990 Software for Tax Exempt Filing Automation
BY Scott Turner
Tax exempt filing and reporting is complex for nonprofit organizations
Tax exempt or nonprofit organizations including higher education institutions, private foundations, healthcare systems, pension trusts, and other nonprofits that process 990s and K-1s in volume have their work cut out for them. The IRS Form 990 represents not only a complex tax compliance document, but also a public-facing, public relations document critical to the organization’s overall success. Most solutions for automating 990s are inadequate by focusing solely on compliance without understanding the nature of the tax-exempt industry. C-TRAC gives you the power you need to prepare the best possible showing for your organization through data collection, form preparation, project management, and filing.
Tax exempt practices at accounting firms face additional 990s complexity
As tough as 990 complexity is for nonprofits, the tax-exempt practices at accounting firms face similar complexity and risks when processing and filing 990s—only it’s multiplied by the number of tax-exempt clients each with their own unique needs. Exponential complexity!
C-TRAC is THE standard to simplify and streamline complex tax exempt reporting and 990 filing requirements
Built by CPAs who struggled with the 990 at a top 10 accounting firm, patent-pending C-TRAC was created with the client in mind. Rather than building redundant, archaic, and overly burdensome client questionnaires, C-TRAC is the first and most intuitive IRS-approved software designed specifically to streamline required information gathering, manage multiple aspects of tax-exempt compliance, and automate direct e-filing of completed forms.
Benefits of 990 automation software
Independent analysis from GeniusDrive found a 311% ROI for Accounting Firms with Tax
For a sample accounting firm with 100 client entities and 5 accounting team
members C-TRAC benefits includes:
- Eliminate 1,278 person hours of wasteful, manual tasks each year
- Generate $144K in annual labor savings, system and risk avoidance and growth
- Improving margins by 5.9 to as much as 14.7 percentage points Achieve $459K in
savings and benefits over three years Generating a 311% return on investment (ROI)
Achieve break-even in 4 months
- Beyond the award-winning tech, it’s the support, training, and onboarding by specialists with 12+years working with C-TRAC tax exempt automation software
Accounting firms that use C-TRAC have an added advantage now that their own clients are requesting it by name
990 automation software features
At a high-level C-TRAC performs your tax-exempt compliance reporting and filing needs in one platform including:
- IRS approved e-filing platform including 990, 990-PF, 9990-EZ, 990-T, 4720, 8868 and 13 mandated state e-filing jurisdictions
- Streamlining data collection and tax form preparation into a single, easy-to-navigate workflow
- Enterprise-wide Master Compensation Reporting to easily manage board and key employee reporting across multiple entities
- Support for all 42 state taxing jurisdictions including corporate, exempt, and attorney general forms and their extensions in a single platform
- 1-click integration with K-1 Analyzer (K-1 automation software from K1x) for Federal and State UBI reporting
- Conflicts of Interest module to manage board questionnaires
Click this image to watch 2 minutes of C-TRAC in action
Here are recent C-TRAC reviews from accounting firms, hospital and healthcare systems, and universities.
If you are a sophisticated exempt like a hospital or university, K1x is the best tool. I can see my changes right away in my PDFs. We spend more time doing data analysis instead of data entry. This definitely saves weeks of time every month.
There is no other tech out there like C-TRAC.
C-TRAC has proven to be one of the smartest purchases our department has made. It has allowed us to gain efficiencies, reduce costs, and truly automate the compilation of the 990 & 990-T. We now have a single, comprehensive tool to manage information flowing into the returns and to prepare and file all necessary forms and schedules.
Before we had K1x, we relied on huge spreadsheets to prepare our tax-exempt returns. We needed to find a way to make tax prep more efficient on our exempt side. Now it’s easy to set up new entities, gather and store information, prepare returns, and manage the entire tax-exempt return preparation process. Everybody on our team enjoys the K1x solution. I don’t know how people track all their investments without K1x. It’s made our whole process so much more efficient and it’s great that K1x has exempt experts on staff.
About K1X, INC.
K1x is the leading data distribution platform for alternative investments. The fintech company’s AI-powered SaaS solution digitizes and distributes data seamlessly–connecting investors, advisors, tax software, portals, accounting firms, IRS and state taxing authorities–simplifying complex processes, accelerating filings, reducing costs, and delivering greater control, transparency, and accessibility.