dividends and Capital Gain Tax Worksheet was added as its own worksheet under Taxes so the user can easily see what each line is calculating.

Marginal and effective tax rates have been added to the project footer, allowing for improved insights at a glance.

We added in-app notifications you will find in a bell icon in the sidebar. In your account settings, you can choose whether you’ll be notified in-app, via email, both, or none for each type of event notification within TaxExact.

Now you can scan the prior year tax return directly into TaxExact. TaxExact will take the totals and populate them on the Summary screen for quick reference to prior year totals as well as to show the variance.

Now you can enter prior year summary totals into the Summary screen when creating a project with no prior year information in TaxExact. This will enable the reviewer to benefit from the Variance analysis.

Under Client detail, you can now use a new and improved dependents input screen.

TaxExact™ now calculates NIIT.

We’ve released a powerful new feature that will not only help your team isolate errors more quickly, but also help train your staff and streamline communication among your team. The new Activity window gives you the ability to:

– add, edit, and reply to comments on projects
– notify specific team members via email
– deeplink to a specific page (Sched C, Deductions, etc) within a project
– see project history and status updates all in one place
– see notifications specifically sent to you

Perhaps most importantly, this feature allows you to easily communicate to any team member which fields have changed and why, make general comments about the project, or more effectively manage the project workstream.

We’ve launched a powerful new feature that will automate one of the most tedious and time-consuming tasks in TaxExact: creating new projects for the upcoming tax season. Today, teams need to manually create new projects for each client as the upcoming tax season approaches. That can become quite time-consuming, especially for larger teams that have hundreds of projects. The new Roll-Forward feature will completely eliminate this work and automatically (and intelligently) roll-forward projects from the prior year to give your team the perfect starting point when tax season arrives.

When viewing the project summary page, it’s often helpful to see the prior year data as well as the variance. This helps CPAs quickly identify discrepancies that may prompt questions about the project or even advisement opportunities. We’re excited to share that this data has been added to the summary view! We’ve also added display controls that will let you select which project you’re comparing or hide the prior year data completely. Lastly, we’re updating the order of the columns and adding visual indicators to the variance data to make the experience more intuitive for all users.

We’ve introduced new Display Options to the project details menu! This improvement will let you temporarily override your account level display preferences and control the data that’s displayed on an individual project page.

We’re working on an improvement that will allow you to print an optimized view of any summary screen or download each summary screen as a PDF file to your computer. This will give you a nicer way to share projects with your clients or archive projects internally in print or digital format. While you can technically accomplish this today, we’re going to optimize the design and make this function more accessible and user-friendly.

We’ve added the ability to duplicate any project! Simply click the context menu icon (•••) to duplicate the project. You can also duplicate the project using the context menu on the project listing screen. When you click “Duplicate”, you’ll see a modal where you can adjust the key information before the project is duplicated.

We’ve optimized the modal in the General Income screen to only show the relevant fields for the selected form/income type.

We’ve added a new user preference area to the “My Account” section. Currently, we only offer one user preference which is “Show summary rows even when empty” and turned OFF by default. That means by default, we’ll hide rows from the summary tabs within a return if they don’t contain any data. However, you can choose to view all rows in the summary tabs using this new user preference. This will help you focus on only the relevant data and optimize the efficiency of your teams workflow.