2019 Review of UltraTax CS from Thomson Reuters

From the 2019 reviews of professional tax preparation systems.

UltraTax CS from Thomson Reuters, is part of the CS Professional Suite of applications. UltraTax CS is well-suited for larger accounting firms that process both individual and complex business returns. UltraTax CS can be used as a stand-alone tax compliance application but offers more extended functionality when used with other CS Professional Suite applications. UltraTax CS can be deployed as an on-site application, accessed as a hosted solution or as a SaaS application.

UltraTax CS does not offer a mobile app at this time, but mobile apps are available from both NetClient CS and Practice CS, enabling clients to access tax returns, financial statements, and other documents using their smart phones and tablets.  

The UltraTax CS Tax homepage is fully customizable, with users able to create access to all frequently used functions such as e-filing news and transmission status. The product offers multi-monitor flexibility, with up to four monitors supported, allowing users to toggle between monitors to view forms, input screens, prior year data, and multiple tax configurations simultaneously.

UltraTax CS supports multiple tax forms including 1040, 1041, 1120, 1120C, 1120S, 1120 Consolidated, 706, 709, 990, and 5500.  The product also supports more than 200 state and location products including all 1040, 1120, 1120S, 1065, and 1041 states and also supports LLC filings where allowed as well as composite returns.  E-Filing is completely supported in the application for both federal and state returns where e-filing is permitted. E-filing for federal forms 1120, 1120S, 1041, 990, 5500, numerous state returns, as well as FinCEN Form 114 e-filing for foreign bank reporting is also supported in UltraTax CS.

UltraTax CS offers several system shortcuts, including the ability for any data entered into a client return to automatically populate relevant fields in other related returns. In addition, users can easily view prior year’s data and review the tax return summary prior to completing the return.

UltraTax CS has also simplified the e-filing process, allowing users to error-check each return while it’s being processed. Data is calculated as it’s entered and the product includes AMT calculations, passive activity capability, and an optional oil and gas module that calculates depletion. The product will also alert users to potential problems such as missing data. 

Firms interested in a portal can utilize the NetClient CS Portal, which allows both firms and clients to easily share documents securely. Firms can also share client organizers using the Web Client Organizer, uploading the organizer to the portal, making it easy for clients to access and complete the information as needed. All data entered into the organizer can be easily imported into UltraTax CS. Firms can also post completed client tax returns to the portal, where they can be accessed and printed by the client as needed.

Workpapers CS offers easy work paper and source document management, and for firms looking to reduce their reliance on paper, UltraTax CS also integrates with FileCabinet CS, providing easy document storage, management, and archiving capability, with all stored files directly accessible in the application.

UltraTax CS integrates with other CS Professional Suite applications including Accounting CS, Accounting CS Payroll, Checkpoint, Fixed Assets CS, GoFileRoom, NetClient CS, Onvio Documents, Planner CS, Practice CS, enabling firms to utilize a central system that offers tax planning and preparation, practice management, and document management capability.  The product also integrates with Microsoft Word and Excel as well as other Thomson Reuters applications such as Checkpoint and PPC Deskbooks.   

UltraTax CS users can easily access system help by pressing the F1 key from any screen. The Help and How-To Center offers a variety of help and support resources for users including a comprehensive knowledgebase. Troubleshooting options are available or users can just click on the Browse Subjects button to see a list of subject categories. Various training options are offered, including standard and custom training, as well as on-demand and web training. Toll-free support is included during regular business hours at no cost, and users can contact support via email or fax as well, with UltraTax CS offering extended support hours during tax season.   UltraTax CS also offers free onboarding assistance for new firms.

UltraTax CS is a comprehensive tax compliance application that is well suited for larger accounting firms that prepare complicated corporate and partnership returns, though the product handles individual returns as well.  Available as a stand-alone application, UltraTax CS is best used in conjunction with other CS Professional Suite applications. UltraTax CS pricing is typically based on number of users and deployment options chosen, with pricing generally starting around $3,000 for a singer user system

2019 Rating – 5 Stars