CCH Enhances Business Entity Planning Library
Friday, November 13, 2009
Posted by: Boomer Consulting, Inc.
The CCH Business Entity Planning Library, a unique combination of convenience and expertise in analyzing and comparing the entities used by small- and medium-sized businesses, has been enhanced with Smart Charts, checklists and decision trees to assist tax practitioners who need not only quick answers but also want the ability to tap into in-depth guidance and primary authority. CCH, a Wolters Kluwer business is a leading provider of tax, accounting and audit information, software and services (CCHGroup.com).
“The pressure is on all professionals to produce quick results, but a quick result that’s wrong is worse than no result at all. Fortunately, with the enhancements we’re adding to the Business Entity Planning Library, practitioners can get quick answers that are also authoritative answers,” said CCH Product Manager Cynthia Kaplan.Smart Charts Produce Time Savings
The enhancements include three CCH-exclusive Smart Charts:
- A Choice of Entity Smart Chart assists practitioners in choosing the right entity and provides a quick summary of the issues. Users simply select entity types, and compare tax treatments across 21 major federal tax issues and across state factors relating to formation, operation, personal liability and many other aspects of selecting the form of business. Entries include links to the Internal Revenue Code and detailed explanations.
- A Comparison of State LLC Acts Smart Chartallows users to quickly find and compare the key provisions of each state’s LLC Acts, selecting from 18 topics. It also links to state laws and CCH explanations. The chart includes each jurisdiction’s tax treatment, LLC filing fees, initial filing and annual reporting requirements.
- A State Business Filing Websites Smart Chartallows users to link directly to the forms for business entity filings in every state and the District of Columbia.
“Smart Charts produce great time savings because practitioners get answers really quickly, but with links to authority or detailed explanation as well,” Kaplan said. Charts can be saved, and when refreshed, the data will automatically update and highlight any changes that have occurred. Smart Charts are easy to export to Microsoft® Word or Excel® for distribution and use in client communications.Enhancements Include Questions and Answers, Checklists, Decision Trees
In addition to the Smart Charts, the latest enhancements also include:
- A set of Partnership Taxation Questions and Answers, in chart form, to find quick answers to many questions dealing with partnership taxation, including the areas of family partnerships, contributions to a partnership, transactions between a partner and the partnership, disposing of a partnership interest, gain or loss on distributions and tax matters partners, with links to main primary sources and the in-depth analysis and examples found in Partnership Tax Planning and Practice;
- Business Entity Planning Checklists to help with entity formation, partner and partnership elections and decisions, such as if a partnership is eligible to use the cash method or if an activity is considered passive;
- A Determining Tax Status of a Business Entity Decision Tree for determining the tax status of an entity under the Internal Revenue Code; and
- A C Corp Request to Change to an S Corp Decision Tree that guides the practitioner through the procedural steps and identifies the IRS requirements.
“This is a wealth of material that will significantly help the tax professional who needs to produce well-supported results while being mindful of the time it takes to find and document answers,” Kaplan said.About the Business Entity Planning Library
The Business Entity Planning Library provides practical and comprehensive research support in the critical tax practice area of structuring and operating a business. This library allows professionals to handle issues relating to passthrough business entities – S Corporations, Limited Liability Companies and Partnerships – and provides guidance for deciding which entity best suits a particular business situation. Entities covered include general and limited partnerships, family limited partnerships, LLPs, LLCs and S corporations.For More Information
For more information on the Business Entity Planning Library, visit CCHGroup.com/BusinessEntity or contact a CCH sales representative at 1-888-224-7377.About CCH, a Wolters Kluwer business
CCH, a Wolters Kluwer business (CCHGroup.com) is a leading provider of tax, accounting and audit information, software and services. It has served tax, accounting and business professionals since 1913. Among its market-leading products are The ProSystem fx® Suite, CCH® TeamMate, CorpSystem®, CCH® IntelliConnect™, Accounting Research Manager® and the U.S. Master Tax Guide®. CCH is based in Riverwoods, Ill.
Wolters Kluwer is a leading global information services and publishing company. The company provides products and services for professionals in the health, tax, accounting, corporate, financial services, legal, and regulatory sectors. Wolters Kluwer had 2008 annual revenues of €3.4 billion, employs approximately 20,000 people worldwide, and maintains operations in over 35 countries across Europe, North America, Asia Pacific, and Latin America. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Visit www.wolterskluwer.com for information about our market positions, customers, brands, and organization.