Lacerte Tax Software

It would be an understatement to say that managing taxoperations is challenging. The complexities of the revenuelaws and rules, frequent legislative and regulatoryamendments, and the ever-evolving needs for data securitywhile preparing and filing returns for multiple businessand individual clients means professionals need nothingless than a brilliant tax program to get the job done. AndLacerte, the frontline tax program from Intuit makes foran impeccable digital solution in this context. Made bythe CPAs for the CPAs, Lacerte has been helping accountingfirms and tax practitioners for several years inautomating tax workflows and filing even the most complexreturns with ease.

What is Lacerte Tax Software?

Lacerte is a powerful, feature-loaded software that offersend-to-end tax preparation and return filing solutions forboth individuals and businesses. Coming from the vault ofthe American accounting and tax software giant, Intuit,Lacerte is a good fit for tax and accounting firms, CPAs,small and mid-sized businesses and individual taxpractitioners as it features a comprehensive set ofin-built tools, utilities and functions along with morethan 5,700 tax forms to handle a wide variety of returntypes - federal, state, and local income tax returns alongwith property tax returns.

It comes loaded with advanced e-filing capabilities tomake the process of tax preparation and filing simpler andquicker by cutting down manual paper-based tasks. Thefrontline tax program offers multiple filing options,allowing users to electronically submit multiple returnssimultaneously from one central client file along withproviding the option for year-round e-filing, enablingusers to e-file current and previous year returns. Lacerteoffers full integration with QuickBooks Accountant as wellas improved eSignature feature. All these attributescollectively make Lacerte a complete 360° tax program.

Before diving deeper into the topic, here’s a quick videoby (Name & Designation) highlighting why Lacerte isone of the most predominant tax applications in the US.

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What are the features of Lacerte tax software?

With an user-friendly interface, Lacerte is easy tonavigate and provides quick access to the forms, files andassociated data required for seamless tax preparation. Theenhanced e-file wizard simplifies the process of filingmultiple forms simultaneously, and the unique eSignaturefeature delivers more prominent and more accuratesignature capture capability than the previous editions.

Here are some of the most innovative features of the taxsoftware:

User-Friendly Interface

Speed up your tax filing process with distinctivetime-saving features like:

• View clients at one tab with customizable columns.
• Easy to enter data with flat Worksheet-based design.
• Speed up the review process using the tab design.
• Seamless navigation to forms, repair, diagnostic and print function with a single click.
• Strategically placed tabs to match tax return common flow, so it's easy to learn and use.

Reliable & Fast Multi-User Performance

Collaborate with your team members and work in sync on thesame tax software and never put a halt on your work speed!

• Rock-solid networking capabilities allow the tax software function at its maximum potential, whether you use it on a single desktop or multi-user mode.
• Maintain uniform processing across the entire firm by setting preferences including invoice schedule.
• Reduce unnecessary time-consuming work and billing issues. For firms that use varied preparer license files, download and assign exact prep match files automatically.

QuickBooks Accountant Integration

With the Intuit Lacerte application, quickly integrate theQuickBooks Accountant program so you can import data entrybalance into your dashboard.

• Assign tax fields automatically to your trial balance accounts.
• Make corrections in the data before posting it on the trial balance.
• Build a custom database by automatically saving updated assignments. Complete one client returns and automatically the other returns too quickly.

Comprehensive Form Library

Lacerte tax application comes with more than 5,700 formsto address all types of return filing requirements forboth . Further, it supports K-1s, multi-state,consolidated corporations, oil and gas industries, and aplethora of other modules. Some of the available tax formsinclude:

• 1040
• 1041
• 1065
• 1120 & 1120S
• 706
• 709
• 990
• 5500

Lacerte can import data from CSV or Excel files directlyinto the Schedule D form, reducing the manual data entryprocess. Further, 1099 and W-2 data can be downloadeddirectly from its financial institution into the taxsoftware.

Advantage of E-Organizer

E-organizer is a paperless way of collecting datanecessary for preparing the return. It enables sendingsurveys, forms, and e-mails to clients to gather essentialdata within the tax software.

In addition, clients get access to a customized,password-secured executable file, which has the fullreport on know-how to use the organizer, FAQs, and manymore.

