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Arti Patel Martinez, ProAdvisor Training & Certification Leader: On today's episode of In the Know, we'll be discussing the latest updates to ProConnect Tax.
Hey ProAdvisors, it's Arti, and you're watching In the Know, where you get exclusive access to demos of Intuit product enhancements by the leaders who built them.
Let's jump right in with Chandrakant, who will show us more about the new Client Insights for Returns in ProConnect tax.
Chandrakant, welcome!
Chandrakant Nimoria: Thank you, Arti. Let's get started. Okay, I'm Chandrakant. I'm a product manager with ProConnect Tax Group. Just to give a brief about ProConnect Tax Group, we develop our cloud-based offering for accountants, which they can use to file tax returns for their clients. I'm from that particular team, and we are currently working on onboarding ProConnect Tax on Intuit Accountant Suite [IAS] as well. I'm very excited to talk about one very recent feature that we have launched for our IAS, Intuit Accountant Suite, customers. I would love to walk you through that and see if you have any questions.
What we heard from our accounting firms, currently they are planning to offer more and more advisory services. Specifically for tax planning and tax advisory to their clients, but they are struggling with identifying the right clients and the right tax advisory opportunities for them. Currently, they are going to each client's file one by one in ProConnect Tax or their other tax software and pulling out all the information manually. This problem compounds if they have like hundreds of clients, so it ends up taking a lot of time. Given it’s manual, there are errors in the whole process, and on top of it, another insight that we got to know from our accounting firms that even though they are filing a lot of tax returns for individual clients, but a lot of advisory opportunities exist for clients with business returns as well as like S corp or partnership.
So based on those feelings, based on those learnings, and those insights that we have got from all of our accountants, we are excited to announce that we have launched tax insights in Intuit Accountant Suite for individual tax returns as well as business tax returns. For individual tax returns, you can quickly get a snapshot of your client's tax situation across the last two years, and you should be able to see like adjusted gross income, their tax rate, their marginal tax rate, all those good insights that our accountants have been asking for. Then specifically for business returns, we have ESCO and Partnership Insight, where you can get an insight into how their clients' business is doing, and then if there are advisory opportunities.
One specific thing that I want to call out. A lot of our accounting firms segment their clients based on the industry that they are in, so that is another thing that we have added into tax insights, so that they can group their clients by industry like healthcare, construction, real estate, and provide advisory services for specific sets of clients as well. Last thing, we are currently supporting two previous tax years, tax year ‘24 and tax year ‘25, but we do have plans to support more tax years as we are going forward.
Let me cover some fast facts so that you know how to explore the feature. Currently, Tax Insights is available to our accounting firms on Intuit Accountant Suite Accelerate Tier, who are using ProConnect Tax as well to file their client's tax return. To access it, they can go to the Intuit Accountant Suite under left navigation. We have a Work Tab under which we have Client Insights. There, they can create all these views that I'm going to show you as well in a few minutes. As of August 21, it is live to all our accounting firms in the United States. Again, for firms who are on Accelerate as well as who are using ProConnect Tax for filing tax returns.
With that, let's get a sneak peek. Before I go into the demo for Tax Insights. Just key highlights that I wanted to call out. You can filter your clients by tax year, which state they are from, specific custom fields that you create in your QuickBooks Online Accountant. Then the key KPIs, which again we are going to see in a few minutes, provide you a high level picture of your client's tax situation. Then on top of that, we have provided additional attributes, additional KPIs which you can select from our customized menu, so that you get a full picture about the client's tax situation and identify the opportunities on top of it. We heard loud and clear that a lot of our accounting firms like to download the data. They will try to massage the data and then accordingly like to find the right clients and try advisory opportunities. We have given those functionalities as well so that you can download the data, you can map it with other data that you have across your system and find and help those clients.
This is the Intuit Accountant Suite, newly launched Intuit Accountant Suite. We have, as I was calling it out, a Work tab on the left navigation, under which we have Client Insights. You can click on that Client Insights. It's going to show you some predefined templates for your clients' books like Balance Sheet, P&L data, and bookkeeping. Today, we are going to talk about Tax Insights. You'll click on Create New Data View. That's where you see tax data, and within that we have provided you three pre-built templates. The first one is for your 1040 individual clients. The last two are for your S-Corp client as well as your partnership clients.
Let's quickly get to know what exactly is there, so I clicked on it. I'm going to select tax year ‘24. As you can see, we have already loaded the tax returns info from your ProConnect Tax clients. You can see the client name, the tax return name, what's the balance due refund for each client, what's their adjusted gross income, client age, filing status, marginal rate, effective tax rate, qualifying children, state of residence, taxable income total tax, all those high value KPIs that we have heard from our accounting firms time and again. We have provided all those here so that you don't have to dig into each client's tax return and get this information manually and spend a lot of time that you should be spending advising your clients.
