(TORRANCE, CA., September 30, 2003) – CCH’s ProSystem fx® Tax software finished first in many of the categories listed on the IRS Processing Year 2003 Practitioner Software Error Reject Report, with an electronic filing acceptance rate of 95.17 percent. Additionally, CCH is a leader when it comes to electronic filing of Partnership returns with a low rejection rate of 2.328 percent, according to company records. Year to date, CCH has electronically transmitted over 22,000 returns, a number that includes over 600,000 Schedule K-1s.
ProSystem fx Tax is the tax compliance component of The ProSystem fx Office suite of integrated tax, accounting and workflow solutions from CCH INCORPORATED. Detailed statistics regarding electronic filing success rates during this past tax season were released to vendors at the IRS Software Developers Conference 2003 in Arlington, Va., on June 5 and 6.
CCH is also one of the top 10 companies whose e-filing volume exceeded one million returns, having enjoyed significant growth in return volume every year. They expect this trend to continue.
Forty-three software packages were covered in the report, with an average acceptance rate of 89.91 percent. Only seven out of the 43 packages rated above the industry average.
The report covers standards that include:
- Accurate PIN information.
- Information provided on the return is exactly what the IRS expects to see.
- Correct calculation of all returns.
- Correct alignment of all data in the corresponding boxes on the tax return.
Anticipating IRS Rejection Leads to Success
Anticipating the many possible scenarios that the IRS might use to reject electronically filed returns led to this success, according to Kevin Robert, President and CEO of CCH Tax and Accounting, a Wolters Kluwer Company. “In 2001, CCH embarked upon a specific process improvement in electronic filing that led to this significant accomplishment,” said Robert. “Our software developers anticipated extensive grounds for IRS rejection and provided changes to the program to specifically address them. This extra effort paid off with an unrivaled acceptance rate.”
New E-filing Capabilities Coming Soon
ProSystem fx Tax is continuing to add to its industry-leading electronic filing capabilities. For example, Form 2688, Application for Additional Extension of Time to File U.S. Individual Income Tax Return, was introduced in June with ProSystem fx Tax Release 2002.06000. This allowed practitioners plenty of time to electronically file any additional extensions for their clients.
Additionally, for the 2003 tax year, ProSystem fx Tax will be adding e-filing capability for:
- Form 1041, U.S. Income Tax Return for Estates and Trusts;
- Form 1120, U.S. Corporation Income Tax Return; and
- Form 1120S, U.S. Income Tax Return for an S Corporation.
For More Information
For more information on ProSystem fx Tax and its e-filing capabilities, call 1-800-PFX-9998 (1-800-739-9998), or visit the ProSystem fx website at www.prosystemfx.com.
About CCH INCORPORATED
CCH INCORPORATED is a leading supplier of software for tax and accounting professionals. Its ProSystem fx Office is a powerful, integrated suite of solutions that includes modules for tax compliance, tax planning, trial balance, fixed assets, practice management, paperless engagements, outsourcing, and web site development. They also offer CompleteTax Pro, an online tax preparation partner program. The ProSystem fx web site can be accessed through the CCH tax and accounting web site at tax.cchgroup.com. CCH INCORPORATED is a Wolters Kluwer company.