TaxWorks

What TaxWorks does

TaxWorks is the professional tax preparation software business anchored on the UltraTax CS product, serving tax preparers, enrolled agents, and CPA firms that file federal, state, and local returns on behalf of clients. Founded in 1972 and headquartered in Kaysville, Utah, the business operates as a unit within Thomson Reuters' CS Professional Suite, alongside Accounting CS, Payroll CS, and Practice CS, sharing data across tax, accounting, payroll, and firm-management applications. The product covers 1040 individual, 1120 corporate, 1065 partnership, 1041 estates-and-trusts, plus over 200 state and local jurisdictions, with features including automated data sharing between linked returns, pre-submission diagnostics, multistate apportionment, cryptocurrency reporting (via Ledgible), electronic filing through CS Connect, and multi-monitor workflow support.

The technology architecture is a desktop-installed, integrally-hosted application with cloud-augmented services (electronic filing, CS Connect, Onvio integration) and APIs exposed through the Thomson Reuters Developer Portal. AI capabilities are delivered through add-on modules: CoCounsel Tax (AI-driven research and client deliverables), CoCounsel Audit (AI-driven audit workflows), Ready to Advise (tax strategy identification), and Ready to Review (1040 prep automation). The business model is B2B subscription-based with custom enterprise pricing scaled to the number of users, tax returns prepared, and jurisdictions of operation, sold through a Thomson Reuters direct enterprise field-sales motion with professional services implementation and ongoing training. Customers named publicly (Stitely & Karstetter, Shaynaco LLC, Ballard & Company) are primarily SMB and mid-market accounting firms, several reporting 20+ year continuous usage.

Name

TaxWorks

Legal name

Thomson Reuters Corporation

Website

https://taxworks.com

Company type

Public

Founded year

1800

Operating status

Operating

Headcount range

51–100 employees

Short description

TaxWorks is a professional tax preparation software product serving CPAs, enrolled agents, and accounting firms, supporting federal, state, and local returns via the UltraTax CS platform within Thomson Reuters' CS Professional Suite.

Ownership category

akta.pro rank

Product category

Professional Tax Preparation Software

NAICS

Custom Computer Programming Services (541511), Tax Preparation Services (541213)

SIC

Services-Computer Programming, Data Processing, Etc. (7370), Services-Computer Programming Services (7371)

akta.pro primary industry

Tax Advisory & Compliance (BPAHABAB)

akta.pro secondary industries

Tax Return Filing, Processing & Assessment (BPAIADAC), Tax & Accounting Publishing (Codes, Guidance, Practice Tools) (MPAJACAD)

Keywords

• Professional tax software
• Tax preparation software
• Federal and state returns
• Multistate tax compliance
• Electronic tax filing

Headquarters

HQ city

Kaysville

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations

Revenue model

1. Subscription-based Tax Software Licensing: Custom pricing based on number of users, tax returns prepared, and states/jurisdictions. Part of CS Professional Suite with data integration across products.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

TaxWorks develops professional tax preparation software (UltraTax CS) for tax preparers, CPAs, enrolled agents, and accounting firms. The software supports federal, state, and local tax compliance across 1040 individual, 1120 corporate, 1065 partnership, and 1041 estate and trust returns, with features including automated data sharing between returns, pre-submission diagnostics, multistate apportionment, electronic filing via CS Connect, and integration with the broader CS Professional Suite for accounting, payroll, and practice management.

Product overview

TaxWorks, through Thomson Reuters, offers a comprehensive tax technology portfolio centered on UltraTax CS for professional tax preparers and the ONESOURCE product line for larger tax operations. The core offering is UltraTax CS, professional tax preparation software for federal, state, and local tax compliance. This integrates with the broader CS Professional Suite including Accounting CS, Accounting Payroll CS, and Practice CS. For AI capabilities, CoCounsel products (CoCounsel Tax, CoCounsel Audit) combined with Ready to Advise and Ready to Review add intelligent automation to tax research, strategy, and return preparation. The ONESOURCE enterprise suite covers global tax determination, income tax, indirect compliance, tax provision, and global trade management including export compliance, denied party screening, and classification. Companies report over 50% time savings through CS Professional Suite data integration.

