What's new with CCH Axcess™ Tax

Quick answers from trusted sources

Launching in late October, the CCH® AnswerConnect AI-enabled search bar is set to transform how you access tax research. This new feature allows you to get AI-generated responses directly within the CCH Axcess Tax software, saving you time and reducing workflow disruptions. The AI-generated responses are based on Wolters Kluwer’s proprietary content, ensuring accuracy and reliability. This means you can trust the information you receive, knowing it is backed by the expertise and thorough research of Wolters Kluwer.

The “People Also Ask” feature provides dynamically-generated related questions and brief answers for additional context. This helps you explore related topics and find comprehensive answers to your queries without having to leave the software. For common tax questions, answers are editorially curated and validated by our in-house tax experts, providing an extra layer of confidence. This ensures that even the most complex questions are answered accurately and reliably.

The embedded user interface ensures you get answers at the point of need without leaving the software. This seamless integration means you can continue your work without interruption, enhancing your productivity and efficiency. By providing quick and accurate answers within the software, the CCH AnswerConnect AI-enabled search bar helps you stay focused on your tasks and reduces the time spent searching for information.

Streamlined and centralized K-1 workflow

Available in December, new K-1 automation features are designed to streamline the handling of complex returns with multiple K-1s. This update includes the new Review & Reclass functionality and state import capabilities. With Review & Reclass, you can reclassify K-1 data at the time of import, reducing the need for pre-work in Excel or manual updates. This feature simplifies the process and minimizes the risk of errors, ensuring that your data is accurate and up-to-date.

State K-1 Mapping will soon be available for California, with more states coming in 2025. This allows you to import state-specific K-1 data alongside federal data, providing a comprehensive view of all relevant information. The ability to manage state-specific data within the same platform enhances your workflow and reduces the complexity of handling multiple K-1s. This feature is particularly beneficial for firms dealing with clients in multiple states, as it streamlines the process and ensures consistency across all returns.

Consolidated returns e-filing enhancements

Coming in December, new e-filing options for consolidated returns will simplify the process of managing subsidiary returns. You can configure e-filing settings for all subsidiary returns on one screen, making it easier to manage and streamline the filing process. This centralized approach reduces the time and effort required to handle multiple returns, ensuring that all necessary information is accurately captured and submitted.

The ability to enter common state data once, and have it flow into all subsidiary returns, further enhances efficiency. This feature eliminates the need for repetitive data entry, reducing the risk of errors and ensuring consistency across all returns.

Additionally, state-specific inputs can be entered centrally for multi-state consolidated returns, making the process more efficient. This feature allows you to manage all state-specific data from a single location, reducing the complexity of handling multi-state returns. By streamlining the process and ensuring that all necessary information is accurately captured, the new e-filing options enhance your workflow and improve the overall efficiency of your tax preparation process.

Innovative tax preparation helps firms grow

Enhanced Backup & Restore functionality, available in October, improves the efficiency of backing up and restoring returns. This feature allows you to back up large returns more effectively, ensuring that all data is securely stored and easily retrievable. The ability to restore multiple files at once further enhances efficiency, making it easier to manage and recover data when needed. Restoring returns in bulk is especially convenient for firms onboarding multiple clients as a result of M&A activity.

Starting in January, you can e-file Form 1042 – Foreign Persons U.S. Source Income, ahead of the new IRS requirements. This feature enables you to comply with the new e-filing requirements, ensuring that your firm is prepared for the upcoming changes. By providing a simple and efficient way to e-file Form 1042, this enhancement helps you stay ahead of regulatory requirements and improves the overall efficiency of your tax preparation process.

Also available in January, the Tax Transfer API Import into Open Return feature allows data import into a return even if it is already in use. This facilitates smoother workflows and automation, reducing the time and effort required to manage data. By allowing data import into open returns, this feature enhances flexibility and improves the overall efficiency of your tax preparation process. This is particularly beneficial for larger firms with multiple preparers working on the same return, as it reduces the need for coordination and minimizes disruptions.

These enhancements are designed to help you work smarter, not harder. We are confident that these new features will significantly improve your tax preparation process, making it more efficient and less disruptive. Stay tuned for these updates and experience the future of tax preparation with CCH Axcess Tax. For more details on these features and how they can benefit your firm, contact your CCH Axcess representative.