We're thrilled to share with you that our latest update is now live. This release is tailored to support US tax teams who work on sales and use tax, and marks our first step in enabling you to manage your tax obligations at a more granular level, including individual states.
In addition to this, we've implemented various other improvements and resolved a number of bugs in this release. You can find a comprehensive list of these updates in the full release notes below.
Introducing sales and use tax for US tax teams
This release includes a major feature update to help you manage your sales and use tax obligations more efficiently. The new feature allows you to track your tax registrations and returns on a state level, so you can easily monitor your compliance with filing requirements.
With this update, you'll have a dedicated section to store your returns and track important return figures. Plus, we've included a trend analysis graph to make it easier to compare different periods.
To access this new feature, simply go to the indirect tax tab of any entity incorporated in the US. To learn more about this update, check out the demo from Jeroen on our product team in the video below.
Use case of the month: tracking your withholding tax returns
At Loctax, we understand that predicting your withholding tax (WHT) obligations can be challenging, particularly when they can vary from month to month. That's why we've developed a feature to help you streamline your WHT process and ensure compliance with filing requirements.
Our Workflows app allows you to centralize the collection of two critical documents to manage your WHT process: WHT returns and residency certificates. With this feature, you can create tasks for specific entities and request the responsible persons to provide periodic WHT returns, reducing the manual work of requesting the documents.
This also creates automatic reminders, which are shown in the calendar for everyone involved, helping you stay on top of your overall tax responsibilities.
Users have told us that this process :
saves them time
increases compliance
reduces the risk of errors.
Other improvements and bug fixes
The latest regulatory news is now based on the countries of your organization.
Withholding tax returns are available in the general and CTX workflows.
Made an improvement to the director's table.
Added pagination for entity list making it easier to load data.
Improved error messages for Tax consolidation.
Made it possible to view reports based on the financial year as well as the calendar year.
Panels on the corporate tax tab on the entity page have been reordered for a better experience.
Role types are now better described when assigning a role to a user.
Improved sorting on Project and Audit tables.
IDT responsible has been added to the IDT report on Table view.
CTX responsible has been added to the general report on Table view.
Users are now signed in automatically after accepting the invite.
Pagination resetting when updating a task has been fixed.
Improved world map to include zoom in & out.
Payment due dates are now shown on the calendar if added as part of the CTX calendar.
Fixed the issue with row formatting in the Table view for indirect tax.
Corrected the creation of a document with no name and 0 files when adding a VAT/GST registration.
Resolved the problem with due date extensions not working when the automated calculation is still selected.
Fixed the overlapping labels in the indirect tax info panel.
Fixed an issue with capital letters no longer showing up in the workflows.
Corrected the duplication of due date for filing corporate tax return (IBFD) in the due date setup modal.
Fixed the issue with sorting by Last update not working as expected on the Audit overview page.
Endless loader after setting the "Is empty" / "Is not empty" operators on Table view has been resolved.
Fixed the issue where three data points were missing in the Tax losses section during workflow setup.
Fixed an issue where corporate tax information would not show up correctly in TaxOps.
Fixed an issue where users were not able to edit a starting date of the membership in Tax consolidation.
Fixed an issue where the Internal Team data was being removed in Audits.
Duplicate datapoint in Withholding tax documents has been removed.
The issue with changing task detail information in a completed task resulting in the wrong activity record has been resolved.
The app crashes when sorting by the responsible person in Projects/Audits has been fixed.
Resolved the problem of having two "Position status" fields on the tasks setup step in indirect tax workflow.