Alphen aan den Rijn, and Riverwoods, Illinois (May 20, 2013) – Wolters Kluwer announced today that it has acquired Prosoft Tecnologia S.A., a leading provider of tax and accounting software based in Sao Paolo, Brazil. The acquisition aligns with Wolters Kluwer’s strategy to expand its leading, high growth positions. Established in 1985, Prosoft is one of the largest tax and accounting software solutions providers in Brazil, with 250 employees, and serving all 27 states.

Nancy McKinstry, CEO of Wolters Kluwer, commented “Tax and accounting software is a leading, growing business for Wolters Kluwer, and this acquisition further expands our global position in this area to one of the world’s faster-growing geographies.”

Kevin Robert, CEO of Wolters Kluwer Tax & Accounting, commented “Prosoft allows us to rapidly establish a significant presence in Brazil while at the same time also advancing our move into cloud-based collaborative solutions.”

The management of Prosoft, led by CEO Carlos Meni, will stay with the company. Mr. Meni commented “We are very pleased to become part of Wolters Kluwer. The combination will allow Prosoft to remain focused on our customers, who are professionals in the fields of tax, accounting, and business. At the same time, with Wolters Kluwer’s global reach and expertise in this field, we will be able to strengthen and build on our offerings to deliver even greater value.”

Prosoft offers a fully integrated suite of tax, accounting, payroll, document management, and filing software solutions and its products are used by over 150,000 professional users today. Prosoft solutions cover all aspects of the recently introduced electronic tax, accounting, payroll, and invoicing requirements under “SPED” (Sistema Público de Escrituração Digital), the country’s new Public Digital Bookkeeping System, implemented by the government to improve compliance, auditing, and collection efficiency. Brazil has an extensive and complex tax system and due to the government’s increased emphasis on compliance, there is growing demand for solutions that streamline workflow and mitigate compliance risk. Terms of the acquisition were not disclosed.

About Wolters Kluwer Wolters Kluwer (www.wolterskluwer.com) is a market-leading global information services company. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.

Wolters Kluwer Tax & Accounting, a division of Wolters Kluwer, is the leading provider of premier information, research, and software tools in the global tax and accounting arena. Tax, accounting, and audit professionals who serve as trusted advisors to clients and businesses worldwide rely on authoritative content and integrated workflow solutions from global leader Wolters Kluwer Tax & Accounting. Its headquarters are in Riverwoods, Illinois.

Forward-looking Statements This press release contains forward-looking statements. These statements may be identified by words such as “expect,” “should,” “could,” “shall,” and similar expressions. Wolters Kluwer cautions that such forward-looking statements are qualified by certain risks and uncertainties that could cause actual results and events to differ materially from what is contemplated by the forward-looking statements. Factors which could cause actual results to differ from these forward-looking statements may include, without limitation, general economic conditions; conditions in the markets in which Wolters Kluwer is engaged; behavior of customers, suppliers, and competitors; technological developments; the implementation and execution of new ICT systems or outsourcing; and legal, tax, and regulatory rules affecting Wolters Kluwer’s businesses, as well as risks related to mergers, acquisitions, and divestments. In addition, financial risks such as currency movements, interest rate fluctuations, liquidity, and credit risks could influence future results. The foregoing list of factors should not be construed as exhaustive. Wolters Kluwer disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

(RIVERWOODS, ILL., May 7, 2013) – The Marketplace Fairness Act, which would grant states authority in requiring most remote sellers to collect sales and use tax on sales to in-state customers, has been passed by the Senate and now moves to the House of Representatives where its future remains uncertain. CCH has a new Tax Briefing on the Marketplace Fairness Act with expert insights plus analysis on the legislation and its potential impact, particularly for those who buy and sell online. CCH, part of Wolters Kluwer is a leading global provider of tax, accounting and audit information, software and services (CCHGroup.com).

The Act is the culmination of more than 10 years of legislative efforts by state and local government officials who believe out of state sellers should be responsible for the same sales and use taxes as generated by traditional “brick-and-mortar” businesses. The National Conference of State Legislators estimates that in 2012 states collectively lost $23 billion in revenue from uncollected sales tax.

“Although the legislation received strong bipartisan support in the Senate, its future passage in the House isn’t a sure thing,” said CCH Principal Federal Tax Analyst, Mark Luscombe, JD, LLM, CPA. “Supporters claim the issue is about fairness and that Internet sellers shouldn’t enjoy an unfair advantage, but critics say it amounts to a tax increase.”

