BRS Tax Preparer - Background
The BRS Tax Preparer was
intended to meet the needs of today’s professional estate tax preparer.
The Problem:
As a result of the EGTRRA of 2001 the filing of estate
tax returns quickly became more complex. Many states decoupled from
the federal max-credit to avoid revenue loss. In doing so they changed from
simple “soak up” states to states with an independent estate tax known as
“decoupled states”.
With these changes in the tax code it became evident
that the existing software solutions were not built to satisfy the needs of
today’s estate tax preparer. These legacy solutions were designed during a time when the
federal Form 706 was the center of the estate tax returns. While in
today’s world it is common that an estate will be required to
file a state return even though it is not required to file the federal
return. The number of such returns will increase as we near the
sunset tax year of 2011 as the federal exemption increases.
To make matters
more complex some decoupled states require that a historic version of the
federal Form 706 be included with their state estate tax return. In
such situations the
historic Form 706 is used to calculate the historic federal state
death tax credit from which the decoupled state calculates its estate tax.
To solve this problem, most vendors require the preparer to use an older and
unsupported program for these historic federal estate tax forms. This
makes for an ugly solution increasing the work load on the preparer.
The Solution:
With this in mind we created a new product to satisfy the needs of
today's estate tax preparer. This product is the BRS Tax Preparer.
In our product the
preparer can include more than one year’s Form 706 in a case file. So
if the decedent's state requires filing a historic Form 706 with the state
return then this is possible.
In our product all tax returns can be prepared in the same program. This
way you can prepare all returns, historic and current, in the same program.
This makes case file management much easier. No more using an old
program to prepare historic returns. No more searching for which
program to use to edit a return. Our program is your one stop shop for
all your tax return filing needs.
We also allow the state
estate tax return to be prepared independent of the federal Form 706.
Future direction:
While the initial focus of the product was to satisfy the needs of the
estate tax preparer it became obvious that the product could be used to
prepare any tax return. So while the initial focus will still be to
provide all of the estate tax returns in a single product, we will soon be
providing support for other tax categories such as gift tax, GST, estate
income tax, etc.
Our goal is to provide a one-stop-shop for the professional tax preparer.
Related topics:
Form more information see the product page of the
BRS Tax
Preparer.
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