Missing Client Data Utility

Never miss a field with this tool. Identify the columnsunfilled and immediately ask for the needed data bysending emails to the client. Just flag input fields inthe detail window while evaluating a return, and when youget data from your client, go straight to the input fieldsto close the return. Hence, you streamline your entiredata entry process with missing client data utility.

Trial Balance Utility

This tool is really helpful for tax and accounting firms,accountants and tax preparers to finish their year-endclient trial balance statements. With this, create charts,modify journal entries, review trial balance statements,and much more. Plus, seamlessly import financial data fromQuickBooks to your excel sheet for accurate data entry.

Tax Analysis & Planning tools

Tax analysis and planning tools are especially curatedtools to help professionals in analyzing and strategizingtaxes for a wide assortment of clients.

• It is sold as part of a bundle and provides integrated client service tools to provide services beyond just the basics of a tax return.
• Lacerte Tax Planner can quickly plan out customized strategies to lessen clients' future tax liability.
• Lacerte Tax Analyzer is a valuable tool that advises your clients regarding the implications of the new law. Not just this, it will red flag any amounts in your return filing that is likely to trigger an IRS audit. So you avail professional tax services with this solution.

What's New and What’s Updated in Lacerte Tax 2021?

One of the major reasons why Lacerte remains at theforefront of tax operations is the fact that Intuitreleases new versions of the program every year addingmore enhancements, tax forms and packages, and bringingmore handy features while also complying with the latestlaws and rules to help tax practitioners tackle even themost complex returns.

With reference to what’s new for the software this year,there’s a whole lot of improvements and enhancements tostreamline day-to-day activities and provide smoother taxpreparation and filing.

Following are the major and minor updates to boostperformance and simplify taxation process:

New Updates

• Verify your Electronic Filing Identification Numbers (EFIN) in the tax program
• Notifications and alerts regarding tax accuracy
• Updated profile for billing
• Simplified cloud integration for remote access
• Lacerte 200 Federal 1040 enhancements
• Lacerte Actionable Steps for Error Resolution (LASER)

Lacerte Tool Hub

Another section where Lacerte has seen major improvementsis the Tool Hub section, which is now more detailed andmore equipped to help users quickly resolve common systemerrors and bugs empowering you to do what you do the best,serving your clients. You can use “Tool Hub” to fixdifferent issues, including but not limited to:

• Repair Updates
• Desktop alerts
• Mapped Drive Tool
• Networking Issues
• Component Repair Tool

Simplified Access to Lacerte Support with 1-on-1assistance and multiple self-help tips:

Get product support at your convenience: It nowallows you to book appointments or request a callback fromthe support team for troubleshooting.

Voice Assistant: Lacerte now comes with an in-builtvoice assistance feature to help you get the requiredresolutions by directing you to self-serve instructionsprovided by Lacerte Support.

The Lacerte Tax Idea Exchange: This is a uniqueinitiative by the Support Team to collect importantpointers and feedback from the users which help in theirendeavor of further research and development and bring innewer and better solutions.

For complete details regarding the newest updates andfeatures, click here.

What are the Benefits of Lacerte Tax Software?

E-filing

As discussed above, e-filing is the single-most uniquefeature of Lacerte Tax Software, which helps professionalCPAs and accounting firms provide quicker and efficienttax processing and filing for a large number of clients.

• Harness the power of inbuilt e-filing capabilities designed to cover both business and individual taxpayer requirements.
• E-file wizard, a handy utility that makes return filing easier and quicker when transmitting return, particularly while troubleshooting validation errors.
• Easily authenticate data transmission via your local desktop-based software.
• Keep yourself updated with the IRS e-file mandate
• Innovative batch filing option to assist tax professionals handle e-file extensions for multiple clients, everything in one-go.

Expanded e-filing

Lacerte tax software has been designed to cover frequentlychanging dynamics of tax operations by deliveringcomprehensive solutions and this is why Intuit keepspushing for new updates and incorporating new tax formsand making the application flexible enough to meet theelectronic return filing needs of the taxpayers indifferent states.

