GoSystem Tax RS: Software Video Demonstrations and More

by devteam | Feb 16, 2021 | Bookkeeping

A good fit for larger accounting firms as well as corporate tax departments, GoSystem Tax RS is equipped to handle the complex corporate returns, life insurance returns, and tax equalization returns, easily handling individual returns as well. Available exclusively online, GoSystem Tax RS was one of the pioneers of online tax compliance, with firms able to access the application using an online virtual office or as a SaaS application. The product also works offline, with data synching with the core application upon reconnection. Used by the top 100 CPA firms, Thomson Reuters GoSystem Tax RS is the market leader for corporate tax departments. The software serves clients filing all return types — including multitiered consolidated corporate returns, life insurance returns (including mixed group filings), and tax equalization returns. Because all work is handled online, you’ll pay less in maintenance costs, face fewer storage issues, and rest easy with assured business continuance.

• With extensive integration capability with CS Professional Suite along with various third-party applications, users have access to the data and documentation needed to easily process even the most complicated return.
• GoSystem Tax RS makes good use of tax organizers, allowing users to access the client organizer or the tax forms.
• GoSystem Tax RS does not currently offer a portal directly within the application, though it does integrate with the NetClient CS Portal.

Tax return assembly & delivery automation for individual and entity returns, with a superior client experience. Review consolidated filings with the SubView module, what is the purpose of having a ledger and a journal in an accounting system which itemizes member amounts for each line of the return. Learn how policies have been implemented and designed to maximize the value of your support experience.

GoSystem Tax RS from Thomson Reuters is part of the CS Professional Suite of applications designed for accounting professionals and corporate tax departments alike. GoSystem Tax RS is well suited for firms preparing multitiered consolidated corporate returns, life insurance returns, and tax equalization returns, though the program handles individual returns as well. GoSystem Tax RS does not currently offer a portal directly within the application, though it does integrate with the NetClient CS Portal. The portal offers easy document exchange between clients and firms, with clients provided secure access to the portal, where they can upload or download documents at any time.

Data & document management

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• In this demonstration you’ll explore the processes for MyTaxInfo, and see how it can make the collection of tax information from taxpayers easier and more reliable.
• If errors are found, corrections can be made directly in the organizer, with the option to refresh the return to reflect the changes.
• GoSystem Tax RS offers solid help functionality, with users able to access help directly from any user interface screen.
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• GoSystem Tax RS supports multiple users, making it easy for a team to work on a return simultaneously.

Easy access is provided for all tax organizers, and the product supports multiple monitors for easy form preparation. GoSystem Tax RS is best suited for larger firms or corporate tax departments who are tasked with preparing complex tax returns for a variety of clients. The application also offers top-notch integration with other CS Professional Suite applications that increase functionality tremendously. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data.

Tax depreciation 101

Tackle the most complex tax returns, such as multitiered consolidated return processing for corporations and partnerships. GoSystem Tax RS also features an automatic calculation option, allowing users to view return calculations as information is entered with an option to turn the feature off if desired. The client PC must be able to establish a connection using the actual TCP/IP address and port numbers of the application server with no application ‘awareness’ of a proxy server. In this demonstration you’ll explore the processes for MyTaxInfo, and see how it can make the collection of tax information from taxpayers easier and more reliable. You’ll also see how MyTaxInfo virtually eliminates transcription errors, ensures accuracy, improves speed and efficiency, and how it can be customized for your firm and client needs thanks to its complete integration with GoSystem Tax RS. Process individual, corporate, and partnership returns with timesaving tools, such as the Allocation and Apportionment module.

Comprehensive return processing

GoSystem Tax RS supports multiple users, making it easy for a team to work on a return simultaneously. Diagnostic messages are available throughout the application and users can click on any line in a completed return to view a complete audit trail for the amount entered. GoSystem Tax RS offers an excellent selection of help and support options, with users able to access help files from any screen in the application. A variety of online tools and resources are also available to users through the password protected website, including access to a robust user community. Users can also utilize the Help and How-To Center for access to a searchable knowledgebase as well as the GoSystem Tax RS support page, which includes access to product updates and new releases, as well as detailed user training information. A good fit for larger accounting firms as well as corporate tax departments, GoSystem Tax RS is equipped to handle the complex corporate returns, life insurance …

Multiuser access

The NetClient CS Portal allows firms to share returns with clients, with clients provided with secure access to the portal, where they can upload source documents and other related information. Data can also be imported directly to the application from a variety of applications if necessary. GoSystem Tax RS offers complete integration with other CS Professional Suite applications which include Accounting CS, Workpapers CS, Trial Balance CS, Write-Up CS, and both FileCabinet CS, and GoFileRoom, mentioned earlier.

Beginning July 31, 2023 Thomson Reuters has extended its support options to include global shared service centers located outside the United States to service you. See how GoSystem Tax RS provides a sophisticated web-based system that provides the power to handle your most complex tax scenarios. See how GoSystem Tax RS provides a sophisticated web-based system that provides the power to handle your most complex tax scenarios. Protect your data with multiple layers of security, including network security, virus protection, encryption schemes, and more.

