Introduction
Choosing the right corporate tax software is essential for businesses of all sizes to ensure accuracy, simplify compliance and maximize tax savings. However, with so many options on the market, it can be difficult to determine which solution is the best fit. This guide examines the features and functionality of 15 top corporate tax software providers based on unbiased research and real user reviews.
Methods of Evaluation
To evaluate and rank these corporate tax software solutions, we looked at factors like features and functionality, user experience, integration capabilities, pricing and support. We also analyzed metrics like number of backlinks, traffic and keyword search trends to gauge provider prominence and popularity. Our goal was to highlight the most comprehensive and user-friendly options for businesses of varying sizes and industries.
1. TurboTax Commercial
TurboTax Commercial is an online tax preparation software developed by Intuit. As one of the leading tax software providers, TurboTax aims to make filing taxes easy and stress-free for individuals and businesses. With over 100 million users, TurboTax helps customers get their maximum refund and easily manage their taxes and finances.
Pros: Some key advantages of TurboTax Commercial include:
– Best for small businesses with complex returns due to its robust support for different business entity types and forms.
– Easy-to-use interface simplifies the filing process with guided questioned and automated form filling.
– Automated form filling speeds up filing by autofilling commonly reported information.
– Data imports from IRS save time by pre-filling last year’s tax details.
Cons: A potential disadvantage is that it may take additional time and effort to file more complex business returns compared to working with a CPA.
Pricing: Pricing for TurboTax Commercial starts from $199 for basic self-employed returns. More complex business returns requiring additional forms can cost up to $499. Volume discounts are available for multi-user plans.
Some key stats about TurboTax Commercial include:
– Used by over 100 million customers worldwide each tax season.
– Supports filing of all major federal and state individual tax forms.
– Integrates directly with over 400 banks and financial institutions.
– Offers an easy-to-use interface with guided form filling to simplify the filing process.
2. Thomson Reuters GoFileRoom
Thomson Reuters GoFileRoom is a leading corporate tax software developed and marketed by Thomson Reuters. GoFileRoom is a cloud-based document management and collaboration platform specifically designed for accounting firms and corporations to manage tax workflows.
Pros: Some key advantages of GoFileRoom include:
– SaaS platform streamlines multi-user workflows
– Customizable dashboards for each client
– Integrates tax data across desktop and cloud
– Comprehensive e-filing, payment and signature capabilities
Cons: One potential disadvantage is that the platform requires an annual subscription which can increase costs over time for firms with many users.
Pricing: GoFileRoom pricing starts at $40 per user per month for the basic plan and scales up based on the number of users and required features. Volume discounts are also available for larger firms.
Some key stats about GoFileRoom include:
– Used by over 5,000 accounting firms and corporations globally
– Processes over 1 million tax returns annually
– Integrates with all major tax preparation software including Lacerte, ProSeries, UltraTax and more
3. Xero Tax
Xero Tax is a cloud-based corporate tax software developed by Xero, an accounting software leader. The software is tightly integrated with Xero’s flagship accounting software to provide seamless tax preparation and planning for small and medium-sized businesses.
Pros: Some key advantages of Xero Tax include:
– Intuitive dashboard for tax planning and preparation
– Integrated tightly with Xero accounting software for a seamless workflow
– Collaborative sharing of tax documents with accountants and bookkeepers
– Robust compliance features to accurately prepare tax returns
Cons: A potential disadvantage is that Xero Tax is best suited for businesses already using Xero accounting software. It may not be as fully-featured for companies using other accounting platforms.
Pricing: Xero Tax pricing starts from $45 per month based on the number of users and tax forms needed. It offers good value through its tight integration with Xero accounting software and robust feature set.
Some key stats about Xero Tax include:
– Used by over 2 million small businesses globally
– Integrates with over 800 third party apps for a complete financial solution
– Backed by 24/7 expert support from Xero
4. Credit Karma Tax
Credit Karma Tax is a free online tax filing software offered by Credit Karma. Unlike other popular tax prep software, Credit Karma Tax does not charge any fees for federal and state filing for most tax situations. It was launched in 2015 as a way for Credit Karma to help consumers gain better financial insights using their tax returns.
Pros: Some key advantages of Credit Karma Tax include:
– Completely free federal and state filing for most filers
– User-friendly mobile-first design that works well on smartphones and tablets
– Ability to import prior year’s tax information directly to simplify the filing process
Cons: A potential disadvantage is that Credit Karma Tax can only handle relatively straightforward tax situations. More complex returns may require an upgrade to a paid version or different software.
Pricing: Credit Karma Tax is free to use for federal and most state tax filing. For more complex tax situations that require forms like Schedules C, E, F or additional state returns, users would need to upgrade to a paid version for $0 or an add-on service that ranges from $4.99 to $14.99 depending on needs.
