Every tax professional relies on books and software to provide up to date information on tax laws, accounting issues, and quick access to IRS forms and publications. Here's a roundup of the best tax reference guides and accounting software that every tax office needs.
Is there a product that you use everyday and cannot live without? Let me know, and I'll consider adding it to the list.
If you don't have it, you need it. In over 800 pages, this handbook covers all the essential tax laws. Provides in-depth details on the taxation of individuals, corporations, S corporations, partnerships, trusts, estates, tax-exempt organizations, and gift taxes. Excellent binding and paper, so highlighting won't bleed through, and the binding won't crack. (Hint: you can find prior year editions of the MTG at a deep discount at various booksellers.)
I think at least one copy of the Code and Regs needs to be in every office. Electronic versions of the Code are great, because they make finding information easy. However, electronic versions are constantly updated. What if you need to look up information from a previous year? That's why I always keep a print version of the Code in my office and never throw it out. I prefer RIA's one-volume binding. Here's the links to the Code from
RIA and
CCH.
TheTaxBook is an all-in-one quick reference guide to individual and business taxes. TheTaxBook Deluxe version includes essential information for C corporations, S corporations, partnerships, and estates. Tax Book Deluxe covers the same information as two Quickfinders (a competing quick reference product), at a lower cost. The authors provide useful commentary, highlighting practical strategies you can use everyday.
The IRS has discontinued publishing "Package X," a massive compilation of important IRS publications and forms for a tax year. I think this decision was short-sighted. I used it as a reference for prior year tax forms (just in case my software fails, or the forms disappear off the Internet). So what are you going to do? Quickfinder is publishing their version of Package X in two volumes: one for individuals, and one for businesses.
The IRS and the NTIS publish an annual compilation of IRS forms and publications on one handy CD-ROM. It's IRS Publication 1796, and costs $35. You can sometimes pick up a copy for free at the IRS Nationwide Tax Forums. I don't think the user interface is as intuitive as their paper publications, but again this is mostly a purchase for the future, when you need to download a tax form but don't have access to the Internet.
You'll want the Premier Accountant's Version, which allows you to toggle among all the Quickbook varieties. I've been using the 2007 edition for a few months, and I like the new auto-complete feature in 2007, which remembers accounts for frequently used journal entries. It's been a real time-saver.
Peachtree Accounting is a powerful accounting software program for small- and medium-sized businesses. I really like the useful "home page" that displays real-time analytics and reports.
Microsoft has released a small business accounting package for free. Small business owners are going to check out the software based on the price alone, but will still need help maintaining their books. Office Accounting features tight integration with other Office software, and offers eBay and PayPal integration as well. PC Magazine called Office Accounting a "serious contender," and that means we have to be ready to work with Office Accounting files.