Visit Lacerte support for complete detailsregarding new form addition and by when they will beavailable for e-filing.

E-organizer

Get access to the essential accounting and financial datafrom each of the clients in just a few clicks and storethem in one place faster operations. Instead of paperorganizers, make use of the.customized software for taxanalysis and strategic planning.

• Easy-to-use and share electronic forms, checklists, questionnaires and other documents for easy understanding and communication between staff and the clients.
• Get rid of the manual tasks like printing, assembling, and mailing paper organizers, which saves both time and money.
• Files are protected by passwords, which grants complete security to confidential business information.
• Easily transfer approved numbers onto the respective tax forms online and minimise the chances of data-entry errors.

Each of the packages contains unique download links toaccess and download password-protected, executabledocuments on the local systems of every individual client.The tool includes everything they require - introduction,user guide to add-on usage, FAQs, a section to raisequeries and concerns and a feature to download tax filesinto the program itself.

Combined E-file Wizard

Make full use of the single e-file wizard available tohandle standard as well as other filing types, likeProperty Tax, Corporate Tax and Limited Liability Company(LLC) Tax. The same e-file wizard can be used todeselect/select filings for federal, state and otherfilings, helping to reduce the time and hassle of havingto file with two separate tools.

Multiple Filings per Client

Boost the overall efficiency and productivity of youraccounting and tax firm. Lacerte tax software allows youto add different instances related to the return filing ofthe same user, thereby saving your valuable time andefforts.

E-filing for Multiple Clients

Filing instances were already supported in a single cliente-file. Also, CPAs, accounting and tax practitioners cannow e-file for multiple clients simultaneously withoutdisrupting the workflow or the process.

Is Lacerte Certified by the Internal Revenue Services?

Yes, Lacerte has receivedfiling acknowledgment by the IRS, which has furthervalidated the usage of the tax program. Tax softwareprograms used for preparing and filing returnselectronically are required to pass the requirements for Modernized e-File Assurance Testing (ATS)to ensure that the applications can provide accurate datain predefined formats for further processing. Lacerte TaxProgram and Lacerte is one of the most popular programs toconsistently pass the ATS.

For Plan Year 2020, Lacerte topped the list of Form 8955-SSA Approved Vendors.Considering the fact that the tax software provides morethan 25,000 diagnostic utilities divided into threecategories, all contribute to minimize the chances ofrejections from the IRS. Within the software itself, youcan analyse and compare every return to the IRS databaseaverages for similar returns filed. This feature helps youstay updated about the potential missed information or thepossible issues that could trigger the IRS Red Flag.

Lacerte - Recognized by AICPA Members (Not a new sectionbut continuation to the Previous Section)

Owing to the efficient in-app tools, features andcomprehensive tax packages, it has evolved as one of themost popular and used tax applications in the UnitedStates. In fact, Lacerte has received the highest level ofaccolades, one of them being earning top recognition fromAssociation of International Certified ProfessionalAccountants (AICPA). As per the 19th Annual Tax SoftwareSurvey of AICPA Members by the JofA and The Tax Adviserregarding the most predominant tax products, Lacertegarnered 16% of the total votes; second only to ThomsonReuters’ UltraTax CS Software, which was chosen by 20.7%of the members.

Limitations of Lacerte Tax Software

While the software has been efficiently designed to servea wide range of tools and features to provide hassle-freetax preparation and filing, there are a few limitations ofLacerte that you need to be aware of, especially when youare planning to implement it in your practice.

The application doesn't support:

• Like-kind Exchanges.
• Form 2106.
• Schedule E (Vacation/Holiday Homes).

In addition, the software doesn't have any featuresrelated to:

• Printing estimate vouchers.
• Importing most overrides or adjustments from other software solutions (only Schedule D overrides are imported).
• Handling sheets related to local and state tax refunds for the clients.
• Managing long-term care premiums
• Exporting estimated payment dates regarding additional estimated payments in the 4th Quarter (The entire NOLs (net operating loss) are exported into a single code).
• It doesn't have any auto-save feature to automatically save made changes.

How is Lacerte Software different from Other TaxSolutions?

