From Provision to Estimated Payments – Corptax Does It All
The Transamerica state tax team faced several challenges around gathering and analyzing apportionment data for 80+ entities to process 300 state tax returns.
- Many entities have disregarded LLC’s that roll up to the legal parent; it took more than a week to gather and organize data before apportionment analysis could begin
- Process included extracting data entity by entity and manually rolling up to the legal parent
- Spreadsheet often crashed, creating inefficiency when trying to consolidate apportionment for combined and consolidated reporting
- Entire return process took 2-3 weeks from analyzing data to reviewing results on the return
We implemented numerous efficiencies using CSC Corptax® Office and POV functionality.
With POV pulls, we implement a faster, more efficient process to analyze apportionment by state methodology, and perform data driven reviews for state returns:
- Save 200+ hours of work compared to our process last year
- Pull a large amount of data out of Corptax in an organized fashion in a pivot table format
- Gain time back to quickly analyze, review, and make sure data makes sense
- Achieve year over year comparisons, allowing us to start returns earlier and with more efficiency
- Begin analysis after the first data pull instead of spending a week organizing data pulls for one entity at a time