San Diego, California – June 23, 2008
CORPTAX, Inc. and Tax Compliance, Inc. (TCI), the leading providers of corporate income tax and property tax software, today jointly unveiled innovative updates to their market-leading software solutions creating the most complete, integrated suite of corporate tax applications available. MLM Information Services, the parent company of both organizations, has pursued an aggressive growth strategy since the acquisition of CORPTAX and TCI, investing heavily in product development to create a new common underlying architecture for all of its products using Microsoft’s powerful .NET technology for its corporate tax solutions.
CORPTAX has been the leading provider of corporate income tax software and services for more than 30 years and is now introducing major new functionality in its June release, including: an improved data collect utility that permits remote users to upload and extract data from anywhere at any time; an enhanced version of its robust Provision software, which incorporates automated adjustments, full integration of State by State Provision and detailed State by State Deferred calculations; and expanded functionality of CORPTAX® WorkSpace, the comprehensive workflow, document management, information sharing and collaboration, business analytics, and risk management tool. This release also delivers on its global vision, introducing CORPTAX® Provision IFRS, for global tax accounting under International Financial Reporting Standards.
The June release leverages the same technology unveiled in last year’s CORPTAX U.S. Compliance product. Using CORPTAX’s integrated product suite, tax professionals are empowered to play a more visible, strategic role within the organization through the improved management of tax positions and new efficiencies. CORPTAX customers are already saving time and money, achieving thousands of hours of efficiencies from the integration of compliance and provision. Tina Dorn, Director of Tax Compliance & Reporting at Constellation Energy Group and CORPTAX client, commented on the advantages of an integrated solution, “CORPTAX allows us to leverage provision-generated data throughout the tax life cycle from one integrated database and gain immeasurable efficiencies.” The technology behind the common user interface will also be applied in the future to CORPTAX’s sales & use and transfer pricing software products.
CORPTAX CEO, Dave Shea explains, “Our vision was to create a common user experience and integrated workflow for corporate tax departments and professional services firms. The feedback we’ve received from our clients has been overwhelmingly positive.” Dawn Johnson, Vice President of Tax Technologies at Prudential Financial, Inc. and longtime CORPTAX client, praised the new system, “Prudential saved 4,250 hours preparing Federal Returns by using CORPTAX provision and compliance integration.”
Mr. Shea continued, “Without question, our customers are better positioned to take advantage and benefit from an integrated provision and compliance process and achieve long-term success through workflow automation. We’ve accomplished a great deal in a short time period, and we’re not slowing down. We will continue to execute our product vision with development focused on a common database, Web-based data collection, WorkSpace and further enhancing our integrated products. We are expanding our operations globally and recently opened an office in the U.K. We have also added to our provision product line to address International Financial Reporting Standards (IFRS).”
TCI’s June release of Property Tax Management System v4.1 (PTMS) represents the first step in the complete redesign of their market leading real and personal property tax software. The new PTMS represents the synergy of three successful legacy property tax software packages: PTMS®, PTS Corporate®, and CORPTAX® PT. Significant enhancements which streamline the processes and create greater management control include: role-specific, real-time dashboards that provide greater visibility into property tax process; workflow automation to guide users through processes, saving time and reducing errors; improved filtering capabilities and Quick Entry tools that minimize keystrokes and streamline processes.
The new PTMS leverages the same Microsoft .NET architecture as CORPTAX to create a new user interface closely resembling Microsoft Office and CORPTAX products. Such a familiar layout and design provide even first-time users with the ability to work within PTMS just as easily as they would with Microsoft® Excel.
TCI CEO, Scott Strauss commented, “We’ve been working closely with our customers and CORPTAX to develop a solution that is cutting-edge while still easy to use, and the new PTMS is just that. Each module of the new .NET version of PTMS was redesigned to replace multiple screens in the legacy system, allowing for fewer clicks for each task. The result of reducing the number of screens and the latest Microsoft look and feel is a PTMS that is more intuitive than ever. Not only have we made considerable enhancements to the end user experience, but PTMS is the only property tax software on the market to offer flexibility in deployment, giving customers the option to host the application internally or access via the Internet through an ASP environment. The new system is the perfect balance of process innovation and market-proven solutions, providing our customers with the best software on the market.”
Designed to meet the unique demands of corporate tax professionals, the CORPTAX and TCI family of applications currently includes U.S. and international income tax compliance, provision, planning, FIN 48, property tax, tax calendar, document management and workflow software.