Intuit Accountants has announced significant updates to its suite of tax preparation products aimed at the 2023 tax year. These enhancements to Intuit Tax Advisor, Intuit ProConnect Tax, Intuit Lacerte Tax, and Intuit ProSeries Tax are designed to streamline workflow and provide advanced insights and reporting capabilities for tax and accounting professionals.
Enhancements Tailored for Efficiency and Success
Jorge Olavarrieta, VP of Product Management and Design at Intuit emphasizes the company’s commitment to innovation. “We are committed to providing the best resources to tax and accounting professionals so they can focus on what matters most today while investing in solutions that will power the future of the profession,” says Olavarrieta. These updates reflect Intuit’s focus on equipping professionals with cutting-edge resources to navigate today’s challenges and future-proof their practices.
Key Updates Across Intuit’s Product Range
- Intuit Tax Advisor:
- Client OneView: This feature allows previews for up to five clients simultaneously, providing insights into potential tax savings and strategy options.
- State Tax Analysis: Expands capabilities to include primary state returns, enhancing precision in state planning.
- Strategy Insights: Updated strategies offering customized tax plans.
- Visibility into Tax Savings: Detailed calculations for implementing tax-saving strategies.
- Worksheets Experience: Assists in evaluating qualifications for various tax items.
- Strategies for Real Estate and Like-Kind Exchange: Tailored strategies for specific taxpayer scenarios.
- ProConnect Tax:
- IRS Transcripts Direct Access: Reduces client back and forth by directly pulling data from the IRS.
- Customized Client Letters and Firm Performance Insights: Enhances client communication and provides insights into firm performance.
- Task Accelerators and Custom Print Settings: Streamlines workflow with automated features.
- Batch Extension eFile and Hot Keys: Increases efficiency in filing and navigation.
- Intuit Link Client Reminders: Ensures timely client participation.
- Lacerte:
- SafeSend Integration: Directly sends returns to SafeSend for efficient delivery.
- Simplified Intuit Tax Advisor Plan Creation: Streamlines tax plan initiation for clients.
- ProSeries:
- Hosting Onboarding Automation: Facilitates the transition to an online environment.
- TurboTax Online Import: Simplifies the transfer of TurboTax returns.
Future-Ready Enhancements
Coming soon features, such as Net Operating Loss Carryforward, Prep for Taxes, 1040 Direct Data Import, K-1 Package Delivery, Financial Institution Download, and eSignature, are anticipated to further revolutionize the tax preparation experience for professionals.
Implications for Small Business Accountants
For small business accountants, these updates represent a significant opportunity to enhance efficiency and provide superior service to their clients. The new features enable more precise tax planning, streamlined workflows, and better client communication, ensuring that small businesses can navigate the complexities of tax preparation with greater ease and accuracy.
Intuit Accountants’ latest updates reflect a thoughtful response to the evolving needs of tax and accounting professionals. By incorporating feedback and prioritizing innovation, Intuit continues to position itself as a leader in financial technology, offering solutions that empower professionals and their clients in the dynamic world of tax preparation.
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This article, "Intuit Accountants Tax Preparation for 2023 has Comprehensive Product Updates" was first published on Small Business Trends
via https://www.aiupnow.com
Small Business Editor, Khareem Sudlow
