Checkpoint Tax Return Compliance Package

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When tax laws and regulations change, tax compliance work becomes even more challenging, which puts added pressure on you and your staff. Be sure your firm has everything you need to comply with the Tax Cuts and Jobs Act (TCJA) changes and more with this comprehensive solution. The Thomson Reuters Checkpoint™ Tax Return Compliance package is perfect for tax professionals who offer individual, small business, and corporate tax return services — as well as estate and gift tax, payroll, pension, benefits, and more.

With this package, you’ll be able to cut through your compliance workload by using timesaving resources such as PPC’s Deskbooks™ with Interactive Practice Aids. PPC’s Deskbooks provide you with complete and easy-to-understand answers for solving real-life tax return preparation issues, bridging the gap between interpreting the tax law, and reporting real-life client transactions. Workflow guidance, tools and other practice aids help to ensure returns are accurately prepared. Additionally, you’ll have access to roadmaps that will enable you to identify potential tax planning opportunities for clients, as well as integration with UltraTax CS® software that provides context-specific answers as you’re working within your clients’ returns.

Tax Cuts and Jobs Act (TCJA) includes:

• Qualified Business Income Deduction. This new deduction, added by the TCJA, is intended to provide tax relief to businesses not benefitting from the reduction of the top corporate tax rate, and is a major new provision with the potential for widespread application.
• Cost Recovery Provisions. The TCJA made numerous changes to bonus depreciation, the Section 179 deduction, and other cost recovery provisions. Proposed regulations have been issued to help provide guidance on these new provisions.
• Favorable accounting methods. The TCJA greatly expanded the definition of who is eligible to use the cash method, as well as those who are exempted from the requirements that apply to the uniform capitalization rules, use IRC Sec. 471 rules to account for inventory, and use the percentage-of-completion method for long term contracts. Taxpayers eligible to change to these favorable accounting methods because of the TCJA change can do so automatically.
• Extended Section 481(a) Adjustment Amortization. Added discussion and illustration of how S corporation can take advantage of a six-year Section 481(a) adjustment if the S election is revoked to convert to a C corporation and must change its method of accounting to a permissible method.
• New Rules for NOL Carrybacks and Carryovers. The TCJA added new NOL carryback and carryforward rules that repeal the general two-year NOL carryback (except for eligible farm business losses) and allows an indefinite NOL carryover period.

For more information, see a detailed list of products in this package, or watch a brief video to see how it works, or compare our tax return compliance packages to choose the solution that is right for you.

Cut through your compliance workload by using timesaving resources such as PPC Deskbooks™ with Interactive Practice Aids and the Federal Tax Handbook. Your staff will have fast access to the trusted answers they need, and a proven path to the actions they need to take, using Answer Path on Checkpoint. Plus, you and your team will stay on top of the latest tax news with EY Tax Alerts, Tax Watch, and much more. With the collection of outstanding resources and tools in the Checkpoint Tax Return Compliance Package, it’ll be easier than ever to ensure that your clients’ tax returns are accurately, consistently, and efficiently prepared.

You’ll get:

• PPC’s 1040 Deskbook and Interactive Practice Aids
• PPC’s 1065 Deskbook and Interactive Practice Aids
• PPC’s 1120s Deskbook and Interactive Practice Aids
• PPC’s 1120 Deskbook and Interactive Practice Aids
• PPC’s 1041 Deskbook and Interactive Practice Aids
• PPC’s 706/709 Deskbook and Interactive Practice Aids
• PPC’s 990 Deskbook and Interactive Practice Aids
• PPC’s 5500 Deskbook and Interactive Practice Aids
• PPC’s Payroll Tax Deskbook and Interactive Practice Aids
• PPC’s Tax Elections Deskbook
• Federal Depreciation Handbook and Calculator
• Federal Tax Update
• EY Tax Alerts
• Tax Watch
• News and Insight
• PPC’s Five-Minute Tax Briefing

Comprehensive primary source materials include:

• AFTR, Tax Court and Board of Tax appeals
• Decisions, citation tracker, and more
• IRS practice: Internal Revenue Manual
• Pending and enacted legislation: Includes current Congress and committee reports, pending legislation, bill tracker, and more
• Answer Path: Quick Topic Orientation, Quick Tax Amounts
• e-Form RS®: Federal and state
• Form/Line Finder: Individual, corporation, partnership, estate and trust income, gift (and GST), estate (and GST), exempt organization, and employee benefit plan returns
• Calculators: Auto, business, credit card, investment, loan, mortgage, personal, retirement, savings, tax
• Community: Secure online community exclusively for tax and accounting customers of Thomson Reuters
• Federal Tax Handbook
• PPC’s Guide to Tax-Related Identity Theft

• See how it works View
• Checkpoint Tax Return Compliance Package Info Sheet [PDF] View
• Tax Return Compliance Packages Comparison Grid View