Some key stats about Credit Karma Tax include:
– Over 100 million free tax returns filed since 2015
-Compatible with all 50 states tax forms
– Supports import of prior year’s tax info for seamless filing
5. Bloomberg Tax Fixed Assets
Bloomberg Tax Fixed Assets is a comprehensive fixed asset management solution from Bloomberg Industry Group. It provides organizations with a centralized platform to track, manage, and report on their fixed assets throughout the entire asset life cycle.
Pros: Some key advantages of Bloomberg Tax Fixed Assets include:
– Centralized fixed asset management platform that provides visibility across divisions and subsidiaries
– Automates complex depreciation calculations to eliminate errors and save time
– Robust cost segregation functionality that helps maximize tax savings
– Seamless integration with organizations’ general ledgers for improved reporting
Cons: A potential disadvantage is the upfront investment required to implement the software since it is an enterprise-level solution. However, the automated capabilities and ongoing tax and compliance benefits help justify the costs over the long run.
Pricing: Bloomberg Tax Fixed Assets pricing is customized based on the number of assets managed and implementation requirements. Generally starts at $15,000 per year for smaller organizations and scales upwards for larger enterprises with more assets and users.
Some key stats about Bloomberg Tax Fixed Assets include:
– Manages fixed assets for over 5,000 organizations globally
– Automates depreciation calculations for over $1 trillion in fixed asset values annually
– Integrates with all major accounting systems including Sage Intacct, QuickBooks, and NetSuite
6. Avalara AvaTax
Avalara AvaTax is a leading provider of sales tax determination, exemption certificate management, and compliance reporting software. Since 2004, Avalara has been focused solely on tax compliance. AvaTax is a cloud-based solution that helps businesses of all sizes calculate and manage their sales tax obligations easily and accurately.
Pros: Some key advantages of AvaTax include its ability to handle all types of complex tax calculation types including origin-based, destination-based, item-based taxes. It also automatically calculates taxes accurately for newly added jurisdictions or rate changes. AvaTax easily integrates with most major ecommerce platforms and has robust tax reporting and audit support features.
Cons: One potential disadvantage is that AvaTax is a more full-featured solution aimed at larger businesses, so the pricing and implementation efforts may not make sense for some very small organizations with simpler tax needs.
Pricing: Pricing for AvaTax is based on transaction volume. Starting rates are $49 per month for up to $100k in transactions. Plans scale up to $999 per month for over $10M in transactions. Custom pricing is available for enterprises. AvaTax also offers various implementation services to help set up and optimize the solution.
AvaTax manages taxrates and rules for over 11,000 global jurisdictions. It processes over $450 billion in ecommerce transactions annually and serves more than 30,000 customers worldwide. Some key customers include Anthropic, LendingTree, Grasshopper, and MongoDB.
7. SAP Concur Tax
SAP Concur Tax is a leading corporate tax software solution developed by SAP Concur, which is part of the larger SAP ecosystem. The software offers integrated travel and expense solutions with automated tax calculation and compliance tools to help businesses save time and reduce tax risks.
Pros: Some key advantages of SAP Concur Tax include: integrated travel and expense solutions which streamline reimbursement workflows, automated tax calculation and compliance tools which reduce manual work and tax errors, and access to the broad SAP ecosystem which provides robust functionality and support for larger enterprises.
Cons: A potential disadvantage is that as an established enterprise solution, SAP Concur Tax may be overkill for smaller businesses and have a higher total cost of ownership compared to other options. The interfaces also tend to be more complex than simpler accounting software alternatives.
Pricing: Pricing for SAP Concur Tax depends on the number of users and modules implemented. It is usually sold as a subscription model starting at around $50 per user/month for basic travel and expense capabilities. Larger deployments with additional integrated modules can cost over $100 per user/month.
Some key stats about SAP Concur Tax include: automated tax calculations for over 200 tax types in over 100 countries, integration with major ERP systems like SAP, Oracle and Microsoft Dynamics, used by over 40,000 companies worldwide including 73% of Fortune 500 companies.
8. TaxAct Commercial
TaxAct Commercial is a cloud-based corporate tax preparation and filing software created by TaxAct. Founded in 1998, TaxAct is a leading online tax preparation company helping over 2 million customers file their taxes every year. Their commercial software provides small and medium sized businesses an affordable and easy to use solution to prepare, file, and pay their taxes online.
Pros: Key advantages of TaxAct Commercial include:
– Affordable pricing tiers for businesses of all sizes starting at $149
– User-friendly interface that guides users step-by-step through the return
– QuickBooks importing simplifies data entry
– Dedicated phone and chat support from tax experts during business hours
Cons: A potential disadvantage is that the software may not support some complex business types like partnership returns. Users with very high volume transactions or multiple entities may find other higher-end solutions more suitable.