When it comes to top-of-the-line tax software solutions,there are a few handy options available. Each of thesoftware packs a wide range of features, tools andfunctionalities along with having dedicated Tax modulesand packages designed to serve individual and corporatetaxation requirements.

Given below is a comparison table, which highlights howLacerte racks up against the likes of ProSeries, UltraTaxCS and Drake Tax Software.

• When you prepare tax with Intuit Lacerte tax preparation software, you achieve a far more efficient and effective process and are solely responsible for engaging in core activities. The entire tax filing gets automated by the powerful functions the tax software encompasses.
• Also, the seamless integration with QuickBooks accounting software lets you save time and effort and synchronize the tax plus accounting data.
• Further, when it comes to filing complicated tax filings, it is viewed as the best-valued solution. It has more than 5,700 forms, including modules 1065, 1120, etc., and offers a unique interface and automated calculations, so you rely heavily on the application for the tax filing process.

What is Lacerte Document Management System?

Top Add-ons of the Lacerte Tax Software

Lacerte users can leverage their productivity by includingintegrated add-on applications to finish their online taxworkflow effectively.

eSignature Plus Payments

In collaboration with DocuSign, Intuit introducedeSignature Plus Payments feature in the last edition. TheFederal Revenue Agency, the IRS has validated theintegration of eSignature with the tax application to helpsecure digital signatures for confidential documents,engagement letters, W-9s, Forms 8879, Forms 4506-T, and7216 Consent Forms. Also, it offers a unique option forpayment collections, which enables you to raise requestsand collect payments. It doesn't not only fastrackyour billing process but also saves you valuable time.

Further, it also comprises eight statuses to ease theproceedings for both individual and business taxpayers.They are:

• Declined
• Failed Authentication
• Delivered
• Multiple
• Partially signed
• Signed
• Voided
• Expired

Hosting for Lacerte

Move your desktop solution to the cloud with enterprise-grade securityto securely access and execute your tax operationson the go. Get rid of in-house IT infrastructure setup andmaintenance; free data migration and free supportround-the-clock to accelerate your cloud journey. Get anytime, anywhere access with any device, plus worksimultaneously on the same data files with multi-usermode.

Pay-by-Refund

Shed the burden of paying and collecting tax preparationfees from your client's shoulders. Avail of thebenefit of Intuit's refund transfer scheme, includingidentity theft protection. Also, sign up via yourpreferred professional tax solution and invite yourclients. It's just that easy!

Intuit Link

Manage and organize client data with the Intuit Linkonline portal. You can enjoy this add-on at no extra cost.Your clients will profit from new login enhancements, sothey can seamlessly access their accounts. With this, theyeasily and securely send you their tax documents.

Intuit Practice Management

Get more clarity and check over your firm workings, whilelessening time spent on repetitive tasks. Therefore, youcan keep a tab on your clients. Intuit Practice Managementautomates and standardizes your firm's actions andmaintains the data refreshed and in sync over every otherIntuit accounting and tax software platform.

What Values do Lacerte Tax Software Add?

Following are some of the most significant advantages ofusing the Lacerte software:

Time Saving

Traditional tax filing can consume your time and efforts.Lacerte e-filing option allows smooth transmitting ofreturns. The application ensures you stay updated with thelatest IRS e-file mandate for the relevant tax season.

Easy QB Integration

With QuickBooks seamless integration, your tax andaccounting process can go hand-in-hand. So you don'thave to worry about reconciling your tax statements andaccounting, Lacerte solves this for you!

Pre-loaded Forms

It has more than 5,700 forms enabling you to provide taxprocessing and preparation services to multiple clientswith different needs. Directly import your tax data fromCSV files to schedule D.

Ease of Use

Lacerte eliminates the need to track clients' data.Just identify and complete the missing information bysending a request to the client to give the necessarydetails to complete the return.

Advanced Diagnostics

Lacerte can run 2,500 advanced diagnostics to identifyerrors and mistakes and provide you with a detailedreport.

Lacerte Software Plans

Lacerte provides plans customized according to differenttax professionals and client needs and specificrequirements. Generally, it has three packages to offer:

Lacerte 200 Federal 1040:

It comprises a distinctive collection of different formsdesigned for federal return filing for up to 200individuals.

