Lacerte

Lacerte. It is a professional tax preparation software suite developed by Intuit, primarily designed for use by certified public accountants, tax attorneys, and other tax professionals in the United States. The software is renowned for its depth in handling complex tax returns for various entities, including corporations, partnerships, estates, and trusts. Since its acquisition by Intuit in the 1990s, it has been a cornerstone product within the company's professional tax division, operating alongside other offerings like ProSeries.

Overview

The software provides a comprehensive platform for preparing and filing a wide array of federal and state tax returns. It is engineered to manage the intricate requirements of Form 1040 for individuals, as well as specialized forms such as Form 1120 for corporations, Form 1065 for partnerships, and Form 1041 for fiduciaries. Practitioners rely on its robust calculation engines to ensure accuracy and compliance with the continually evolving Internal Revenue Code and regulations issued by the Internal Revenue Service. Its user base consists largely of high-volume accounting firms and practices that require efficient processing of numerous and complex client returns each filing season.

Features and capabilities

Key functionalities include advanced diagnostic tools, comprehensive depreciation and amortization modules supporting methods like Modified Accelerated Cost Recovery System, and detailed client management systems. The software offers in-depth guidance on deductions, credits, and alternative minimum tax calculations. It features robust data import options from major accounting software platforms such as QuickBooks and Creative Solutions, streamlining the transfer of general ledger data. Other notable capabilities include tools for tax planning, projection analysis, and electronic filing through the IRS Modernized e-File system.

History and development

The application was originally created by a company known as Lacerte Software Corporation, founded by entrepreneur Ken Lacerte in the early 1980s. It quickly gained a reputation in the professional market for its power and reliability. In a significant move to consolidate its presence in the professional tax software arena, Intuit acquired the Lacerte Software Corporation in 1995. Under Intuit's stewardship, development has continued with annual updates to incorporate new tax law changes, enhancements to the user interface, and expansions of its form library. Major updates are typically released in the fall preceding each tax season.

Integration and compatibility

It is designed for deep integration within a professional tax practice's workflow. It connects seamlessly with other Intuit professional products, including QuickBooks Online Accountant and the Intuit ProConnect Tax Online platform, facilitating a unified ecosystem. The software supports integration with third-party document management systems like Thomson Reuters GoFileRoom and CCH Axcess. It also offers application programming interfaces for custom data transfers and is compatible with various practice management software solutions used by accounting firms to streamline client onboarding and billing processes.

Market position and reception

Within the competitive landscape of professional tax software, it is consistently positioned as a premium, high-end solution, often compared with other major products like Thomson Reuters UltraTax CS and CCH ProSystem fx Tax. It is particularly favored by larger, established accounting practices that handle sophisticated returns. Industry reviews and surveys, such as those from CPA Practice Advisor, frequently highlight its powerful calculation accuracy, extensive form support, and reliable customer support from Intuit. Its market reception is generally positive among its target demographic, though it is often noted for its higher cost relative to some mid-market competitors.

Category:Tax preparation software Category:Intuit software Category:Software companies established in 1985