Customs & duties management

Along with the Thomson Reuters applications mentioned above, GoSystem Tax RS also integrates with a variety of third-party applications such as EMC Documentum, SurePrep, and Copanion, which all use OCR processing technology. Users can also easily access research content from applications such as Checkpoint, PPC Deskbooks, and Partner Bridge. GoSystem Tax RS has a minimalist approach, using intuitive user entry screens that are populated only with necessary features and functions. GoSystem Tax RS makes good use of tax organizers, allowing users to access the client organizer or the tax forms. The QuickTrack feature offers access to organizer details, with a series of links available for quick access to a particular area within the organizer.

Revenue Lease Terminations Import

by devteam | Feb 9, 2021 | Bookkeeping

The lessor often stipulates within the agreement that the lessee must pay a penalty upon execution of the termination. If a lease termination penalty is accounting treatment for early termination of operating lease applicable and not previously included in the calculation of lease payments, the lessee will factor such penalty into the gain or loss calculation. To terminate a lease is to cancel the agreement before the end of the specified lease term. Many lease agreements may include an option for either lessees or lessors to terminate the agreement prior to the end of the original lease term.

Embedded leases and complex service contracts

However, as the accounting for some types of previously-called operating lease contracts dramatically changes, we need to distinguish whether we have a lease under IFRS 16 or some other service contract under different standard. After recording the ROU asset and lease liability as of transition, the tenant would prepare an amortization table under ASC 842 to assist with the calculation of the periodic entries moving forward. Below is the amortization schedule for the lease in the example as of the transition date for a private company.

• Unlike the proportionate change in the lease liability approach- this second approach requires a second set of journal entries to appropriately record the partial termination.
• In addition to the termination of the leased asset, the arrangement could change such that the usage of the leased asset is reduced.
• The new standard has a significant impact on lease termination decisions as it changes the way companies account for their leases.
• Navigating the complexities of lease accounting in the oil and gas industry requires a robust and adaptable approach to manage the diverse array of lease structures and contract terms.

Rent Expense Explained and an Example of Straight-Line Rent under US GAAP

Like many aspects of lease accounting on face value, the accounting appears straightforward. When a lease has been terminated in its entirety, the lessee should no longer recognize a right of use asset and a lease liability. If the entity intended to sublease the property, it would continue to derive economic benefit from the right of use asset, however, the asset may be impaired. Impairment losses are determined as the excess of the right of use asset’s carrying value over its fair value. The new lease standard will have significant impact on the companies heavily working with operating leases, no questions about it. Under older IAS 17, you did not need to think about it too much, because you put all lease payments as some rental expense to your profit or loss.

COMPANY

The IRS could argue that the leases have an indefinite duration and the payment may not be amortized at all. Lacking such guidance, practitioners can consider applying different cost-recovery strategies. Unlike the proportionate change in the lease liability approach- this second approach requires a second set of journal entries petty cash to appropriately record the partial termination. Let’s assume XYZ Shipping enters into an operating lease agreement commencing on June 1, 2023. The agreement states that XYZ Shipping will lease two floors of a building for their new headquarters  office space at $250,000 per month increasing by 2.5% over a period of 4 years.

Companies will continue to recognize a straight-line expense for the lease payments made over the lease term as an operating expense on the statement of profit and loss. In certain situations, it may not be immediately apparent whether a payment constitutes a lease termination payment under the regulations. For example, the relevant legal documents may refer to a payment made by the lessor as repurchasing the lease from the lessee rather than as terminating the existing lease.

• By considering these strategies, both parties can negotiate early termination clauses that are fair and reflective of their interests.
• This precision empowers companies to confidently manage their lease portfolios, tracking key dates, payments schedules, and contractual terms and conditions.
• The tenant also received a reimbursement of $30,000 for moving expenses from the landlord.
• In this dynamic environment, leasing is critical in enabling companies to use essential assets— ranging from land and drilling rigs to transportation pipelines, retail, and storage facilities— without the need for substantial upfront capital.
• Financial reconciliation would involve calculating the remaining payments, comparing the vehicles’ book value to their fair market value, and determining if any impairment losses have occurred.
• Companies operating across such a vast footprint must manage assets across different regulatory environments, currencies, and logistical frameworks.
• Periods of free rent, rent abatements, and escalating payments are all factored into a straight-line rent expense calculation.

Our goal is to provide financial professionals, accountants, and industry leaders with the knowledge and tools needed to ensure compliance, improve financial transparency, and optimize leasing strategies in a rapidly changing environment. Use the Manage Options and Terminations Import utility to simplify end of lease activities for revenue leases, including exercising or canceling options and terminating leases. Exercise a lease option to automatically put into effect the right conferred by the option; either to shorten or extend the lease. Terminate a lease, fully or partially, if the lessor https://www.bookstime.com/ or the lessee needs to break the lease early. In all cases, the contract is automatically amended to adjust billing, revenue recognition, and accounting balances; and maintain an audit of the changes. The Manage Options and Terminations utility removes or reduces the need for manual intervention during the end-of-lease processes.