K1X, Inc. ’s Post

ICYMI 👉 Announcing 2023 Package Printing including ✅ Signature Authorization Forms, ✅ Public Disclosure Copy, and ✅ Vouchers for Virginia, Massachusetts, and Oklahoma, AND ✅ Coming soon a new integration to UltraTax desktop software. https://okt.to/SGb7zB #taxtechnology #taxtransformation #taxcompliance

ICYMI 👉 Announcing 2023 Package Printing including ✅ Signature Authorization Forms, ✅ Public Disclosure Copy, and ✅ Vouchers for Virginia, Massachusetts, and Oklahoma, AND ✅ Coming soon a new integration to UltraTax desktop software. https://okt.to/JpMLt1 #taxtechnology #taxtransformation #taxcompliance

ICYMI 👉 Announcing 2023 Package Printing including ✅ Signature Authorization Forms, ✅ Public Disclosure Copy, and ✅ Vouchers for Virginia, Massachusetts, and Oklahoma, AND ✅ Coming soon a new integration to UltraTax desktop software. https://okt.to/RoBAKa #taxtechnology #taxtransformation #taxcompliance

Your K1xperts have been busy this month! We are proud to announce these updates to make your tax season less taxing❗ 2023 Package Printing including ✅ Signature Authorization Forms, ✅ Public Disclosure Copy, and ✅ Vouchers for Virginia, Massachusetts, and Oklahoma, and ✅ Coming soon a new integration to UltraTax desktop software. https://okt.to/myl9jA #taxtechnology #taxtransformation #taxcompliance

Your K1xperts have been busy this month! We are proud to announce these updates to make your tax season less taxing❗ 2023 Package Printing including ✅ Signature Authorization Forms, ✅ Public Disclosure Copy, and ✅ Vouchers for Virginia, Massachusetts, and Oklahoma, and ✅ Coming soon a new integration to UltraTax desktop software. https://okt.to/5xSvCb #taxtechnology #taxtransformation #taxcompliance

Not sure about this proposal. I had originally heard that they were going to combine standards for software licensed to customers and internal use software so that there would be consistent capitalization requirements for both models. This just seems like an update to internal use software. Basically, no one is going to capitalize anything on their books under either model, but am sure there will be added disclosure for costs. Also, I find it hilarious that the FASB chair is all for taking software costs off the balance sheet right after the FASB made everyone capitalize operating lease assets on their books with related liabilities thus clogging up companies' balance sheets, particularly tech's.

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I've been getting some questions on my current tech stack. As a solo firm owner, here's what I'm working with so far: 🔷 Practice Management/E-Signature/Invoicing/Proposals/Client Portal (TaxDome) ➡ I love tinkering with automations and templates and workflows, and TaxDome is extremely customizable (although challenging to implement). It takes care of many of my administrative needs, so I like this option as a start. 🔷Tax Preparation Software (ProConnect) ➡ I really like the integration with QBO and the user interface. I've worked in most of the software out there (Axcess, ProSystems, CorpTax, Drake), so I'm excited to see how this one stacks up. 🔷Accounting Software (QuickBooks Online) ➡ This is pretty much the industry standard and accountants may have strong opinions either way... I've been a ProAdvisor since 2014 and comfortable with it so I haven't seen a convincing reason to switch. 🔷Tax Planning Software (BNA) ➡ I see this is a candidate to improve. I like the functionality and everything you can do with projections, but it does seem outdated. Intuit Tax Advisor comes with ProConnect starting 1/2025, so I want to see what it offers. 🔷Productivity (Microsoft 365 Business) ➡ Pretty standard in our industry, but I've been enjoying learning how to use some of the other lesser-known apps like Visio, To Do's, and Bookings for appointments. 🔷Tax Research (Bloomberg Tax) ➡ I personally prefer Bloomberg because of the ease of navigation. The Tax Practice Series is also amazing for brushing up on certain concepts. 🔷Other Efficiencies ➡ I've been spending time this summer building supporting Workpaper templates and utilizing VBA/Python to streamline prep/review. I also use NitroPDF with a one-time license fee, which I prefer to Adobe subscription pricing. Interested to see if anyone has any experience with these or what other owners are using!

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