Differentiator

Problem solved

Functional benefit

Brands

• UltraTax CS: Professional tax preparation software for tax preparers offering federal, state, and local tax programs including 1040, 1120, 1065, 1041 returns and multistate capabilities
• CS Professional Suite
• CoCounsel
• ONESOURCE
• Westlaw Edge
• CLEAR

Products and services

• UltraTax CS Professional tax preparation software for tax preparers offering federal, state, and local tax programs including 1040 individual, 1120 corporate, 1065 partnership, 1041 estates and trusts, and multistate returns. Features real-time calculations, automated diagnostics, multiscreen flexibility, and seamless data sharing between returns.
• CS Professional Suite Integrated suite of tax and accounting products including UltraTax CS, Accounting CS, Accounting Payroll CS, and Practice CS that share data and automate workflows. Firms report over 50% time savings from CS Professional Suite data integration.
• Ready to Review AI-powered solution that automates 1040 return preparation and eliminates manual data-entry tasks to scale tax capacity for professional tax preparers.

Quantifiable outcome

• Over 50% time savings from CS Professional Suite data integration
• +1 more outcomes

Named customers3 records

Segments1 record

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

AI capability5 records

Feature7 records

Partnerships

Three partnerships are on record, tiered core.

• 1040SCANcoreTechnology or IntegrationIndustry-leading scan-and-populate tax solution that automates 4 to 7 times as many documents as alternatives and exports data directly to tax preparation software.
• Onvio Firm ManagementcoreTechnology or IntegrationCloud-based accounting firm management software for documentation, project management, time and billing, and client collaboration from any device.
• Ledgible Crypto Tax ProcoreTechnology or IntegrationCryptocurrency tax reporting software that calculates taxes, traces transactions, and automates reporting. Integrates with UltraTax CS for professional crypto tax preparation.

Recent moves5 records

Expansion highlights5 records

Broad incumbents

• Avalara: Avalara is a broader tax technology incumbent covering indirect tax determination, compliance, and e-filing across VAT, GST, and sales tax; it overlaps with UltraTax CS at the corporate tax compliance layer (overlap with Thomson Reuters ONESOURCE) and represents adjacent category competition.
• ADP Tax Filing: ADP integrates tax filing and compliance into its broader payroll and HR suite for SMB and mid-market employers, providing indirect competition for firm-level tax prep software by owning the employer-side tax workflow that some accounting firms service.

Direct peers

• TaxSlayer Pro: TaxSlayer Pro is a subscription-based professional tax software directly competing with UltraTax CS for small and mid-sized tax practices, distinguished by transparent tiered pricing and strong adoption among independent preparers.
• H&R Block Premium & Business: H&R Block's Premium & Business professional offerings and TaxWise-derived products target small firms and seasonal tax preparers, serving as an adjacent-direct competitor to UltraTax CS in the SMB and sole-practitioner tiers.
• Wolters Kluwer (CCH Axcess Tax / ProSystem fx Tax): Wolters Kluwer's CCH Axcess Tax and ProSystem fx Tax are direct competitors to UltraTax CS in the high-end professional tax prep market, serving mid-market and enterprise CPA firms with federal, state, and international compliance capabilities.
• Drake Software: Drake Software develops Drake Tax, a leading professional tax preparation platform widely adopted by small and mid-sized CPA firms and enrolled agents across the US; it competes head-on with UltraTax CS in the same professional segment with comparable form coverage and pricing transparency.
• Intuit (ProConnect Tax Online / Lacerte): Intuit's ProConnect Tax Online and Lacerte serve the same professional tax preparer base as UltraTax CS, with ProConnect adding a cloud-native experience and Lacerte positioned in higher-complexity professional workflows; both compete directly in seat-based subscription pricing.

Emerging players

• SurePrep: SurePrep focuses on AI-driven 1040 document automation and review for tax firms, directly competing with the 1040SCAN integration that underpins UltraTax CS's scan-and-populate capability; an emerging specialist whose automation trajectory could pressure per-document economics.
• Vertex (Vertex Tax Technology): Vertex provides indirect tax determination and compliance automation primarily in the corporate segment, overlapping with the broader Thomson Reuters tax portfolio rather than UltraTax CS specifically; relevant as a category-level tax technology competitor pursuing AI-enabled compliance.

Others

• GruntWorx (1040SCAN): GruntWorx is the developer of 1040SCAN, a core technology integration partner for UltraTax CS that automates document scanning and data population; relevant as an enabling ecosystem partner rather than direct competitor, but its capabilities can be resold competitively outside the suite.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/thomsonreuters
• YouTubeyoutube.com/thomsonreuters
• Facebookfacebook.com/thomsonreuters
• LinkedInlinkedin.com/company/thomson-reuters
• Instagraminstagram.com/thomsonreuters

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TaxWorks