Tax Research Software

Hello,

I wanted to see what software or subscriptions those here pay for to get the latest tax news or to be able to do tax research, look for rev. procs. etc.

Thanks!

I subscribed to Parker when I opened my practice a couple of years ago. I am glad I did. In addition I have used The Tax Book book for years. I took out the digital subscription this year (the Jacob Special) and I am glad I did. I will get a copy of the book in due course, but having everything online and up to date is great. Sometimes having the book is nice for factual information, such as the various numbers I can no longer keep in my head.

Although it may seem duplicative, I think Parker and TTB have slightly different emphases. TTB is more "every day" stuff. For in-depth discussion on concepts, Parker is better. Parker also has much more case law. I never turn down a free copy of the Master Tax Guide, but I have looked at it no more than or twice this season

I'm given free Master Tax Guides from ADP (among other perks), but I pay for Bradford Tax Institute for tax strategy discussions, Parker Tax, and The Tax Book. Admittedly, I also use Google a lot to find generic guidance when I am not familiar with a subject, and then I confirm through other sources. They all have pros and cons; it can be simpler to find summaries or basic info in Tax Book vs. Parker, but Parker has a lot more detailed discussions of topics. They definitely compliment each other rather than being redundant.

I pay for Parker because the updates have value and it is inexpensive, but I never rely upon it for source info. I have found material mistakes in Parker's IRC and regs. At first, I thought I just found an unusual misreference in the Regs. It took me a while to figure out what was going on. Then it happened again. Then I was researching in 213 and knew a provision had been changed by the CARES Act. I had to dig through the act, find the language, compare to 213 as shown, because I really could not believe my eyes. It was quite significant. I emailed Parker, and the response I received was along the lines of, thanks for letting us know, we will go through the CARES Act again with a fine tooth comb. I emailed back and asked what in the world is going on, this is the 3rd time a solo like me has found mistakes in their data, and CARES Act had passed a year ago. They did not respond.

So beware.

I'll search Parker to get some background on an issue, but I always go here when I need to be sure that what I am looking at is accurate.

https://www.taxnotes.com/research/federal

I primarily use PPC. The 1040 Deskbook is great!

I primarily use PPC. The 1040 Deskbook is great!

I use Checkpoint with the PPC deskbooks and planning guides. They are both excellent resources.

Unfortunately, I am stuck with Checkpoint/RIA and the high price tag. But there is not much else there. I tried Parker twice and thought it was not even worth the $199 or whatever it was. TaxBook internet addition is a must-have for routine things.

Sorry to sort of hijack...

I've used pretty much nothing except the 'net and IRS publications.

Reading this thread I'm now thinking that this is a poor decision.

Should I at least pony up for the TaxBook Internet edition just to have something?

Do you use just the "Web Library"? Or the "Web Library Plus"?

I use Web Library Plus. The regular Web Library just gives you the same stuff as you already have, without having to google.

Web Library Plus. Admittedly, I do turn to Parker first since most states I deal with begin with Federal taxable income and few adjustments, but Tax Book has really helped me identify filing requirements and a lot of other critical information without having to dig through revenue agency websites.

Parker is a good base to identify what you need to actually look at or their discussions of various topics, but I still always confirm via the actual regs. I have not yet found any discrepancies, but it might also depend on the complexity of the tax topic.