20 Dec 2007
Thomson Tax & Accounting Doubles Number of E-filed Corporate Returns this Year
InSource and GoSystem Make it Easy for Corporate Tax Departments and Accounting Firms to Electronically File
Carrollton, Texas
Thomson Tax & Accounting's leading corporate tax software products, InSource® and GoSystem®, electronically filed double the number of corporate tax returns for businesses in 2007 over the prior year.
Certified by the IRS since 2004 to transmit electronic returns, Thomson Tax & Accounting, a segment of The Thomson Corporation, was well prepared for the large increase in number of e-filing customers this season. GoSystem and InSource electronically filed forms 1120 federal income tax, 1065 federal partnerships, and mandated state returns -- with total assets exceeding $19 trillion.
“A surge in the number of businesses filing electronic returns was partially brought on by this year’s IRS mandate for companies with assets of $10 million or more to file electronically, as compared with the 2006 minimum of $50 million,” explained Molly Delafield, director of InSource product management, Corporate Software & Services for Thomson Tax & Accounting, “However, the fact is – many corporate returns were voluntarily e-filed. We’ve found that our clients are more comfortable with e-filing because they understand the process and our software makes it easy.”
The e-filing process is automatically built into Thomson Tax & Accounting’s software, so clients access everything they need within one application. Using either InSource or GoSystem, tax professionals create the electronic file, review the converted XML, and transmit the complete return to the IRS.
“We were pleased that a very large percentage of our software’s corporate returns were accepted on first submission to the IRS,” said Boyd Gackle, GoSystem product manager, Professional Software & Services for Thomson Tax & Accounting. “Our high acceptance rate is a testimony to both our software and our clients being well-prepared for electronic filing corporate returns.”
According to Delafield, many factors contributed to Thomson Tax & Accounting’s successful tax season including: “making minor changes to our software based on the first year’s e-filing experience, providing e-filing training sessions to clients throughout the season, clients having a good understanding of the e-filing process, and our software being ready early in the season so clients could start filing as early as January 2007.”
To learn more about InSource, visit http://incometax.thomson.com or call800-327-8829. For information on GoSystem, visit http://go.thomson.com or call 800- 726-1040.
The Thomson Corporation
The Thomson Corporation (www.thomson.com) is a global leader in providing essential electronic workflow solutions to business and professional customers. With operational headquarters in Stamford, Conn., Thomson provides value-added information, software tools and applications to professionals in the fields of law, tax, accounting, financial services, scientific research and healthcare. The Corporation’s common shares are listed on the New York and Toronto stock exchanges (NYSE: TOC; TSX: TOC).
Thomson Tax & Accounting, a segment of The Thomson Corporation, is a leading provider of technology and integrated information solutions to accounting, tax and corporate finance professionals in accounting firms, corporations, law firms and government. Thomson Tax & Accounting includes the Professional Software & Services, Corporate Software & Services, and Research & Guidance businesses. InSource is a brand within Corporate Software & Services. GoSystem is a brand within Professional Software & Services.