Reconciling every investment to the K-1s was a real administrative challenge for us. K1x was a huge help pulling in information because it took data entry off us. We love its ability to move data out of the wrong box into the right box–this eliminates the hassles with reclassification and eliminated data entry work.
Reviews
Looking for K1x testimonials? Here are customer quotes for the K1x platform. Turns out our
customers love eliminating 90% of the manual processing of K-1s, K-3s, and 990s.
K1x won the 2023 Tech Ascension Fintech Award for Best Compliance Solution!
It was huge for us to be able to use the select all and export all investments feature. This produces a large grid that has each level of input for each K-1. We can easily discover now whether the preparers picked up that information correctly. Did the intern remember to pick up a transfer to another fund in the tax basis calc? Maybe not, but K1 Analyzer definitely did.
FINANCIAL ADVISORY
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.
UNIVERSITY
This is something else entirely far beyond my expectations and my expectations are very high. We’ll definitely circle around with more stakeholders to move this forward.
ACCOUNTING FIRM
This tech will make a huge impact on our tax transformation.
ACCOUNTING FIRM
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.
HEALTHCARE
Even just sorting each K1 from largest to smallest on TI in K1A (K-1 Analyzer) with one click and being able to add review steps as necessary to get a second set of eyes on material K1s on the fly was a big win for us.
FINANCIAL ADVISORY
We needed something more robust. Now we have drag and drop and integration with important third-party software.
FINANCIAL ADVISORY
After going through the pilot, my feeling is that K1x technologies are not something that I want to practice without.
ACCOUNTING FIRM
The tech costs more than others, but it does a lot more.
HEALTH CARE
I used K1x at my former firm, and am so happy that we’re introducing them to my firm now.
ACCOUNTING FIRM
There is no other tech out there like C-TRAC.
ACCOUNTING FIRM
Very impressive technology in picking up the k3 numbers & efficiency in processing k3s, very short bridge needed to perfection. Thank you Team.
ACCOUNTING FIRM
Some tax software providers don’t allow more than one preparer in a return at a time. With high net-worth clients for example, this leads to returns being inaccessible while one preparer locks the return up for long periods of time just to work on the multitude of K1s those clients tend to have. With K1A (K-1 Analyzer), we can do an extremely detailed job on the K1s on K1x’s platform while the rest of the return process continues within the tax return software.
FINANCIAL ADVISORY
There is an astonishing amount of information you can get from the software without even realizing it. Everyone from the IRS to the software providers to the preparers had problems with the K-3 last year. We didn’t mean to use K1A (K-1 Analyzer)for it, but after tax season we wanted a really detailed view of our income breakout by K-1 and income category and it turned out K1A had brought most of that data in without us even knowing with a separate section for K-3 pivots.
FINANCIAL ADVISORY
K1A (K-1 Analyzer) scans the whitepaper and breaks out line items that end up summing into one number on the tax return, gives you a reclass column so you can maintain a record of how it was originally reported to you, and then lets you run reports on all that info. That combination of features has given us tremendous flexibility in our workflows, including tracking QSBS benefits and making sure that info makes it into our tax basis calcs and is reported correctly across all jurisdictions, and 988 tracking for our reportable transactions process.
FINANCIAL ADVISORY
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.
HEALTHCARE
With the flurry of new tax laws coming out in recent years, I’ve seen tax software providers struggle just as much as preparers to get the new rules right in their platform. I make sure to read every set of release notes throughout tax season for our software and sometimes see them fixing items that have been calculating wrong for years. 461(l)* has special rules for capital gain net income attributable to a trade or business, and to date I don’t see that treatment on that unique type of income being applied correctly in our software and requires manual overrides. The detailed reporting and exports we can get from K1A make calculating this easy, even when we don’t find out the software is doing something incorrectly halfway through a return.
FINANCIAL ADVISORY
As tax preparers, our involvement with the returns don’t stop once we file the return. We have to be prepared for audits and answer a variety of questions that aren’t immediately apparent from just the sums that show up on all our returns that didn’t require a statement. For example, just the other day we were asked for a reconciliation for backup withholding from a state jurisdiction. It took just seconds to run the report in K1A (K-1 Analyzer) and display that data rather than spend hours combing through the K1s or K1 input in the software where a separate workpaper or tax return detail export wasn’t available. Being able to really understand your tax data and pivot on whatever kind of information you need rather than just inputting it, makes it possible to quickly find the answers when questions like the above come up.
FINANCIAL ADVISORY
Tax software providers know that inflexible and hard to get to data can cripple a tax firm that prepares complex tax returns. Why PDFs are still universally used for communicating standardized datasets beats me. I hope one day I’ll be dragging and dropping a completely different file type like an XML into K1A (K-1 Analyzer). Until then, tax software providers have three major offerings as part of their return preparation suite. One package to read in source docs, another to prepare and file the return, and then at an exorbitant charge for a fast-growing sector – another package to analyze your own data you just entered into the return. Having K1A to knock two of those out at the same time is great, and a much preferrable option since the analytic packages from the tax software providers are only going to let you run reports on data that’s already significantly watered down to only what’s necessary to file a return while K1A tracks an absurdly larger number of data points.
FINANCIAL ADVISORY
C-TRAC is very user friendly, easily navigable. Support is great. We get quick answers. This is a solid solution for nonprofit. The team is great. Rollover to the new tax year is quick, often within the day. All we do is hit refresh on our browser and the new tax year information can be entered. It’s not just pretty good. It’s better than pretty good.