The expression “when it rains, it pours” is fully resonating with tax professionals right now. In another sign of the volatility that’s expected to persist, the Coronavirus Aid, Relief, and Economic Security (CARES) Act has arrived. It layers on a fresh set of modifications and corrections when most tax teams are still dealing with tax reform. Its timing echoed TCJA’s—but instead of hitting at year-end, it bumped squarely into quarter-end deadlines and extensions.
Tax teams must somehow find the time to analyze information, amend prior-year returns, and take advantage of NOLs and AMT credits—not to mention informing the organization about the tax law’s effect.
Fortunately, the updates CSC Corptax® implemented to meet the challenges of TCJA make us well-positioned to support your quick response to CARES. We’ve added calculations and forms and released a CARES Act Planning Tool to help you explore financial ramifications and opportunities.
Know Where You Stand
Corptax architecture stores and organizes tax data throughout the lifecycle in one system. It’s easy to access the exact data you need for planning. By analyzing and visualizing the impact of changes, you’re better informed and ready to share intelligence with other departments.
Having available data for multiple years of provision and returns helps with every aspect of CARES. Review before-and-after scenarios for the five major categories to know what the tax modifications mean and to weigh positions.
- Charitable Contributions
- 163(j)
- Bonus Depreciation
- AMT Credit
- NOL Carrybacks
The Planning Tool also covers NOL carryback benefits and lets you quickly calculate and know your Charitable Contributions limitation and apply revised percentage limitations. You can run multiple sourcing and filing scenarios for preferred apportionment method by state—and use data in Corptax to see how changes to 163(j) data look pre/post CARES.
Apart from the planning template, Corptax system automation helps you quickly reconcile data to various sources, use data for amended returns, and forecast year-end.
Our single-system architecture delivers the flexibility to rapidly roll with change. We continue to work closely with taxing authorities to know what’s coming, and we instantly update calculations to help tax teams effectively prepare.
How to Access the CARES Act Planning Tool
Corptax customers who don’t already have the CARES Act Planning Tool can find it here. Be sure to take advantage of the instructive webinar, Knowledge Base articles, and additional resources.
If you don’t yet license Corptax and want to talk about faster ways to take on regulatory changes, email us at info@corptax.com.