Pricing: TaxAct Commercial offers affordable annual subscriptions starting at $149 for the Basic plan. The Pro plan is $249 and the Premier plan is $349. All plans include unlimited federal returns, file state returns for additional fees, and support imports from all major accounting software.
Some key features and stats of TaxAct Commercial include:
– Supports all common business entity types like LLCs, S-Corps, C-Corps
– Imports transactions from QuickBooks, Xero and other accounting software
– Expert tax professionals available by phone and chat throughout the filing process
– File all federal and most state business returns in one place
9. Sovos Compliance
Sovos Compliance offers a suite of tax determination and compliance solutions to help multinational businesses navigate the complexities of filing taxes globally. Their flagship product, Sovos Tax, is a cloud-based tax software that streamlines sales and use tax determination, VAT and GST compliance, tax content databases, and electronic filing across borders.
Pros: Some key advantages of Sovos Tax include:
– Wide array of tax determination solutions to handle sales tax, VAT/GST, income tax and more.
– Powerful ERP and accounting system integrations including SAP, Oracle, Sage and more.
– Global compliance capabilities to help multinationals file all required tax forms across borders.
Cons: As an enterprise software, the implementation and learning curve could be steeper compared to simpler compliance solutions. Ongoing support costs may also be higher than some alternatives.
Pricing: Sovos Compliance offers both perpetual and SaaS-based subscription licensing models. Pricing is typically quoted on an annual contract basis based on number of users, transactions processed and supported jurisdictions. For a customized quote, requests can be submitted on their website.
Some key stats about Sovos Compliance include:
– They manage tax compliance in over 70 countries and thousands of jurisdictions worldwide.
– Their software determines and files taxes for over 1 million products across multiple categories.
– Over 12,500 customers rely on Sovos for tax compliance including many Fortune 500 companies.
10. Liberty Tax Service
Liberty Tax Service is a national tax preparation franchise that offers both in-person and online tax preparation and filing services. Founded in 1997, Liberty Tax has over 2,700 franchise locations across the US and Canada. In addition to individual tax filings, Liberty Tax also offers corporate tax software solutions for accounting firms and businesses.
Pros: Some key advantages of Liberty Tax Service’s corporate tax solutions:
– National network of franchise support locations for in-person tax consulting and advice
– User-friendly online corporate tax preparation software that can be used remotely
– Time-saving bulk upload feature to prepare and file multiple business tax returns
– Integration with other tools like income and sales tax to streamline compliance
Cons: One potential disadvantage is that franchise support may not be available in all smaller or rural areas. So businesses located far from franchise locations may have limited in-person support options.
Pricing: Liberty Tax Service offers both hourly rates for tax preparation services through franchise locations, starting at $150/hour. Its online corporate tax preparation software is priced on a per return basis, with prices ranging from $99-199 per federal return depending on the level of customization needed.
Some key stats about Liberty Tax Service’s products and services:
– Over 2.7 million tax returns prepared annually
– Over 2,700 franchise locations across North America
– Both online filing through their user-friendly software and in-person support at franchise locations
– Bulk upload capabilities allow accounting firms to file multiple business tax returns
– Complementary tools for income, sales tax and other compliance needs
11. 1040.com
1040.com is a leading online tax filing service that can help both individual and business filers manage their taxes. Founded in 2003, 1040.com makes the tax filing process easy with robust software and unlimited support from tax advisors. With the 1040.com software, filers can rest assured that their federal and state returns will be completed accurately.
Pros: The main advantages of using 1040.com include:
– Robust software geared toward complex individual filings such as rental properties and self-employment income.
– Unlimited support from tax advisors via online chat, phone and email for any tax questions.
– Smooth mobile filing experience allowing tax returns to be completed on desktop or mobile.
Cons: The main disadvantage is that 1040.com only handles individual filings and not business returns for companies, partnerships or LLCs.
Pricing: 1040.com offers a simple flat fee of $25 to file your federal tax return and up to five state returns. For an additional fee, users can upgrade to include additional forms and schedules needed for more complex returns involving investments, rental properties or self-employment income.
Some key stats about 1040.com include:
– Over 25 million returns filed since 2003
– 100% accuracy guarantee on all tax filings
– Tax advisors available online and by phone for unlimited support
– Robust software handles complex individual returns including rental properties, investments and self-employment income
12. Vertex
Vertex is leading corporate tax software for businesses of all sizes. Since 1978, Vertex has been dedicated to helping companies stay compliant with sales and use tax regulation. With over 10,000 customers worldwide that rely on Vertex solutions, it is the market leader for indirect tax technology.