Lacerte Unlimited Modules:

It has the same modules and features as Lacerte 200Federal 1040 but it is available for filing unlimitedindividual and business returns.

Lacerte REP:

For limited filing of individual, state and businessreturns, opt for Lacerte REP backed by pay-as-you-gopricing model.

Who can Use Lacerte Tax Software?

As explained above, Lacerte Tax Software carries possiblyeverything from state and federal tax forms and packagesto innovative tools and utilities required by taxpractitioners for hassle-free return filing. It lets themfocus on their core areas of competency while helpingprofessionals with their specific tax preparationrequirements. For tax preparation assistance, includingtax processing and e-filing, it is best suited for:

• Corporates
• Individuals
• Small to Medium-sized tax practices
• Tax consultants

What Kind of Support Do You Get with Lacerte Tax Software?

Lacerte offers comprehensive support to troubleshootsoftware-related bugs keep your application and youroperations running smoothly. You can contact LacerteSupport Team via

• Phone: +1-800-933-9999 (Toll-Free)
• Email
• Live Chat

Support Hours

During the tax season, extended support is provided even on the weekends. Toknow more about the latest info regarding support hours,click here.

Online User Guide

• In-program Help
• Help Me Feature with Screen-Specific Points
• IRS Instructions on Every Form

Is Lacerte Software Cloud-Based?

As explained above, Lacerte software is a comprehensivetax application packing some really powerful and handyfunctions to help you streamline tax data collection andfiling process with utmost accuracy. However, Lacerte isconventionally a desktop-based application and like allother desktop apps, it has fixed accessibility,scalability, data sharing, and workflow limitations.

Luckily though, Lacerte hosting on the cloud has evolvedas one highly efficient and cost saving alternative totraditional software deployment technique and for goodreasons. It enables you to access and use the same desktopsoftware with the same interface, features and tools withadded benefits of the cloud like remote accessibility,scalability, reliability and data security.

Hosting Lacerte on cloud means deploying the licensedcopies of the application on remote servers. The cloudplatform is fully managed by third-party serviceproviders. It helps cut down your operational budgetsignificantly given that it eradicates the need of havingan in-house IT infrastructure and a dedicated team tomanage it. High performance virtual servers pack adequatecomputing and storage resources, and depending on yourspecific operational requirements, you can get your cloudplatform customized. With pay-per-use subscription models,you only need to pay for the resources that you consume,without paying for additional bells and whistles.

Following are some of the most important reasons why youshould give cloud a serious consideration if you are aLacerte user or are planning to deploy the software inyour firm.

100% Remote Accessibility

Hosting Lacerte on remote servers empowers accounting andtax firms to access the software from anywhere through anyweb-connected device. It means you and your team no longerhave to be bound to the office PC to accomplish the tasks.It removes all kinds of devices and geographical barriers,giving busy professionals like you a competitive edge byhelping you stay connected to your team and your business,no matter where you are in the world.

Customizable and Scalable

Cloud Hosting offers multiple options for resourcecustomization, and as a user, you have all the freedom tochoose the best suited computing resources, like RAM, diskstorage, and processors. The best part is the cloud-basedsolutions are generally based on pay-per-use models,meaning you only need to pay for the absolute resources.As per the changing business requirements, you can scaleup or down your cloud resources and still work with yourfull potential. By moving your tax software to the cloud,you don't have to spend on on-premise network setupor maintenance.

Enterprise-Grade Security

Reliable Tax Application Hosting providersare mostly SSAE-18 certified with HIPAA compliant andfollow the latest security guidelines along with deployingsome of the most prominent physical, electronic anddigital security measures to protect sensitive businessinformation from the prying eyes of the cybercriminals.

Some of the include:

• Data Encryption
• Two-Factor Authentication
• Anti-virus Programs
• Anti-Malware Systems
• Network Firewalls
• 24x7 Monitoring
• Intrusion Detection and Prevention Programs

Besides, your business-critical information is backed upon multiple levels at different data centers so as toensure that your data can be recovered and restored incase of any accidental deletion, loss or damage.