Please visit CCHGroup.com/Legislation to access CCH’s new Tax Briefing on the Marketplace Fairness Act, and the full range of CCH Tax Briefings on significant tax developments.

Members of the press interested in speaking to a CCH tax analyst should contact Eric Scott at 847-267-2179, eric.scott@wolterskluwer.com or Leslie Bonacum at 847-267-7153, mediahelp@CCH.com.

About CCH, a Wolters Kluwer business

CCH, a Wolters Kluwer business (CCHGroup.com) is a leading global provider of tax, accounting and audit information, software and services. It has served tax, accounting and business professionals since 1913. Follow us now on Twitter @CCHMediaHelp. Wolters Kluwer (www.wolterskluwer.com) is a market-leading global information services company. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.

“It’s not uncommon for people to receive adjusted 1099s, for example, from their brokerage or mutual fund companies that change their income, or to realize after the fact that they didn’t take a deduction that could have reduced their taxes,” said CCH Principal Federal Tax Analyst, Mark Luscombe, JD, LLM, CPA. “Amended returns offer taxpayers a second chance to set the record straight.”

Below, CCH outlines four situations where taxpayers should consider filing the Amended U.S. Individual Income Tax Return, known as Form 1040X.

1. Changing Deductions and Credits

The tax code is complex with hundreds of deductions and credits. Some taxpayers may mistakenly take a deduction they were not allowed, overlook a credit they could have taken or choose one deduction when another may have been better.

For example, a taxpayer may take a deduction for either their income tax or for state sales taxes, but not both. A taxpayer who took the income tax deduction but later added up all their sales tax receipts and realized the state sales tax deduction could have lowered their taxes significantly can file Form 1040X to claim the difference.

Additionally, sometimes people may not remember a deduction they are allowed. For example, a taxpayer making charitable contributions by payroll deduction could forget they signed up for this.

“Charitable contributions made by payroll deduction would appear on the taxpayer’s W-2 as ‘other,’ and could be overlooked by the taxpayer,” said Luscombe. “For any single contribution of more than $250, the taxpayer would need to furnish a pledge card from the organization; amounts less than that would just require a pay stub or W-2.”

2. Correcting Wages and Income

Wages and salary are reported on W-2s and income from stocks, dividends, interest and other various sources of compensation are reported on 1099 forms. If you overlooked income or, for example, your employer or brokerage firm sent you a revised form that increased or decreased your income, you need to file an amended return.

“W-2s and 1099s are shared with the IRS,” said Luscombe. “If you failed to report income, even if you didn’t know about it until after you filed, you are still required to pay the outstanding taxes owed and may also be subject to interest and penalties.”

3. Revising Filing Status

There are certain instances where a taxpayer may want to file an amended return to reflect a filing status change. Typically, a couple filing jointly that later decides they want to file separate returns only has until the tax due date to file the amended returns. An exception is for annulments. Unlike a divorce decree, an annulment looks backward and undoes a marriage from its beginning. Since unmarried couples don’t qualify for joint filing status, any joint returns filed for prior tax years have to be “undone” by the filing of amended returns as single filers. Each individual needs to file amended returns for the “open years,” which are the three previous years in which the IRS can audit your tax return.

Taxpayers filing separate returns who later decide they should have filed jointly have up to three years in which to file amended returns. One instance where an amended return may make sense is where one spouse is a non-resident alien. In such instances, a couple normally cannot file jointly, but they can elect that status for a year in which the spouse becomes a U.S. resident. If they do not do so on their original return, they can do so on an amended return. However, if they do choose to do this, the non-resident alien must report their worldwide income.

4. Reporting Losses

Amended returns also can be used in some instances by disaster victims to speed up relief by applying their losses to already-paid taxes. This applies when someone has suffered a casualty loss in an area determined by the President to be a “disaster area.” In such instances, a property owner can elect to take his or her losses in the year immediately before the tax year when the disaster occurred. As such, they can file an amended return rather than waiting until the next tax filing season to receive any potential refund.

Taxpayers with business losses may also benefit from filing an amended return. Usually, a net operating loss can be carried back to the previous two tax years and carried forward to be applied against income in the succeeding 20 years. Carrying the loss back may generate a refund.

“Carrying back a loss has a lot of twists and turns,” Luscombe cautions. “If you carry back a loss, you must also recalculate any deductions you took or credits you claimed that were tied to adjusted gross income. This could include a deduction for medical expenses or miscellaneous itemized deductions.”

