Lacerte Tax is a powerful tax preparing application by Intuit. It caters to the needs of individual taxpayers as well as the business clients for a seamless tax filing process. Lacerte offers customized packages as per the specific requirements of users which includes:
- Lacerte 200 Federal 1040: For preparing up to 200 individual federal tax returns
- Lacerte Unlimited Modules: For unlimited individual and business tax returns
- Lacerte REP: Pay-as-you-go pricing plan for limited filing of tax returns
Intuit Lacerte is preferred by its users due to its wide range of features, which provide tax-related solutions to firms of all sizes. Let’s have a look at the top 10 features Lacerte software has in-store for a productive tax filing process.
Table of Contents
1. User-friendly Interface
Lacerte offers a unique interface that helps to go through the filing process quickly and easily. It includes:
- Customizable columns that list all of the clients and can be seen at once
- Worksheet-based design for a better data input experience
- Direct access to necessary tools and utilities like forms, diagnosis, print/view functions, and more
- Tab for quick data input review
These features mentioned above make the tax filing process convenient and enable tax professionals to file more returns at a time.
2. Comprehensive Form Library
Lacerte tax software comprises over 5,700 forms, which further helps to serve a great variety of clients and businesses. It supports multi-state, K-1s, and more. The available tax form modules include- 1040, 1041, 1065, 1120, 1120S, 706, 709, 990, and 5500.
Lacerte also provides the capability to import tax data from Excel or CSV files directly into the Schedule D form, eliminating the manual data entry process. Moreover, 1099 and W-2 information can be downloaded directly from its financial institution into the tax return.
3. Hassle-free E-Organizer
E-organizer is a paperless option for organization and collection of information for the tax filing process. It helps in sending questionnaires, forms, and emails to clients in order to gather the required information quickly within the Lacerte tax software. Clients have access to a customized, password-protected executable file, which includes detailed information on how to use the organizer, FAQs, and more.
E-Organizer helps save the cost of managing and sending data through paper organizers. The errors due to data entry are also reduced due to the direct importing of data into the Lacerte software. Once the clients complete the given form, they can directly transfer it back to their tax preparer. It further saves a lot of time and improves efficiency.
4. Missing Client Data
Missing Client Data utility tool is a built-in tool in Lacerte software that identifies fields with missing information and send requests to the clients for the required information and documents.
Missing Client Data tool saves time and speeds up the tax filing process by reducing the hassle of tracking down client data. Tax preparers can simply flag the missing field for future reference or till the time data is received from the clients. Furthermore, the process of the collection of information is automated for a seamless workflow.
E-signature by DocuSign is a faster way of collecting approvals and agreements digitally. It allows professionals to obtain client signatures on engagement letters, tax forms, invoices, documents, and more in an IRS-approved way.
E-signature enables professionals and their clients to review, sign, and even make payments through the platform conveniently. It also covers eight statuses for the convenience of the clients, which includes:
- Failed Authentication
- Partially signed
E-Signature improves efficiency and uses 256-bit encryption for secure transfer of data.
6. Error Diagnostics And Automated Calculations
Lacerte catches errors and omissions by running over 25,000 extensive diagnoses. It covers areas including a specific e-file review and tax reform diagnostics. Tax preparers can easily jump from the error screen to the required input field for any correction in the form.
In order to provide accurate results, Lacerte provides automated calculations for depreciation, amortizations, Schedule J, multi-state processing, and more. It results in fewer IRS rejections and file returns seamlessly.
7. Integration Capabilities
Lacerte tax software can integrate with various third-party applications like document management, accounting software, client portals, practice management software, etc. These integrations add value to the accounting and tax process by increasing the functionality of the software.
Some of the most useful examples of Lacerte add-ons are:
- QuickBooks- It automates most of the manual entry work by importing accounting data directly into the tax software.
- SmartVault- It integrates with Intuit Lacerte to provide a secure client portal as well as a document management system for the seamless tax filing process.
- Pay-by-refund- It is a convenient method for the collection of tax filing fees from clients through refunds.
- OfficeTools- It is a practice management tool to centralize all of the accounting practices at a single platform for better accuracy and productivity.
8. Trial Balance Utility
Trial Balance Utility offers tools to aid accountants and tax preparers to serve their year-end clients. It improves productivity by providing time-saving features for the trial balance process.
Trial Balance utility helps in developing a chart for accountants, modifying journal entries, reviewing trial balance reports, and more. Furthermore, it can easily integrate and import data from QuickBooks and EasyACCT, which can be exported to Excel seamlessly. Trial Balance Utility saves every year’s trial balance sheet for better reference and tax filing experience.
9. Intuit Link
Intuit Link is an online client portal used to simplify most of the data collection work. It offers a personalized platform where tax professionals and clients can share confidential information securely. Professionals can send custom document requests to ask for the necessary information and documents required for the tax filing process.
Intuit Link provides the option to upload data directly from the client’s financial institutions. It secures data using 256-bit encryption for a protected tax filing process. From the tax year 15, Intuit Link is fully integrated with Lacerte software at no extra cost.
10. Tax Analysis and Planning Tools
Tax analysis and planning tools are a combination of two productivity tools- Tax Planner and Tax Analyzer. These tools help professionals in serving their clients better by increasing value to the tax services.
Tax Planner provides customized plans for each client’s future liability based on current and future state and federal tax rates. It generates four different types of programs- Case Analysis, Adjustment Analysis, Married Filing Jointly/Married Filing Separately Analysis, and Difference Analysis.
Tax Analyzer helps professionals in offering advice to their clients on managing their liabilities and their financial health. It red-flags amounts that are most likely to trigger the IRS audit.
To Wrap Up!
Lacerte tax software has a lot to offer for a smooth tax filing process. The features mentioned above make it one of the most proficient tax software in the market. Moreover, moving Lacerte software on the cloud can provide added benefits of multi-user collaboration, real-time data access, scalable storage, and more.
Do you know any more features of Intuit Lacerte? Please write to us in the comments section.