Pros: Main advantages of using Vertex tax software include:
– Market leader in indirect tax calculation with the most accurate rules engine
– Integrates seamlessly into existing ERP/accounting workflows for a unified solution
– Helps manage audit risk with a proven track record of accuracy
– Automatic updates ensure sales tax setup always remains compliant without manual intervention
Cons: Key disadvantages could include the upfront cost may not be feasible for very small businesses and implementation does require some initial setup and configuration.
Pricing: Vertex offers flexible pricing models including annual subscription licenses starting around $5,000 per year for smaller businesses and scaling based on transaction volume and user counts. Enterprise deals are customized to business needs with dedicated support.
Some key stats about Vertex include:
– Market leader with over 10,000 customers worldwide
– Integrations available for all major ERP and accounting software like SAP, Oracle, Sage, etc.
– Automatic updates keep configurations compliant as tax rules change
– Proven accuracy helps minimize audit risk for businesses
13. Taxpayer
Taxpayer is a leading corporate tax software for small and medium sized businesses. Founded in 1999 and headquartered in Toronto, Taxpayer helps over 150,000 accountants and bookkeepers prepare and manage their clients’ tax returns every year. With automated workflows and a simple yet powerful online platform, Taxpayer aims to make tax filing fast, easy and efficient for accountants and their clients.
Pros: Some of the key advantages of Taxpayer include:
– Simple yet powerful online solution that is easy for accountants and bookkeepers to use
– Free basic plan for smaller firms and filings under a certain threshold
– Automated workflows help streamline the filing process for efficiency
– Excellent phone and chat support from a dedicated customer support team
Cons: A potential disadvantage is that the software is online-only without an offline desktop solution. For firms that prefer to work offline at times, an online-only solution may not be ideal.
Pricing: Taxpayer offers simple and transparent pricing plans to suit different business needs:
– Basic Plan: Free for filings under 10 returns. $10/return thereafter
– Pro Plan: $39/month for up to 25 returns. $2/additional return
– Enterprise Plan: Custom pricing for high-volume firms
Some key stats about Taxpayer include:
– Processes over 5 million tax returns annually
– Served by a team of over 150 tax professionals
– Available in Canada and United States
– Used by over 15,000 accounting firms
14. Lacerte
Lacerte is a corporate tax preparation software created by Wolters Kluwer. Lacerte has been used by accounting and tax professionals for over 30 years to prepare business and corporate tax returns. Some key features include seamless data importing, customizable templates, and automated calculations to simplify the tax preparation process.
Pros: Lacerte offers several advantages for accounting professionals including the ability to seamlessly import client data from popular bookkeeping software like Quicken, customizable templates to optimize tax preparation workflow, and automated calculations to handle complex tax formulas and calculations with ease.
Cons: One potential disadvantage is that Lacerte is designed primarily for corporate, business, and partnership tax preparation. It may not be as well suited for individual tax preparation compared to turbo tax-style software.
Pricing: Pricing for Lacerte varies depending on the edition and number of returns prepared annually. Monthly subscriptions plans are available starting at around $150/month or annual licenses can be purchased starting at around $1,500 for the basic edition.
According to Wolters Kluwer, Lacerte is used by over 15,000 accounting firms nationwide to prepare over 1.5 million business and corporate tax returns each year. Over 90% of the top 100 accounting firms utilize Lacerte for their tax preparation needs.
15. TaxCalc +
TaxCalc+ is a leading cloud-based corporate tax software created by TaxCalc. This UK-based company has been developing integrated business tax return software and accounts production solutions since 1999. Their software helps tax and accounting professionals, as well as businesses and self-employed individuals, complete tax returns and produce accounts quickly, efficiently, and accurately.
Pros: Some key advantages of TaxCalc+ include:
– Automates sales tax compliance calculations and filings
– Integrates easily with popular sales tax solutions like Avalara and Vertex
– Real-time rate updates help reduce errors from using outdated rates
– Provides dedicated sales tax features for VAT, income tax, and corporation tax
Cons: A potential disadvantage is that while it has dedicated modules for different taxes, it may not have the depth of specialized point solutions focused solely on one tax type like sales tax.
Pricing: TaxCalc+ pricing starts at £35/month for sole trader use and scales up based on the number of users and modules used. It offers both annual and monthly payment plans. There is also a free 30-day trial available from their website.
Some key stats about TaxCalc+ include:
– Used by over 10,000 professional practices and 180,000 business users
– Integrates with all major accounting software like QuickBooks, Xero, and Sage
– Real-time HMRC approved tax rates and automatic updates
– Dedicated multi-state sales tax solution
Conclusion
With the right corporate tax software, businesses can simplify compliance, streamline workflows and maximize deductions and savings. We hope this overview of the top 15 providers based on core capabilities and market presence provides a starting point for companies to evaluate which solution best meets their unique tax needs and budget. Proper due diligence and free trials are also recommended before committing to any software.