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Enhancements You Can Expect in the New Corptax® 2016.1.1 Release

June 16, 2016

Author: Agnes Wojtowicz, Supervisor, Tax Automation Services

Every quarter Corptax addresses the areas that have been modified or improved for better use of the software. We wanted to pass along the improvements to fellow users to make your tax automation, (and your job) easier.

Corptax Release 2016.1.1 Enhancements

Corptax release 2016.1.1 covers the following aspects of the software:

  • Corptax Web – eventually Corptax Web will become the only point of access for all administrative tools. Some administrative tools have already moved to this new location, including Users and Groups Management.

To access, click Admin, Security System Settings or Admin, Settings.

  • Corptax Base Erosion and Profit Shifting (BEPS) Country by Country (CbC) – provides a comprehensive solution that can help multinational companies gather, organize, use and analyze data. An additional license is required to access CbC reports. Here’s more detail on what this component can offer:
    • Gathering data
      • View data in the format of Organization for Economic Cooperation and Development (OECD) guidelines for “Table 1 and Table 2”
      • Standardize and generate output for “Table 1 and Table 2”


    • Organizing data
      • Organize the CbC readiness process
      • Adjust to changing country regulations and compliance
    • Using data
      • Leverage data already in the system for compliance and provision
      • Facilitate consolidated, entity-level analysis and transactional-level analysis reporting requirements
      • Build a process to identify, collect, store, validate and analyze data
    • Analyzing data
      • Model “what if” scenarios around different CbC regulations
      • View data analytics reports and risk analysis

To access in Corptax Web click Compliance, OECD for the OECD dashboard. The OECD dashboard allows you to access the “Table 1 and Table 2” reports for Country-by-Country Reporting.

  • Data Management in Corptax Web – You can now create queries to manage data in Corptax Web. Query in Corptax Web will allow you to gather and filter data based on specific parameters that you set up for single entity or group of entities, cases, locations, accounts, adjustments and tax periods. Note: To view the Data Management window, you must license one of the following: Corptax USC, Corptax Provision, Corptax BEPS, or Corptax International depending on the data you are trying to query.

To access the Data Management tools in Corptax Web, click Data, Data Management.

  • View Tax Forms in Corptax Web – Read-only versions of all tax forms are now accessible in Corptax Web. The read-only version allows you to review the data on the form and export to PDF. Future releases will allow for data entry, printing, and managing attachments.

To access the tax returns module in Corptax Web, click Tax, Tax Returns. The Return Calculations window displays returns based on the context (Enterprise, Period, Case, Entity/ Entity Group, Jurisdiction and Currency) selected in the upper-right corner of the window.

Read below for other announcements and information that may be useful.

Other Corptax Announcements

  • State e-File Quick Reference Card – The State e-File for Tax Year 2015 Quick Reference card is now available. This QRC lists all the state e-file calcs and has important information about e-file requirements.

To access the Quick Reference Card (Reference: Use KB article 041604710582406: Documentation Index – e-Filing for Tax Year 2015) click the link in Favorites.  You can access additional state-specific information for each e-file jurisdiction on the Corptax Connect web page. 

NY TAble for Blog Post #10

  • FBAR Deadlines for 2015, 2016 – This new foreign account reporting deadline applies to FBARs for taxable years beginning in 2016. As a result, for filers required to file a 2015 FBAR, the deadline will remain June 30, 2016. For filers required to file an FBAR for 2016 and thereafter, the deadline will be April 15 of 2017 and of each subsequent year.

 To create, edit, delete, and file the FBAR, use the Foreign Accounts Report Filing window: Log in to Corptax Web by clicking View, Corptax Web in Corptax or by browsing to your office’s web URL. Click Compliance, FinCEN. The FinCEN (Financial Crimes Enforcement Network) window displays. Displayed options are: Preparing the FBAR report data and to Filing the FBAR report.

  • Ohio Local Updates to Corptax Calendar – Corptax published updated deliverable definitions for Tax Year 2016 for OH local Income Tax Estimates due to OH HB5 based on Ohio House Bill 5, which provides greater consistency for Ohio municipal filings. These updated Ohio local income tax Estimate definitions were published on March 25, 2016 for Calendar year end customers. This update will be published to Fiscal year end customers when they update to Corptax 2016.x

Corptax Calendar Process

Corptax Calendar Image for Blog Post

To update Corptax Calendar annually, complete the following steps:

      • Load Calendar collateral or seed data:
        • The information relating to mailing addresses, deliverables, dues date, etc. (Administration, Updates, Check for Updates)
      • Set up (change) Corptax Calendar, Entity and Tax Period:
        • Update Profiles (Entity, Tax Period, Jurisdiction), Deliverables, Account Association, Obligation Type, Deliverable Type, Holidays, Mailing Address, Calendar Properties
      • Create/Copy the Global Calendar:
        • Create the Global Calendar for the new year (Calendar, Deliverables)
        • Copy over Prior Year Calendar Properties:
          • Perform the following steps prior to creating calendars for the new period: Create, Properties, Calendar Properties
            • Select a property, click Edit property. Click through the wizard and check the box to Default to prior period value for each property as needed
          • Begin using Corptax Calendar:
            • Use the Global Calendar to track and manage data (go to Calendar, Calendar Reports, select a report in the Reports panel, then click Execute)

More Resources

We hope that this summary on some of the major release updates and Corptax features will help simplify your tax process and the steps you take to execute!

Contact us with your specific questions. GTM is also here to help your tax department with Corptax implementation, tax process automation enhancements, and/or providing Corptax certified resources to support your compliance activities.

Click here learn more about Corptax

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