Top 10 Features of Lacerte Software Every Should Know

Lacerte Tax is a robust tax preparation software by Intuit for mid to large businesses. It caters to the needs of individual taxpayers and business clients for a seamless tax filing process. Lacerte offers customized packages as per the specific requirements of users, which include:

  • 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

Its users prefer Intuit Lacerte due to its wide range of features, which provide tax-related solutions to firms of all sizes. Let’s look at the top 10 features Lacerte Software has in store for a productive tax filing process.

#1. User-friendly Interface

Lacerte offers a unique interface that helps you complete the filing process quickly and easily. It has a tabbed interface to match the most common tax return flow.

It also 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 simultaneously.

#2. Comprehensive Form Library

Lacerte tax software comprises over 5,700 forms, which helps it serve a wide 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 allows tax data from Excel or CSV files to be imported 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 organizing and collecting information for the tax filing process. It helps send clients questionnaires, forms, and emails to gather the required information quickly within the Lacerte tax software. Clients can access a customized, password-protected executable file that includes detailed information on how to use the organizer, FAQs, and more.

E-Organizer helps reduce the cost of managing and sending data through paper organizers. Data entry errors are also reduced due to the direct import of data into the Lacerte software. Once clients complete the form, they can transfer it back to their tax preparer, which further saves 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 sends requests to the clients for the required information and documents.

The 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 flag the missing field for future reference or until client data is received. Furthermore, the information collection process is automated for a seamless workflow.

#5. E-Signature

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 conveniently review, sign, and even make payments through the platform. It also covers eight statuses for the convenience of the clients, which include:

  • Declined
  • Failed Authentication
  • Delivered
  • Multiple
  • Partially signed
  • Signed
  • Voided
  • Expired

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 quickly jump from the error screen to the required input field for any correction in the form.

To provide accurate results, Lacerte provides automated calculations for depreciation, amortizations, Schedule J, multi-state processing, and more. This results in fewer IRS rejections and seamless return filing.

#7. Integration Capabilities

Lacerte tax software can integrate with various third-party applications, such as document management, accounting software, client portals, practice management software, etc. These integrations increase the software’s functionality and add value to the accounting and tax process.

Some of the most valuable examples of Lacerte add-ons are:

  • QuickBooks- QuickBooks automates most of the manual entry work by importing accounting data directly into the tax software.
  • SmartVault integrates with Intuit Lacerte to provide a secure client portal and a document management system for a seamless tax filing process.
  • Pay-by-refund- This is a convenient method for collecting tax filing fees from clients through refunds.
  • OfficeTools is a practice management tool that centralizes all accounting practices on a single platform to improve accuracy and productivity.

#8. Trial Balance Utility

Trial Balance Utility offers tools to aid accountants and tax preparers in serving their year-end clients. It improves productivity by providing time-saving features for the trial balance process.

Trial Balance utility helps develop a chart for accountants, modify journal entries, review 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 that simplifies most 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 request the necessary information and documents for the tax filing process.

Intuit Link allows clients to upload data directly from their financial institutions. It secures data using 256-bit encryption for a protected tax filing process. From 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 combine two productivity tools: a Tax Planner and a Tax Analyzer. These tools help professionals better serve their clients by increasing tax services’ value.

Tax Planner provides customized plans for each client’s future liability based on current and future state and federal tax rates. It generates four types of programs- Case Analysis, Adjustment Analysis, Married Filing Jointly/Married Filing, Separately Analysis, and Difference Analysis.

Tax Analyzer helps professionals advise their clients on managing their liabilities and financial health. It red flags amounts that are most likely to trigger the IRS audit.

List of additional valuable features of Lacerte tax software

Here are other notable features of Intuit Lacerte:

  • Autocheck mark: With this feature, Drake automatically marks fields or entries reviewed or completed. This feature simplifies the process of managing and verifying tax return data. Fix automatically detected errors.
  • Jump to input: A productivity feature lets users quickly navigate to a tax return’s specific input fields or sections.
  • Partner search acceleration: Another productivity feature from Lacerte that allows you to quickly locate and update partner information.
  • Missing client data utility: With this feature in Lacerte, you can easily flag missing information and send emails to clients requesting the same.
  • Built-in time tracking: Lacerte automatically tracks the time you spend working on a client’s return. The timer begins when you open a file from your client’s list and pauses when you exit the file and return to the client list.
  • Proforma wizard: It helps you automatically transfer client files from the previous year to the current year without manual effort or human error.
  • eSignature plus payments: You can connect your QuickBooks Payment account with Lacerte to get payments with digital signatures from clients.
  • Automatic data conversion: This feature will be helpful when migrating from another tax software, like ATX, Drake, etc., to Lacerte. With this, you can smoothly convert your existing client files to Lacerte.
  • PDF bookmarks: While working with PDF files in Lacerte, you can easily add checkmarks to visit them later quickly. You can also password-protect PDFs without leaving your workflow.
  • Forms attachment: Automatically attach forms required to be part of the electronic return as a PDF.
  • Schedule D import wizard: Import information directly for Excel for accurate tax preparation and filing.
  • K1 transfer utility: The K-1 Transfer Utility in Lacerte allows tax professionals to easily import and transfer data from Schedule K-1 forms directly into individual or business tax returns.
  • Family link: With this feature, you can automatically link a parent’s return with their child’s to accurately calculate the tax rate on the child’s investment income and complete Form 8615.
  • Exclusive QuickBooks Accountant integration: With this feature, you can seamlessly import trial balance data from QuickBooks Accountant directly into Lacerte. This integration simplifies the tax preparation process by eliminating manual data entry.
  • Fixed asset import tool: The Fixed Asset Import tool in Lacerte allows you to import depreciation data from an Excel spreadsheet into various tax modules, such as Individual, Corporate, Partnership, S-Corporate, and Fiduciary
  • Combined e-file wizard: It streamlines the electronic filing of federal and state tax returns. This feature allows you to file both federal and state from a single e-file wizard.

You can also add multiple instances of filings (franchise, LLC, etc.) within the same client e-file, reducing the time spent filing multiple e-file returns for the same client.

To Wrap Up!

Lacerte tax software offers many features for a smooth tax filing process, making it one of the most proficient tax software in the market. Moreover, moving Lacerte software to the cloud can provide multi-user collaboration, real-time data access, scalable storage, and more benefits.

Do you know any more features of Intuit Lacerte? Please write to us in the comments section.

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About Julie Watson

Julie is a dynamic professional with over 16 years of rich experience as a VDI and Application Hosting expert. At Ace Cloud Hosting, she humanizes disruptive and emerging remote working trends to help leaders discover new and better possibilities for digital transformation and innovation by using cloud solutions with an enterprise-class security approach. Beyond work, Julie is a passionate surfer.
On the weekend, you will find her hanging out with her family or surfing around the North Shore of Oahu.

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