For Immediate Release

TaxWise announces plans for the new tax season, including numerous new products and enhancements

Millions invested in new technology and facilities

ROME , GA — Coming off a record year for both sales and profits, TaxWise is planning a number of new or enhanced product offerings for tax and accounting professionals during the coming tax season.

The announcements came as TaxWise is experiencing historic renewal rates among existing customers while continuing to attract new customers for its 20th year of operation. TaxWise also will provide tax software for the 11th straight year to IRS-sponsored Volunteer Income Tax Assistance sites and IRS Walk-In Offices.

“We’ve invested nearly $2 million in new technology and facilities so that the service received by our customers remains second to none,” said TaxWise CEO Bill Anderson.

Among the changes announced by TaxWise are:

• A redesigned user interface for TaxWise tax preparation software to make data entry faster and easier and to provide more information, including context sensitive tax help, to the tax professional.
• New software tools , including seamless K-1 imports from business returns directly into 1040 returns, greatly enhanced fixed asset and depreciation management and improved analysis of married filing jointly vs. married filing separately scenarios.
• A new FeeCollect™ service that will enable tax professionals to deduct their fees directly from client refunds. This is not a refund loan product and will not be available to tax professionals who offer refund loans.
• A new Refund IRA™ product that will permit taxpayers to set up a traditional or Roth IRA by deducting the initial contribution directly from their tax refund.
• An enhanced Audit Shield^® tax return warranty product that will provide taxpayers with broader protection against penalties, interest or additional taxes imposed by the IRS.
• An improved CashWise^® card that will allow taxpayers to receive their refunds on a prepaid card that can be used at 2.3 million ATM and retail locations. The new card will have a simplified fee structure and will be replaced free of charge if lost or stolen.
• CPE certification for TaxWise University^® so that tax professionals can use this web-based computer learning system to earn CPE credits without leaving their home or office.
• Expanded Instant RAL products that will provide up to $1,700 to qualified taxpayers starting on January 3, 2006.
  

Technology investments include expansion of the TaxWise electronic filing center, additional data storage facilities and improvements to the customer service phone system.

“The 2006 tax season should be another record year,” said Anderson. “We believe that our ongoing technology investment along with innovative new products and enhancements to our current product line will ensure that our customers can continue to grow their revenues and profits along with us.”

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About Universal Tax Systems and TaxWise:

Universal Tax Systems, Inc. (UTS), established in 1986, publishes 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. TaxWise is also 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.