No Need to Amend Return for Common Mistakes

While there are many instances where filing an amended return can be helpful, taxpayers generally do not need to do so simply to correct math errors. The IRS will make the correction and send you a bill or a refund for the resulting difference in your taxes. Additionally, if you forget to attach a form or schedule, the IRS will request you send them the information.

When and How to File Form 1040X

Generally, taxpayers have up to three years from the date they filed their original return to file their amended tax return, or two years from the date they paid the tax, whichever is  later.

Form 1040X can be completed and downloaded from the IRS website. However, it is one of the few forms that can’t be filed electronically. You will need to print and mail the form to the IRS. Likewise, electronic deposit is not available, so refunds are delivered as paper checks.

It can take up to 12 weeks for the IRS to process amended returns. However, three weeks after filing, taxpayers, can begin tracking the status of their Form 1040X electronically using the IRS’ “Where’s My Amended Return?” site, or by calling the IRS at 866-464-2050.  It is generally a good idea to not file an amended return too quickly following filing of the original return; otherwise, there is a danger that the IRS will process the amended return first, which will create problems with how the IRS interprets the returns.

“Taxpayers amending their federal tax return also need to look at how any changes may affect their state income tax liability and, if needed, file an amended state return as well,” said Luscombe.

About CCH, a Wolters Kluwer business

CCH, a Wolters Kluwer business (CCHGroup.com) is a leading global provider of tax, accounting and audit information, software and services. It has served tax, accounting and business professionals since 1913. CCH is based in Riverwoods, Ill. Follow us now on Twitter @CCHMediaHelp. Wolters Kluwer (www.wolterskluwer.com) is a market-leading global information services company.

(RIVERWOODS, ILL., April 23, 2013) – CCH has announced the launch of CCH Axcess^TM (CCHGroup.com/Axcess) – the only cloud-based modular tax preparation, compliance and firm management solution built from the ground up offering the profession’s most powerful solution for complete firm management. With CCH Axcess at the center of a firm, professionals can accelerate growth, optimize firm operations and advance the firm’s reputation – all with the support of a customized modular solution covering tax and workflow processes. CCH, part of Wolters Kluwer, is a leading global provider of tax, accounting and audit information, software and services (CCHGroup.com).

With CCH Axcess, CCH is delivering a cloud solution with an integrated central database that offers a single point of access to handle all tasks associated with the tax process – from return preparation and compliance to file storage and practice.

“Firms with CCH Axcess are firms with a clear competitive advantage,” said Karen Abramson, CCH President and CEO. “No one else can offer what CCH does today. With groundbreaking technology, tight tax workflow integration, common data and an open platform, CCH Axcess alone offers firms the highest levels of integration, confidence and speed.”

CCH Axcess: Advanced, Integrated Solution at the Center of the Firm in Motion

“Now is the time for firms to move ahead,” said Teresa Mackintosh, CCH Software Executive Vice President and General Manager. “CCH Axcess is the only modern, expandable CPA solution built from the ground up with a core database that unifies the accounting firm’s practice. With integrated modules in a single solution with a single database, customers leveraging CCH Axcess will save thousands of hours of time on routine tasks, enabling them to offer new services and value to clients.”

CCH Axcess cloud-based modules include:

• CCH Axcess™ Tax – The heart of the streamlined, digital tax process — supporting ease of tax preparation with thousands of automatically calculating forms and schedules for federal, state, county and city entities; robust diagnostics; and a state-of-the-art electronic filing system.
• CCH Axcess™ Document – A feature-rich document management solution to electronically organize and store client source documents, achieving a true digital work environment.
• CCH Axcess™ Portal – A secure online digital storage center where clients have 24/7 access to their financial documents and the ability to collaborate with firm staff in real-time, at any time.
• CCH Axcess™ Practice – Providing a full-scale practice management system to monitor staff time, produce invoices and handle all aspects of managing firm operations with ease.
• CCH Axcess™ Workstream – The full-featured project management solution designed to streamline administrative tasks, such as tracking due dates, identifying key milestones and monitoring project status.

CCH Axcess is also the only complete tax practice application built on a single platform that leverages a single integrated database. The centralized database allows users to:

• View, manage and access all functions through a common dashboard;
• Set up permissions through the administration module;
• Access document management and firm management tools; and
• Improve collaboration with clients.

