Group 1 Unveils New Tax Software
January 16, 2007 Alex Woodie
Group 1 Software recently unveiled GeoTAX Enterprise Tax Management, a new software product designed to get rid of the guesswork in figuring out tax jurisdiction assignment, payroll, business personal property, and insurance premium taxes.
The GeoTAX Enterprise Tax Management solution is based on Group 1’s existing GeoTAX product, which helps companies assign sales tax jurisdiction for hundreds of millions of bills per month,. It is being used by some very large telecommunication companies. The new GeoTAX Enterprise Tax Management product now provides the same type of functionality for payroll, business personal property, and insurance premium taxes.
Group 1 says GeoTAX Enterprise Tax Management provides more accurate tax data than other products because it bases its calculations on actual street addresses, rather than ZIP Code information. That extra accuracy will help businesses reduce tax misfilings, reduce financial risks and regulatory liability, and save a considerable amount of money otherwise spent on tax research and tax management, the company says.
“In many cases, local tax geographies are not limited to counties and municipalities, but include more granular areas, such as school, fire, and other special tax districts,” says Steve Walden, vice president of Business Geographics for Group 1 Software, which is now owned by Pitney Bowes. “These special tax districts don’t follow ZIP code boundaries and they change on a regular basis, so address-level geocoding, combined with complete and updated boundary information, is the only way to ensure more accurate assignment.”
GeoTAX Enterprise Tax Management runs on i5/OS, z/OS, Unix, Linux, and Windows, and can be accessed using a Windows or a Web interface. For more information, go to www.g1.com.