Here, I just want to talk about a few specific things. You can name this particular data dashboard as 1040 data tax year ‘24. You save it. You can filter based on the specific tax year that I was talking about, then you can filter whether a particular client has Schedule C or Schedule E. A lot of our accounting firms create specific custom fields as well against clients, so you can use those custom fields if you want. Then on top of it, we have filters for tax year, schedules, state of residence, filing status as well, so that you can identify that right group that you are looking for. On top of it, we have an Export button which you can use to export all this data in a CSV format. And on top of it, we have Sort and Search on all those columns so that you can filter or sort based on taxable income, total tax, all those different attributes. To further give you more insight into it, you can click on View Tax Return Summary, and this is directly going to open the ProConnect Tax Tax Summary for this particular client, and you can see a lot more information as compared to what we are seeing here. This is our tax insights for individual tax returns, 1040 tax returns.
I'm quickly going to show you how the experience is for business tax returns as well. Again, we are going to follow the same pattern. This time, instead of clicking the federal tax data report, I'm going to click on 1120s. I'll click on access tax data, and here you can see data again for ‘24 tax year and tax year ‘25. You can see the client which industry they are operating in, what's their gross receipts, ordinary income, officer compensation, and total deductions. Another great thing about Business Insights is you can customize all these more than 30 attributes that we have identified for you, and you can select the ones that you want to see on the dashboard.
For example, I'm just selecting industry, industry subcategory, industry detail, and you can see all that information like on the dashboard itself, and you can filter out based on the industry if you want. You can use the client custom field again, industry, and state of residence. All those different things are available for you, so that you can identify the right set of clients that you want to provide advisory services for. As I called it out in 1040 returns as well, you can export this data, you can customize the view, you can adjust whichever view you want to see it, and just this is just a sample data.
This is going to cover all the clients in your ProConnect Tax as long as you have their tax returns in ProConnect. On top of it, we have Partnership as well. So you can see Partnership returns. Same things that I talked about. You can see your client, the tax return name, their KPIs from Partnership returns. You can select more if you want from here, and you can export. You can customize this view. You can sort, search, filter, all those kinds of different things, and all these are highly curated KPIs that we have selected from the tax returns. Again, based on the feedback that we have been getting from accounting firms, I would love for you to explore this feature.
If you have any feedback, you can directly submit this feedback from here, or you can reach out to the organizers. I would love to understand your opinion on what's working, what can be improved, and what additional things that you would need to make this even further useful for you. I would like to invite Arti on stage again.
Arti Patel Martinez: Yeah, super excited about this. Let's see if I can share again. We did see a lot of questions about a lot of the stuff shared with us today.
We're excited to say that we launched two courses in the Intuit Accountant Suite learning plan, which you can find in ProAdvisor Academy! We've got a tax client insights course and a tax prep course. A lot of this stuff that he covered will be covered in the courses. There are two 30-minute courses. They also give you half a point for CPE. I will show you how to find it. Basically, you just go into ProPartner [previously ProAdvisor] Academy and then you go to the Learn page. Then you just filter by topic, so you'll see Intuit Accountant Suite, and when you click that, it'll bring up all the Intuit Accountant Suite courses. Then, you'll just scroll and enroll in the courses that you would like, which also gives me a nice fun opportunity to plug all the Intuit Accountant Suite courses that we have available. There's nine of them there. For those of you that are asking all the questions about IAS, what do I do? What are the differences? Lots of great content there for you to explore and share with your firm as well.
All right, and then with that, I think we've got time for a couple questions. So let's see. Will this support more tax years going forward?
Chandrakant Nimoria: Yep. So, given we launched it very recently, just last month itself, we started with two previous tax years, tax year ‘24 and tax year ‘25. But as we are going ahead, and the e-filing starts for tax year '26 next January, we'll start supporting more and more tax years for individual tax returns as well as business tax returns. So yes, you are covered.
Arti Patel Martinez: Wonderful. Okay, and then let's just do one more. Is this included in what I'm already paying for, or is Tax Insights an upsell on top of my Accelerate and PTO subscription?
Chandrakant Nimoria: Excellent question. Yes, as I called it out, as long as you are on Intuit Accountant Suite Accelerate Tier and you are using ProConnect Tax to file your client's tax return, you don't need to pay anything else. It's covered as part of that. So you are good on that.
Arti Patel Martinez: Amazing! Thank you so much for that walkthrough. If you find this update interesting or helpful, go ahead and like, comment and subscribe. That's all we have for now. We’ll catch you next time.
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