For Immediate Release

TaxWise CashWise Card Wins Coveted Innovation Award

TaxWise Among Companies Honored for Technologies that Advance and Enhance Productivity for Tax and Accounting Professionals

LOS ANGELES, June 7, 2005 – The TaxWise CashWise™ Card, a unique new way for taxpayers to receive their tax refund, was one of five winners of the 2005 Tax and Accounting Technology Innovation Awards announced at the California Accounting and Business Show & Conference in Los Angeles.

Sponsored by The CPA Technology Advisor, the awards recognize advancements to existing technologies as well as innovative developments in software, services, hardware and other applications marketed to the tax and accounting profession. More than 75 software, hardware and service products were nominated for this year’s awards. Recipients were selected by the editorial staff and the Editorial Advisory Board of The CPA Technology Advisor.

“Our profession faces many challenges in today’s marketplace,” Gregory L. LaFollette, CPA.CITP, Executive Editor of The CPA Technology Advisor, said at the award ceremony. “Innovative technology can help us meet those challenges and maintain our high levels of trust and even improve our personal client relationships.”

“We’re honored by this award and pleased with the initial success of the CashWise Card,” said Gene Goldenberg, Vice President of Marketing for TaxWise. “CashWise is just one of many ways we are working to help tax professionals improve the products and services they offer to their clients.”

Other companies receiving the technology innovation awards were CCH Incorporated, Thompson Creative Solutions, Maxtor and Double Sight Displays.

“These products improve the daily lives of tax and accounting professionals. The technologies these companies provide consistently improve not only the client-accountant relationship but also the overall productivity and profitability of practicing accountants,” said LaFollette.

In making the award to TaxWise, LaFollette cited the convenience of the CashWise Card, which enables tax professionals to provide the speed advantage of electronically deposited tax return funds even to their unbanked clients. The card also helps these clients avoid costly check-cashing services and provides them with a safe and convenient way to handle their money. The stored-value debit/ATM card is usable at more than 2.3 million locations.

In accepting the award, Goldenberg noted that many of the more than 2,000 tax professionals who issued the card during the 2005 tax season had never offered any bank-related products in the past. The CashWise card provides a safe and secure way for their clients to receive their refunds while at the same time paying their tax preparation fees directly from those refunds.

The CashWise card will again be available to tax professionals using TaxWise for the 2006 tax season.

About Universal Tax Systems and TaxWise

Universal Tax Systems, Inc. (UTS), established in 1986, publishes the highly-rated TaxWise tax preparation and accounting software and provides e-filing and transaction processing services to the tax and accounting industry. The Rome, GA, company's products and transactional services are used by more than 75,000 professionals. In addition, TaxWise is used at more than 7,400 IRS assistance sites to prepare more than 1.6 million tax returns for low income, elderly and limited-English taxpayers.