CCH CLIENTRELATE Allows Tax Preparers To Immediately Identify Clients Impacted By Job Creation Legislation
CCH Introducing 15 New Tax Bulletins On Latest Tax Code Changes, Letting Accountants Zero-In On Affected Returns
(RIVERWOODS, ILL., March 20, 2002) – For millions of American
corporate and individual taxpayers, the Job Creation and Worker
Assistance Act of 2002 brings additional relief. However, for their
accountants, tax legislation passed in the midst of tax season can
wreak havoc on their already hectic schedules, according to CCH
INCORPORATED (CCH), a leading provider of tax law information and
To help tax professionals identify clients impacted by the tax code
changes, CCH has introduced five new Tax Bulletins to CCH®
ClientRelate™ during the last week and will be
launching a minimum of 10 more during the next few weeks. CCH
ClientRelate supports a professional’s practice at several
levels by integrating the authority of the CCH InternetSM
Tax Research NetWork™ with the power of ProSystem fx Tax.
Using the Tax Bulletins within the CCH Internet Tax
Research NetWork, CCH ClientRelate customers can now
search their clients’ ProSystem fx Tax returns to identify
tax savings and consequences the Job Creation Act has on specific
Tax Bulletins, specially prepared by in-house CCH tax attorneys and
CPAs, summarize particular new developments and time-sensitive issues.
The five Tax Bulletins specific to the Job Creation Act released
during the past week enable subscribers to identify clients who may be
effected by the following legislative changes:
- Temporary 30-percent depreciation bonus
- Five-Year carryback for net operating losses
- Extension of unemployment benefits
- Reversal of the Supreme Court’s S corporation decision in
Gitlitz v Commr
- Rate relief for underfunded defined benefit plans
Many of these issues are retroactive, impacting the last quarter of
2001 and, therefore, are time-sensitive to 2001 income tax returns.
Other Tax Bulletins to be released regularly through mid-April
include those dealing with tax legislation impacting tax returns for
2002 and beyond. These include:
- Changes to deemed sale rules
- Deduction for classroom materials
- Increase in benefit and contribution limits for defined
- Clarification of application of catch-up contribution rules
- Tax-free SEP deduction limits
- Equitable treatment for tax sheltered annuity plans
- Extension of work opportunity tax credit
- Welfare-to-work credit extensions
- Medical Savings Accounts extensions
- Qualified clean fuel vehicle deduction extensions
As CCH continues its analysis and review of the legislation,
additional Tax Bulletins on the Job Creation Act may also be issued as
Automated Process – Targeted, Quick, Secure
The Tax Bulletins are delivered via e-mail to CCH ClientRelate
subscribers. A simple click on any Tax Bulletin will start a search of
the professional’s ProSystem fx Tax files. CCH’s search
parameters are crafted to identify and select those types of clients
most likely to be affected by the new development.
For example, a CCH ClientRelate subscriber receiving the Tax
Bulletin on the special 30-percent depreciation bonus simply clicks on
an icon within the Tax Bulletin to launch a search of tax returns the
firm has completed that report qualified property placed in service
during 2001. CCH ClientRelate then scans the firm’s
ProSystems fx Tax return data and specifically identifies the
clients that could be impacted by this change. Because many of the
clients that will be affected by this particular tax code change are
corporations, which were required to file their returns by March 15,
2002, amended returns will have to be prepared and filed to take
advantage of the rule change.
CCH ClientRelate searches take place entirely on the tax
professional’s PC or network, where ProSystem fx Tax return
data resides. As a result, no data resides on or is sent to outside
servers, and security within the firm is determined by the firm’s
ProSystem fx Tax security settings.
In addition to identifying potential clients affected by the
particular tax code changes, CCH ClientRelate provides tax
professionals with links to in-depth research sources on the CCH
Internet Tax Research NetWork. CCH ClientRelate also
provides links to sample client letters, helping a firm automate and
speed the communications process with its clients.
the last year, we’ve seen substantial change in the tax law, which
certainly can mean increased opportunities for tax and accounting
professionals," said Charlie Ter Bush, CCH Federal and State Tax
director of marketing. "However, given the scope of the changes,
it could take firms a significant amount of time to sift through their
client information to figure out who is affected by which changes. CCH
streamlines this process, allowing professionals more time to
focus on what matters to their practice, understanding the tax law
changes and working with their clients to plan their tax strategies
under the new laws," he said.
CCH ClientRelate is designed for use with CCH ProSystem
fx Tax and CCH Internet Tax Research NetWork. For a Flash
demonstration or to order, visit tax.cchgroup.com
or contact your CCH sales representative at 1 888 CCH REPS.
About CCH INCORPORATED
CCH INCORPORATED, headquartered in Riverwoods, Ill., was
founded in 1913 and has served four generations of business
professionals and their clients. The company produces more than 700
electronic and print products for the tax, legal, securities,
insurance, human resources, health care and small business markets.
CCH is a wholly owned subsidiary of Wolters Kluwer North America. The
CCH web site can be accessed at cch.com.
The CCH tax and accounting destination site can be accessed at tax.cchgroup.com.
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