Firms relying on CCH Axcess also benefit from integrated support from CCH Mobile^TM solutions and Apps – delivering premier CCH content on-the-go through the powerful IntelliConnect® research platform. And through CCH’s Open Platform technology, firms can utilize a variety of favorite applications from approved third-party partners that have built integrations with CCH Axcess.

The Power to Grow, Manage, Protect

CCH Axcess is the profession’s most powerful solution specifically designed to help firms grow, manage and protect their business. With the power to maximize firm efficiency and support clients 24/7, CCH Axcess redefines how firms can operate today.

Grow: CCH Axcess helps firms build relationships to grow by enabling new levels of service. The solution’s advanced services platform opens the door to strengthening existing client relationships and attracting new prospects by: elevating communications; supporting collaborative relationships; and enhancing timeliness and value of work.

Manage: Streamlining processes for effective firm-wide management, CCH Axcess also helps professionals better manage their business. CCH Axcess simplifies firm processes by offering a completely integrated software solution that operates on top of a single, centralized database. This means that data seamlessly flows between applications, eliminating manual data entry at any point.

Protect: CCH Axcess also helps manage risk to protect a firm’s reputation as a trusted advisor. CCH’s powerful software helps professionals keep current on changing tax laws and maintain compliance across the board, and also supports users with sophisticated security features to protect clients’ information and the firm’s reputation.

“Firms today know that it’s not just about completing client work. It’s about building relationships, enhancing services, standardizing processes and always increasing productivity —  that’s where new growth and success will come from,” said Mackintosh. “With CCH, they have a partner who understands that, who is investing in their success and who has delivered an advanced solution they alone can put to work and move forward with right now.”

For More Information

To learn more about how the new CCH Axcess can help advance business for firms, please visit CCHGroup.com/Axcess. You can also contact a CCH sales representative at 1-800-PFX-9998 (1-800-739-9998).

About CCH, a Wolters Kluwer business

CCH, a Wolters Kluwer business (CCHGroup.com) is a leading global provider of tax, accounting and audit information, software and services. It has served tax, accounting and business professionals since 1913. Follow us now on Twitter @CCHMediaHelp. Wolters Kluwer (www.wolterskluwer.com) is a market-leading global information services company. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.

(RIVERWOODS, ILL., April 12, 2013) – President Obama released a $3.77 billion fiscal year 2014 federal budget on April 10, including approximately 160 tax provisions and a mix of individual and business tax propos­als intended to raise revenue, reduce spend­ing and encourage negotiations between the White House and the GOP on comprehen­sive tax reform. CCH has published a new Tax Briefing: Fiscal Year 2014 Budget Proposals, which provides a summary and analysis of the proposal, as well as competing House and Senate proposals, which were released earlier. CCH, a Wolters Kluwer business is a leading global provider of tax, accounting and audit information, software and services (CCHGroup.com).

The President’s proposal calls for a 28-percent cap on itemized deductions, a $3 million limit on tax-preferred retirement savings, a permanent research tax credit, a permanent American Opportunity Tax Credit (AOTC), a change in the taxation of carried interest, and more. President Obama also provided for the first time specifics on the so-called Buffet Rule. Following release of the President’s FY 2014 budget recom­mendations, the Treasury Department is­sued its customary “Green Book,” describ­ing the proposals.

“It’s important to note that all budgets now on the table – from the White House, the House and the Senate – put tax reform for­ward as a principal theme,” said CCH Principal Federal Tax Analyst, Mark Luscombe, JD, LLM, CPA. “And while tax reform has become a very popular phrase in Washington lately, it also presents massive challenges be­fore a bipartisan path to enactment may be found.”

But, Luscombe adds, it also presents a significant cat­alyst for compromise through which efforts toward finding a “simpler and fairer” system are shared by both parties.

Please visit CCHGroup.com/Legislation to access CCH’s exclusive new Briefing on Fiscal Year 2014 Budget Proposals, and the full range of CCH Tax Briefings on significant tax developments.

Members of the press interested in speaking to a CCH tax analyst should contact Leslie Bonacum at 847-267-7153, mediahelp@cch.com or Brenda Au at 847-267-2046, brenda.au@wolterskluwer.com.

About CCH, a Wolters Kluwer business

CCH, a Wolters Kluwer business (CCHGroup.com) is a leading global provider of tax, accounting and audit information, software and services. It has served tax, accounting and business professionals since 1913. CCH is based in Riverwoods, Ill. Follow us now on Twitter @CCHMediaHelp. Wolters Kluwer (www.wolterskluwer.com) is a market-leading global information services company.