The Tax & Accounting business of Thomson Reuters is introducing Enhanced Provision and Return Integration to relieve the pains of effectively integrating the provision and return processes and to significantly streamline corporate tax workflow.

The new enhanced integration can break out a single line item in ONESOURCE TaxStream Provision into multiple line items in ONESOURCE Income Tax and vice versa. Likewise, it can consolidate multiple line items on a return into a single line item on the provision and vice versa.

The new enhanced integration of ONESOURCE TaxStream Provision and ONESOURCE Income Tax enables tax professionals to:

dramatically automate manual processes and improve efficiencies during every stage of the tax lifecycle;

compare a filed tax return from ONESOURCE Income Tax with the prior year annual provision from ONESOURCE TaxStream Provision, then post the delta to the current year annual provision;

feed trial balance data, book-tax differences, and pre-tax book income from ONESOURCE TaxStream Provision to ONESOURCE Income Tax to get a head start on the return;

automatically send state rate and apportionment data from ONESOURCE Income Tax to ONESOURCE TaxStream Provision to generate state-specific provision reports.

The enhanced integration will be available on Dec. 1 to all customers of ONESOURCE Income Tax (formerly InSource) and ONESOURCE TaxStream Provision (formerly TaxStream).