Product Updates

K1x Product Update 2024-03-20

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BY Scott Turner
March 20

You asked. We delivered. Your ideas in action! More data. More time-saving. Less risk.  

K1x announces a new K-1 Executive Summary, new state K-1 reading, new state e-files, new Tenant Level Master K-1s, new foreign disclosure footnote extractions, and improved packaged printing. That’s a LOT of new & improved! Read on and keep a close eye on our release notes for more details.

 


BRAG WORTHY UPDATES

K-1 Exec Summary

We’re excited to introduce our latest innovation at K1x, the K-1 Executive Summary. With this new addition, we deliver complete structured extraction of the K-1 PDF, providing not just a comprehensive extraction but an insightful, usable Excel-based executive summary that highlights the most critical tax data elements—a huge time-saver in crunch time and a big step forward in de-risking your tax process. Now you can quickly confirm the accuracy of the extraction of your K-1 packet. Plus, our at-a-glance view for extracted but unmapped K-1 data helps you to swiftly identify and address any exceptions, saving precious review time. The K-1 Executive Summary is designed to give you peace of mind during tax reviews – transforming a complex process into a simple, streamlined experience.

Click the image to see a video tour.
K-1 Executive Summary from K1x

 New State K-1 Reading

With our latest update, K-1 Analyzer supports ALL states with full coverage, providing state taxable income allocations for all 42 taxing jurisdictions, delivering comprehensive insights and unparalleled ease of compliance. But we didn’t stop there; for  10 states (15 forms), we extract the entirety of the state K-1 and provide this data in an easy-to-use grid that exports to excel. This data is meticulously organized for you into an easy-to-use grid format, streamlining your workflow and enhancing your decision-making process.

Click the image to see a video tour.

State K-1 Reading from K1x
State K-1 Reading from K1x

 

 New State e-Files

We’re also delighted to share some exciting enhancements to C-TRAC. With our March release, we are closing the chapter on annual maintenance earlier in the year than ever, this frees up even more time for us to deliver more groundbreaking innovation. We’ve dramatically expanded our capabilities, adding 12 new states with e-file capabilities which more than doubled our state e-filing support. In addition, we continue to increase our overall form coverage – this year by more than 25%. Users and their clients love our collaborative workspace and with the additional forms, we make compliance easier and more comprehensive than ever before.

Our commitment to excellence doesn’t stop at forms expansion. Our clients consistently choose C-TRAC for our workflow – a robust, proven process that streamlines everything from data collection and analysis to reporting and integration.

 

 New Tenant Level Master K-1

As a big new convenience especially for family offices or large enterprises managing an extensive portfolio, K1x has created a new Tenant Level Master K-1 for K-1 Analyzer. Instead of piecing together tax details individually by legal entity, you now have a summary level view whereby you can review all tax data elements in one report. Not only a great time saver, but another way K1x is removing more of your tax compliance reporting risk.

Click the image to see a video tour.

Tenant Level Master K-1 from K1x
Tenant Level Master K-1 from K1x

 

 New foreign disclosure footnote extractions

With our March 20 release, K-1 Analyzer is elevating your tax preparation experience with our enhanced footnote extraction capabilities for whitepaper footnotes related to Forms 926, 8865, and 5471. Like in other areas of the application, this enhanced extraction will minimize the data entry time to keep you focused on reviewing important international tax data and making filing determinations. Tax compliance professionals can enjoy a more robust and comprehensive K-1 Analyzer experience, ensuring you catch foreign disclosure details automatically.

Click the image to see a video tour.

New foreign disclosure footnote extractions from K1x
New foreign disclosure footnote extractions from K1x

 


ON THE HORIZON

 Improved package printing

We’re excited to announce that our improvements to package printing are now live! We understand that the back-end package assembly is a critical component for accounting firms, which is why we’ve focused on enhancing the client experience in this area. With this upgrade, not only will you save significant time, but you will also enjoy a smoother, more streamlined tax compliance and client delivery process.

And don’t forget,  you can get the most up to date information on the tax forms K1x is supporting for the 2023 tax filing season here. 

About K1x, Inc.

K1x is the leading data distribution platform for alternative investments. The fintech company’s patented, 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. K1x is trusted by more than 8000 organizations including 31 of 100 largest institutional investors in the US, 15 of the top 25 accounting firms, 8 of the top 100 private foundations, 26 of the top 100 university endowments, and 7 of the top 40 health systems. Visit us at K1x.io and follow us on LinkedIn.

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