Words of (Premium Tax) Wisdom
 Chris Hertzog, Director of Tax Services, has been with TriTech Software and Services for 12 years. He probably looks at more premium tax returns in any given tax season than pretty much anyone. He knows his stuff! So we asked him for some insight to help you get ready for the impending busy season. Read ahead to see what Chris has to say and maybe even learn a few new tricks to make your job easier.
I have my 2015 software...now what?
Here is what Chris has to say about preparing for the tax season:
Why should I update now instead of in February?
This is your opportunity to verify the data you have in the software for GFA amounts, prepayments, and retaliatory assessments prior to the busy season.
What do you do with the newly released software? The first thing we do is go through and verify the rollover of information from the prior year. Set references, links, and sticky notes. This is an excellent opportunity to do the administrative preparation of the returns before the premiums are ready. We’ll start attaching documentation for Guaranty Fund Assessments, retaliatory calculations, and other fees or credits. The idea is that once the premiums are available, all that’s left to do is the actual return preparation. We try to make it so the “season” can run as smooth as possible. Spreading the process of preparation out a little earlier will go a long way.
Are there any new features you are excited about? The new audit pane and report will be very useful this year. It will allow you to customize your audit priorities so you can focus on the important issues with each state filing.
Also, the ability to print directly back to the attachment frame. This will allow you to prepare one form and attach it back to another main return so you can print them all together.
The new option to “open matching last document” will let you move from company to company and it will automatically open the same state form. This will allow you to prepare a state return across all the companies much quicker than in the past.
Are there any big form/software changes you are on the lookout for? There’s a new line of business on the state pages for P&C companies: 2.4 Private Crop. Companies that write this line will need to watch to make sure these premiums are reported correctly.
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"We try to make it so the “season” can run as smooth as possible. Spreading the process of preparation out a little earlier will go a long way..."
- Chris Hertzog
Director of Tax Services and Compliance |
What is Rollover?
The rollover feature of Premium Pro Enterprise happens automatically the first time the new product year is accessed for a company. During this time, key information is transferred from one year to the next. This eliminates the need to re-enter the same information for the same company every year, thereby saving you valuable time and resources.
Q: What is included in Premium Tax rollover?
A: A company’s general information, current year prepayments, overpayments not refunded, guaranty fund assessments, and other state-specific information, such as ocean marine three year premiums and state ID numbers. Specific state returns that were activated in the prior year will also be automatically activated in the new year. General Ledger information entered in the Check Request Schedule will also rollover to the current year. Your elections to not print the Fees and Credits sections for the Retal Returns will be rolled over as well. In addition, any state specific rates, fees, and taxable fire percentages that you overrode last year will rollover as well. When you access the information in the 2013 software, any overridden entries that you adjusted last year will appear in red.
The software also has the capability to rollover your state specific options. This includes items such as the gross premium options, dividend deductions, inclusion of finance and services charges, and the inclusion of agent fees.
Q: What about Municipal rollover?
A: For Muni, a company’s general information, city assigned code, Specific municipal returns that were activated in the prior year will also be automatically activated in the new year rollover. General Ledger Information entered in the Check Request Schedule will also rollover to the current year. Vendor numbers will rollover from the prior year check request schedule to the address schedule. Vendor numbers should be entered into the address schedule, not the check request schedule.
Overpayment information in the first quarter of Kentucky does not source from the prior year during the rollover process. Overpayments source anytime you load the first quarter input schedule.
Q: And FormsPlus rollover?
A: Rollover will activate the same forms in the current year that were active in the prior year. General Information, Check Request Vendor numbers, and GL data will transfer from the prior year. Vendor numbers will rollover from the prior year check request schedule to the Filing Info Schedule. Vendor numbers should be entered into the Filing Info Schedule, not the check request schedule.
Q: Does Allocator also have the rollover feature?
A: Yes! User options (Tools-> Options), custom report settings, the list of the recently opened files under the File menu all rollover from year to year. When the application is initially launched, you will be prompted to rollover user and application settings from the prior year product if desired. Select No on the rollover message dialog to skip the rollover altogether. You will not be prompted to rollover again. If you may need to rollover last year's settings at a later time, select the "Ask me later" option. The next time you launch Allocator, you will be given the rollover prompt again. |
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Release Notes
To view the changes that occur with each update, view the Release Notes. Check which state forms are now current, and see any other miscellaneous changes to the software. >>Go
Help Files
Search the Help Files for specific how-to instructions on most aspects of the software. >>Go
Workbook
Log in to the Client Portal to find the latest Premium Pro Workbook to see an overview of the software. >>Go
Tree Icon
Legend
 Gray Icon - The form has not yet been updated for the current tax year.
 Blue Icon - The current version of the return is available. However, approval is pending.
 Red Icon - Not Approved. The form has been updated but is not approved for filing.
 Green Icon - Approved. The form has been updated and is approved for filing.
 Efile Icon - Colors indicate same as above, but this is a filing that must be completed electronically.
 Online Icon - Colors indicate same as above, but the form must be completed via the state’s online filing system.
More Info
Release Notes: Form Statuses
Approval Status & Description
(blank): The current year form has not been released by the state yet.
Pending: The forms are still in the approval process and we have not yet received formal approval from the state.
Informal: The state will not indicate whether they approved or disapproved computer generated forms. However, if the form looks exactly like theirs, they will accept it.
Yes: The form has been formally approved by the state and is ready for filing.
No (E-file): The form in the software is updated but is not approved for filing. The form must be completed via the state’s online filing system.
No: The form has been released and updated, but was not formally approved by the state for filing.
TriTech Form : TriTech provides an internal form for you to calculate and keep track of your estimated taxes. The form is for your records only and is NOT to be filed with the state.
N/A: There is no estimate filing for this state. (Refer to Annual Return)
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1205 S. Greenville Ave.
Allen, TX 75002
(800) 380-6407
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New Features & Enhancements
Check out these new features that are now available!
Attach to
The Attach to feature allows you to print an item, such as a credit worksheet or return, directly into the Attachment Frame of another return. This means you do not have to print an item to PDF, save it, and then open the Attachment Frame and attach the PDF. You can simply print the item straight to the Attachment Frame. More Info
Audit Frame
There is now an easy way to view important items that may need to be addressed before processing and completing a return. Return audits are now available via the Audit Frame, which you access and view just as you do the Attachment Frame and Return Instructions. More Info
Visual Enhancements
We have made some visual enhancements as well to help you navigate the software. For instance, if there are no instructions for the return that is currently open, there will be a red X through the Return Instructions icon. And a visual indicator, a green e, will appear beside the return name in the active tree for electronic filings that have been successfully transmitted. Also, you may view read-only versions of the Premium Tax Annual Schedules from the FormsPlus module so you don’t lose time switching between modules. More Info
Efile
We are also continually working to make the efiling process easier and more streamlined. Confirmation emails will be sent out for all electronic filing submissions through the software. When using the Efile Assistant, both failed and successfully transmitted electronic filings will be noted in the Actions report. More Info
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