Free Technical Support

Why spend unnecessary time on IT matters? Cloud-basedsolutions let you focus on your core activities. So, evenif you are confronted with any glitch or bug related tothe application, dedicated cloud technicians are availableround-the-clock to identify and troubleshoot all kinds oferrors and bugs and leave no stones unturned to keep yoursystem up and running. Cloud hosting providers also ensuretimely system updates and upgrades so that you are freefrom all kinds of IT-related hassles, which means you canspend your valuable time doing what you do the best -serving clients.

Integration with Third-Party Applications

Although you can download and install third-party programson your local PC, it can impact the system speed in someor the other way. So, when you choose to migrate Laceratesoftware to the cloud- it gives access to virtuallyunlimited storage and won't hamper your PC speed.

Lacerte cloud hosting platform supports smooth integrationwith third-party add-ons. Since everything is stored inthe cloud servers, from your core application and yourassociated files to third-party tools and add-ons, you canperform your day-to-day operations with maximumefficiency.

Bottom Line!

Lacerte is a complete software solution bringing to youmore than 5,700 states and federal tax forms along withthe essential features and tools for smooth taxpreparation and filing process. It offers very accurateand updated calculations with easy-to-understandpromptings to redirect you to potential forms required forreturn filing. In addition to automated calculations,utilities like trial balance utility, e-organizer,automatic backups and many other useful functions help youglide through the process of tax preparation and filingneeds of all your clients.

What makes Lacerte a complete tax application is - it iscompatible with QuickBooks, Intuit’s very owndesktop accounting software, QuickBooks along with manyother third-party apps and add-ons, which whenintegrated go a long way in enhancing overallfunctionality, usability and performance of theapplication, thereby helping CPAs and professional taxprofessionals in handling a wide assortment of clientssimultaneously and stay on track even during the busiestof seasons. And the innumerable diagnostic utilitiesoffered by the software helps minimize the chances of IRSrejections and expect quicker refunds.

Frequently Asked Questions

Why is Lacerte cloud hosting a suitable choice for taxpractitioners?

It’s only because it gives Lacerte cloud hosting gives taxprofessionals multiple benefits like: anywhere and anytimeaccess, high performance computing with no majorinvestment in IT infrastructure, enterprise-grade securityof Tax preparation data, etc. Nowadays, when excellentteam work is hailed as the only way of productive workingculture, Lacerte cloud hosting.

Hosting cost of Lacerte tax software depends upon variousfactors like: number of users to have concurrent access,number of applications you need to install on the samehosted platform, storage space you need, etc. Since cloudoriented resources are scalable in nature, you can furthercustomize as per your exact requirements, reflectingdirectly into your cost. Pay as you go.

What are the benefits of Lacerte software hosting?

Team collaboration, high performance compute power,cutting edge security, and round the clock support are themajor benefits of cloud hosting of Lacerte taxapplication.

Can you drag attachments directly into the eFileCabinet?

Which tax software features do practitioners consider themost important? Can you print directly from Lacerte, qb,microsoft office and email to eFileCabinet? What problemsare you solving with the product?

Does this include a web portal?

Since Lacerte tax software consists of a vast list offeatures, tools and utilities to perform tax preparationeasily and conveniently. Thus it’s a little heavierapplication to be accessed via a web portal. However, youcan use the cloud hosting of Lacerte application to haveinternet based access.

How lacerate hosting is time saving?

Lacerte hosting is time saving by many means like: youdon’t need to spend your time planning of applications’availability, data backup, security since hostingproviders are largely responsible for these arrangements.You can just focus on your core jobs to serve your clientsbetter.

Does Lacerte software perform better on the cloud?

Absolutely. There are multiple reasons to assert thatcloud based Lacerte tax software performs better on thecloud and major reasons are: accessibility of Lacerte taxapplication all the time, real-time informationsynchronization amongst multiple applications, a highlysecure way of data transmission during tax submission,etc.

What kind of technical support do you get?

Intuit has a number of s like: technical support dependingupon your agreement with them, forums to communicate withthe experts, and a long list of knowledgebase articles toassist you if there’s any issues. However, if you furtherwant to extend your technical support, hosting providersfor Lacerte tax software are available 24X7 to helpwhenever there’s any need.