Partnerships have many tax advantages, but they come at a cost: complexity. Every CFO and tax executive knows the difficulty of allocating and tiering profits among partners. The larger and more complex the partnership, the more challenging it becomes to track and comply with ever-changing tax regulations and filing deadlines in federal, state and local jurisdictions. Further, tax teams are overwhelmed by the volume of data that requires manual processing—multiple steps that allow for errors at each touchpoint. Now, at last, there is a tool that makes the task easier, more accurate and more valuable.
PartnerSight™ revolutionizes partnership tiering and allocation. It’s a technology-driven approach to tax compliance services that you haven’t seen before. Employing advanced data analytics and artificial intelligence to provide customizable solutions for partnership tax reporting, PartnerSight takes your tax services to the next level. Among its many functions, PartnerSight can:
- Make partnership tax planning more straightforward—automatically tier and allocate profits among shareholders according to criteria you select
- Simplify state tax compliance—compute state taxes by jurisdiction for each partner
- Streamline federal tax compliance—generate K-1s for each shareholder accurately and immediately
- Transform year-end tax planning into year-round tax planning—give your business the flexibility to adjust variables and test various scenarios for year-end planning purposes—automatically
- Incorporate technology into all of your processes—Once you’ve started with PartnerSight you’ll want to automate all of your tax procedures with our tax technology consulting team.
To assist your year-end planning further, along with RSM’s partnership tax planning services and PartnerSight you’ll have access to our Washington National Tax team, comprised of former IRS and U.S. Treasury professionals with a deep understanding of tax trends and legislative currents.